Washington Mutual (WaMu) in Big Trouble of Collapse... Need Verification

[HOLLYWOOD]

Just got some unverified intelligence of Washington Mutual seeking 10's of BILLIONS from the FEDS to keep the bank from collapsing.

What is know...

$65 BILLION in Sub-Prime ARMS

$60 BILLION in HOME EQUITY LOANS.. most unbacked now

$12 BILLION in hidden carried Debt...

Insider says it's real bad and there's a lot of 'PRIVATE MEETINGS' with outside sources...


ANYONE have additional info and/or verification?

 

[LiveFree79]

Just got some unverified intelligence of Washington Mutual seeking 10's of BILLIONS from the FEDS to keep the bank from collapsing.

What is know...

$65 BILLION in Sub-Prime ARMS

$60 BILLION in HOME EQUITY LOANS.. most unbacked now

$12 BILLION in hidden carried Debt...

Insider says it's real bad and there's a lot of 'PRIVATE MEETINGS' with outside sources...


ANYONE have additional info and/or verification?

No hard facts but everyone I know that works in finances and banking says things are MUCH worse than the media and government will admit. No surprise there. Now the FED is talking about raising interest rates to combat inflation. They have no control over anything opposite of what they pretend. They say the most scary thing is all the foreign money pouring into these banks, especially from middle eastern nations such as UAE, Dubai, Saudi Arabia etc.

 

[torchbearer]

They send me an app for credit card every day. It's annoying.

 

[slacker921]

not much beyond reports of heavy losses ahead..
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPtqGUO0S7G0&refer=home

 

[HOLLYWOOD]

WaMu just hit an ALL TIME LOW today... $6.01

Has recovered a bit, since the FEDS will BAILOUT another financial institution. I guess Washington Mutual will be the UK's "NORTHERN ROCK FINANCIAL BANK of the US.

Remember the UK Government's FED (BANK of ENGLAND) is the proud owner of NORTHERN ROCK's ASSETS...

Depositors may want to consider moving their money/assets away from Washington Mutual.

MaWu at a 52 week and all time low:

http://www.bloomberg.com/apps/quote?ticker=WM%3AUS

checkout the lines of depositors waiting to close their accounts:

http://news.bbc.co.uk/2/hi/business/6996136.stm

 

[Pedro TT]

Shit...I have a personal checking account with WaMu. Should I withdrawl my funds?

 

[Kludge]

Shit...I have a personal checking account with WaMu. Should I withdrawl my funds?

So long as you don't have over $100,000, you SHOULD be fine.

 

[RSLudlum]

So long as you don't have over $100,000, you SHOULD be fine.

Couldn't it take quite a while to get your funds through FDIC?

 

[OptionsTrader]

A blog to read if you really want to get scared about the unwind of derivatives.

I always have puts on the banks....

http://www.financialarmageddon.com/

 

[Kludge]

Couldn't it take quite a while to get your funds through FDIC?

Assuming the FDIC has the resources, yes.

 

[RSLudlum]

A blog to read if you really want to get scared about the unwind of derivatives.

I always have puts on the banks....

http://www.financialarmageddon.com/

Damn, the header of that page is scary enough

 

[HOLLYWOOD]

Washington Mutual JUST HIT AN ALL TIME LOW! $5.90

Run! Run! Runaway! FAST!

 

[Kludge]

Washington Mutual JUST HIT AN ALL TIME LOW! $5.90

Run! Run! Runaway! FAST!

Thanks, AJ

 

[Johnnybags]

Yes, take your money out

no sense in wading thru paperwork and feeling the stress of it all, WAMU is going to be taken over by the FEDS very soon.

 

[adam1mc]

Shit...I have a personal checking account with WaMu. Should I withdrawl my funds?

It sure wouldn't hurt to change over to another bank. Agreed that your funds are insured by the FDIC upto $100,000, but honestly, who wants to go through that hassle?

I recommended to my girlfriend to remove all of her funds and put into her other bank account. It seems to me that you will be flirting with disaster if you choose to keep your money there.

 

[newbitech]

A blog to read if you really want to get scared about the unwind of derivatives.

I always have puts on the banks....

http://www.financialarmageddon.com/

heres one im checking out now.

http://www.lifeaftertheoilcrash.net

 

[d991]

heres one im checking out now.

http://www.lifeaftertheoilcrash.net

LATOC is a great site, although when they post articles from questionable sources it gets kind of annoying.
Still, its a decent Peak Oil article clearinghouse.

 

[Carehn]

They send me an app for credit card every day. It's annoying.

And i thought i was special.

 

[thebluedog]

I would never count on the FDIC. If banks continue to fail and can't be bought out by bigger institutions, the FDIC will be powerless. There is no way it can insure that much money. Don't count on them being able to give you anything. Just like insurance companies can go broke, so can the FDIC. It cannot handle a systematic financial collapse which is what is starting to happen.

Another point is that back when FDR called for a bank holiday (so that people wouldn't all withdraw their money at the same time), obviously nobody had access to their money. You should have a fair amount of extra cash to last for a bit, just in case that happens.

It doesn't matter if it's Washington Mutual or some other bank, I would only keep enough money in your bank account for your living expenses. The rest I would put into safe investments. (For safe investments read "Crash Proof" by Peter Schiff and also "How to Prosper During the Coming Bad Years in the 21st Century" by Howard Ruff).

Hahaha, after writing that, it makes me laugh because Peter Schiff always ends his columns with a plug just like that to read his book!

 

[2orb]

The FDIC is ultimately backed by taxpayers. Taxpayers are the insurance for all of the risk taken by the government and the financial system.