[Sam_Damon]

Haven't seen the official notice from the FDIC elsewhere on FR; here it is.

[rabscuttle385]

Information for Washington Mutual Bank, Henderson, NV and Washington Mutual Bank, FSB, Park City, UT

WaMu is now on the failed banks list.

[TheZMan]

Here’s hoping Chase doesn’t end up eating dirt for it. /customer

[Aria]

Hmmm, I have 2 mortgages (both in good shape) and checking account here with automatic deposits. I wonder what this means to me - if anything.

[rabscuttle385]

And it's not even FDIC Friday!

. . . . .

The Money, Banking, and Financial Markets Ping List.

FR Keyword: moneylist

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To join, send Freepmail to rabscuttle385.

[RobRoy]

I hope the FDIC insures my Wamu account. I whittled it down to $5.33 a few months ago.

[snarks_when_bored]

If anybody is naive enough to believe that stock prices fluctuate based on supply and demand, I recommend the study of today's time and sales data of the stock of Washington Mutual (WM). For most of the day, the bid size was significantly larger than the ask size, sometimes as much as 10 times larger, and yet the price continued its relentless decline, only bobbing up briefly before the close. Then, three hours after the market closed, the announcement of JP Morgan's acquisition of Wamu's deposits bumped the after-hours price up by 50 cents, but only for an instant. Very soon came the additional news that the FDIC was seizing Wamu and that shareholders and bondholders would be wiped out. The price collapsed in a period of minutes from $2.30 to below 40 cents! Truly astounding to watch.

What the New York Stock Exchange floor specialist in WM did today either is illegal or else it ought to be.

[Henchster]

So let me get this straight. A financially insecure company, on the verge of bankruptcy, was aquired at a discount by a financially secure company, with a seemless transition for customers.

Will someone remind again why we would want the corrupt federal government, who caused this whole mess, to be involved in any "bailout?"

[Timeout]

One doesn't know whether to laugh or cry at WaMu's LAST PRESS RELEASE BEFORE SINKING BENEATH THE WAVES:

SEATTLE, WA (September 24, 2008) – Washington Mutual, Inc., one of the nation’s leading banks for consumers and small businesses, has once again been recognized as a top employer by Hispanic Business magazine and the Human Rights Campaign.

Hispanic Business magazine recently ranked WaMu sixth in its annual Diversity Elite list, which names the top 60 companies for Hispanics. The company was honored specifically for its efforts to recruit Hispanic employees, reach out to Hispanic consumers and support Hispanic communities and organizations.

LOL! We may be bankrupt. Buy, hey, we're DIVERSE!

http://corner.nationalreview.com/post/?q=MDQzYjA4ZWYyZDYyNjY0ODZjZmE1NzRkMWI3MWZiZGU=

[Phosgood]

Whith all this nitpicking over floor specialists who notices or cares that ACEO Killinger was led out 3 weeks ago with a $20 million golden parachute to be replaced by Fishman, who reportedly was on a first-class flight from New York to Seattle, when WaMu collapsed. For less than three weeks on the job, Fishman bails with a parachute worth another $20 million.
These board of directors should be held liable as well as the shareholders that tolerate such crap over the years!
Why does all the media gloss over this type of thing?