Home : Blogs : Darin Haughie : Darin's Blog

WASHINGTON MUTUAL BANK FALLS TO THE FEDS!

Ailing Washington Mutual bank the sixth largest in America fell yesterday as it was seized by the Feds. This was not a big surprise because they were looking to sell the bank for the last couple months. JP Morgan stepped in and bought 1.9 billion dollars of the company and will now run the branches.

Mr Alan Fishman the new top Dog was hired just 3 weeks ago to find a buyer is reportedly going to keep his 7.5 million dollar signing bonus? Not bad for 3 weeks work. But unbelievable to this stock holder who now holds worthless paper?

Posted by Darin Haughie on 09/26/2008 07:31 AM

Comments (9)

Post is included in group: All Things Florida
Post is included in group: EWM AR Group
Post is included in group: Lets Do Business, Florida!
Post is included in group: "Whacked"!!!

9 Comments on WASHINGTON MUTUAL BANK FALLS TO THE FEDS!

SEP

2008

What's amazing WM had over 300 BILLION worth of assets. ..and was SOLD for only two!

Sweet deal. ..I wish I could get some of that action. .

on my dreams

Darin...

This was not a total shock, but still very disturbing.

Fernando I want to get the work for 3 weeks and make 7.5 million deal!

I'm a selfless man, I will work 3 weeks for a cool 3.75 million dollars.

We live in interesting times.

Jason, I love it anyone for 1.34 million? Come on only three weeks!

Well, there goes the money to pay the rent. But seriously, with the number 1 and 2 banks in the US now being Bank of America and JP Morgan Chase, how does the consumer benefit? These two banks control the majority of the credit cards out there and underwrite an incredible amount of home equity loans and lines of credit. Through no fault of my own (I diversified my lender concentration), I am now concentrated as a borrower in their books. So, now instead of having 3 credit cards, they want me to have 2. BofA and Chase, through their subsidiaries and affiliates, own almost all of my debt. Which, if left to 4 lenders would have been fine, but now the banks say I have too much credit with them. So much for being a responsible individual....

Not shocked by this at all. Question is who will be nexted? And what are we going to do about these Golden Parachute Plans that executives keep getting; I wish that someone would offer me a position with a much smaller signing bonus, I'm not a greedy person, spread it around. If this type of stuff continues, the small business owners, you and me, will be the one's out of work, with no signing bonus to help us make ends meet!

Tony I am with you this is getting crazier by the day, I am going outside to see if any money is falling from the sky!

SEP

2008

The government might be able to bail out everyone this time, but with $6 trillion in debt, there might come a point where we need someone to bail out our government. At that point, OPEC, China, or possibly a member of OPEC might be our only help. We could become a satellite of China, or a fiefdom to Saudi Arabia's kingdom. Finally, the religious political extremists would have their American religious theocracy, although perhaps not the one they were hoping for. LOL

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?