http://seattletimes.nwsource.com/html/businesstechnology/2008204758_wamu26.html
Not really a surprise.
Now I guess it's JP Morgan-Chase-Bear Stearns-Washington Mutual.

CEO that has been there three weeks could get $18 Million severance package. What did the stock holders get? ZERO. Sorry investors you loose.

http://money.cnn.com/2008/09/26/news/companies/fishman_wamu/index.htm?postversion=2008092613

Welcome to Corporate America.

Not only did my investment group lose our money on WAMU, the only frakin' meeting I missed this year (I was in Cabo), the dipshiats voted to buy MORE WAMU when it was at $20 a frakin' share! Idiots.

Oh yeah, we also had about $500 in Lehman too.

Had, being the keyword there.

It's been a bad month for The Porter Group, LLC. (We are a drinking club with an investment problem)



I need a imperial porter now.....

Those damn Demorats!!!

(We are a drinking club with an investment problem)


You should stick to what you are good at.

I wish I would have sold short on WaMu.

I know folks who bought at $1.95 and sold at $3.90. Very short time window. Sorry you guys sucked ass. WAMU deserved what happened to them, IMHO. Arrogance and greed.

If you have any questions about your bank, or stock you own in banks, feel free to ask here, or shoot me a PM and I can give you the skinny.

If any of you had loans at WAMU, bad news, you still have to pay them.

Andy the Banker.

Mf

If any of you have in excess of $100M (M=1,000) in any bank it would be wise to either add additional beneficiaries to your accounts, or structure the ownership in such a way as to maximize your FDIC insurance. Unlike teh lying media wants you to believe, it is entirely possible to get additional FDIC insurance over $100M within a single bank. If you don't have that much money, it won't be a hassle at all if your bank fails.

The media is not your friend, nor is it banking's friend at the moment.

Use the following FDIC FDIC calculator to help in structuring sufficient relationship to get additional insurance.

Bank of America is strong. They will weather this storm very well. Profitability is down a bit, but every bank's profitability is down this year as there has been some significant net interest margin compression (where banks make their money). They are improving.

Key Bank's balance sheet and income statement has a bit of hair on it, but they are still well capitalized.

US Bank is also very strong. Reasonably conservative management, and they'll come out of this issue without a scratch.

Hope this helps.

What he said. Years ago, right after we had our daughter, when were were strapped and owing huge Med bills, WaMu hosed us bigtime, when a $60 check at the grocery store bounced they charged us $90 in fees. What they did was when it 1st bounced, they ran it through THREE more times, charging an NSF fee each time. This caused a landslide of OTHER checks to bounce, each one TRIPLE dinged by WaMu, since both our pathetic crappy paychecks couldn't cover the sudden $1000 we found ourselves owing the bank not to mention severely irritated retailers around town.
After we closed our account there and eventually settled up and got caught up, we were part of that huge class-action that finally made them stop that practice of double-dipping but we didn't ever see a penny.
My credit's prolly still marred from it.

F*ck WaMu. I hope the management dies slowly of rabies, are eaten by crows, and are shat out upon the heads of former shareholders.