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Whoever buys WaMu is an idiot... but I am curious as to who it might be... even BoA said no to the buyout.. WaMu's debt doesn't go away in a buyout and WaMu doesn't offer anything good to buy anyways... so the buyout would be for idiots... I let them fail and buy up the best parts for pennies on the dollar and not be straddled with WaMu's debts... like with what Barclay did with Lehman...
I'd like to know what assets WaMu has to make you want to buy their bank..
Don't think you can't be inconvenienced by a bank failure
I'd be willing to bet that the Feds will make sure that anyone with under $100k on deposit will not lose a dime, though people could easily be severely inconvenienced by bank closure which is what happened to some of the IndyMac depositors.
WaMu wary of IndyMac cashier's checks | L.A. Land | Los Angeles Times (http://latimesblogs.latimes.com/laland/2008/07/wamu-refusing-i.html - broken link)
After IndyMac Bank was taken over, some people withdrew their money and took cashiers checks to Wells Fargo, Wamu and others, only to be told that their checks would not be honored! After the banks finally relented, the banks said they'd honor them but only after something like a 2 month hold.
Based upon those people's documented experiences, I think it's prudent to consider switching banks, if only to avoid the potential for inconvenience. If your funds do manage to get caught up in a delayed clearing situation, you may not be able to cover your bills until the hold is lifted. In this case, peoples fears are fully justified and I don't think it's a "chicken little" position to heed the facts and try to protect your hard-earned, after tax dollars when all of the evidence validates those fears.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,842,447 times
Reputation: 6438
Quote:
Originally Posted by Goodbytes
I'd be willing to bet that the Feds will make sure that anyone with under $100k on deposit will not lose a dime, though people could easily be severely inconvenienced by bank closure which is what happened to some of the IndyMac depositors.
WaMu wary of IndyMac cashier's checks | L.A. Land | Los Angeles Times (http://latimesblogs.latimes.com/laland/2008/07/wamu-refusing-i.html - broken link)
After IndyMac Bank was taken over, some people withdrew their money and took cashiers checks to Wells Fargo, Wamu and others, only to be told that their checks would not be honored! After the banks finally relented, the banks said they'd honor them but only after something like a 2 month hold.
Based upon those people's documented experiences, I think it's prudent to consider switching banks, if only to avoid the potential for inconvenience. If your funds do manage to get caught up in a delayed clearing situation, you may not be able to cover your bills until the hold is lifted. In this case, peoples fears are fully justified and I don't think it's a "chicken little" position to heed the facts and try to protect your hard-earned, after tax dollars when all of the evidence validates those fears.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,842,447 times
Reputation: 6438
Quote:
Originally Posted by evilnewbie
Whoever buys WaMu is an idiot... but I am curious as to who it might be... even BoA said no to the buyout.. WaMu's debt doesn't go away in a buyout and WaMu doesn't offer anything good to buy anyways... so the buyout would be for idiots... I let them fail and buy up the best parts for pennies on the dollar and not be straddled with WaMu's debts... like with what Barclay did with Lehman...
Who WILL be straddled with the debt? I bet it's not you or me.
It's the other people.
**************** Sarcasm meter is off the charts, sir! We canna' hold it much longer!
******************
We will eat this debt like chicken dinner on Sunday afternoon, and most Americans will be oblivious as to why. They will simply accept it and press on. Because, hey - it's not like they have much choice. The powers in charge recognize this...and use it against us every..single..day. It is really getting quite old. But the alternative - anarchy and chaos - while some times appealing & is actually totally awesome in the short run ...well, I'll have no electricity and the water coming out of my faucet will be the color of mud. And no one likes muddy water.
Federal bank insurance fund dwindling - Yahoo! News (http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety - broken link)
If the FDIC goes under, we've got much bigger problems to deal with than individual banks failing. Nobody would be safe anymore.
About WaMu though, I don't know why someone wouldn't want to have their funds spread out among at least a couple of institutions. I get much better services at credit unions than a bank.
Who WILL be straddled with the debt? I bet it's not you or me.
It's the other people.
**************** Sarcasm meter is off the charts, sir! We canna' hold it much longer!
******************
We will eat this debt like chicken dinner on Sunday afternoon, and most Americans will be oblivious as to why. They will simply accept it and press on. Because, hey - it's not like they have much choice. The powers in charge recognize this...and use it against us every..single..day. It is really getting quite old. But the alternative - anarchy and chaos - while some times appealing & is actually totally awesome in the short run ...well, I'll have no electricity and the water coming out of my faucet will be the color of mud. And no one likes muddy water.
Ok, some people like Muddy Waters. HA HA HA! I kill me.
Lol... funny... Look its the "other" people... who also happens to be your identical twin and has all your cash assets... hmm... weird... my money just vanished... what happened?
Just signed up for BofA this week...should be taking my WAMU money out soon. Not because of this, but because BofA is the bigger better bank.
I see... just coincidence huh.... I rather put it into a credit union... unless its purely savings then I would opt for a corporate bank...
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Don't think you can't be inconvenienced by a bank failure
