{"id":12791,"date":"2008-09-26T05:21:42","date_gmt":"2008-09-26T12:21:42","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/wp\/2008\/09\/26\/well-thats-a-wash.html"},"modified":"2008-09-26T05:21:42","modified_gmt":"2008-09-26T12:21:42","slug":"well_thats_a_wash","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2008\/09\/26\/well_thats_a_wash.html","title":{"rendered":"Well, that’s a Wash"},"content":{"rendered":"
<\/div>\n

As in “Washington Mutual”: Government Seizes WaMu and Sells Some Assets – NYTimes.com<\/a> <\/p>\n

\n

Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.<\/p>\n

Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation\u2019s largest savings and loan, to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution.<\/p>\n

[…] Customers of WaMu, based in Seattle, are unlikely to be affected, although shareholders and some bondholders will be wiped out. WaMu account holders are guaranteed by the Federal Deposit Insurance Corporation up to $100,000, and additional deposits will be backed by JPMorgan Chase.<\/p>\n

[…] JPMorgan Chase, which acquired Bear Stearns only six months ago in another shotgun deal brokered by the government, is to take control Friday of all of WaMu\u2019s deposits and bank branches, creating a nationwide retail franchise that rivals only Bank of America. But JPMorgan will also take on Washington Mutual\u2019s big portfolio of troubled assets, and plans to shut down at least 10 percent of the combined company\u2019s 5,400 branches in markets like New York and Chicago, where they compete. <\/p>\n<\/blockquote>\n

 <\/p>\n

Our bank accounts are at WaMu, which Margie’s mom used to work for, and which has a convenient storefront by our supermarket. <\/p>\n

I’ve not been unaware of WaMu’s woes, and considered pulling our accounts. But first off, I knew that, well, we were well within the FDIC limit, and secondly, where? I’m not convinced that JPMorgan Chase is long-term healthier, BofA just saddled themselves with huge debt, USBank sucks (or so I hear), etc. At the moment, no particular bank seems any safer than any other.<\/p>\n

Ain’t that a kick in the groan, as Archie Bunker used to say.<\/p>\n

The most negative impact of this, at the moment, may be the closing of our convenient branch, as there is a Chase across the street (and far less convenient). And the fact is, I’ve liked dealing with WaMu — it’s tended to be a friend and useful environment as a customer. It’s a shame to see them go.<\/p>\n

Next?<\/p>\n","protected":false},"excerpt":{"rendered":"

As in “Washington Mutual”: Government Seizes WaMu and Sells Some Assets – NYTimes.com  Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_analysis_target_kw":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[35],"tags":[],"class_list":["post-12791","post","type-post","status-publish","format-standard","hentry","category-big-business"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":13308,"url":"https:\/\/hill-kleerup.org\/blog\/2009\/01\/26\/less_convenient_banking.html","url_meta":{"origin":12791,"position":0},"title":"Less convenient banking","author":"***Dave","date":"Mon 26-Jan-09 7:09am","format":false,"excerpt":"I'm sure there are all sorts of practical, as well as political, reasons why they are closing down the storefront WaMu (now Chase) next to our Safeway, directing folks instead...","rel":"","context":"In "Big Business"","block_context":{"text":"Big Business","link":"https:\/\/hill-kleerup.org\/blog\/category\/big-business"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":39294,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/10\/22\/a-financial-group-gets-fined-the-horror.html","url_meta":{"origin":12791,"position":1},"title":"A financial group gets fined? THE HORROR!","author":"***Dave","date":"Tue 22-Oct-13 11:39am","format":false,"excerpt":"Fox News and the Wall Street Journal are shocked, shocked, to learn that JPMorgan will have actually have to to pay money for the shenanigans they -- and the institutions they bought -- engaged in.Dear WSJ -- it's not \"confiscation\" when they defrauded institutional investors, causing massive losses (and, in\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14680,"url":"https:\/\/hill-kleerup.org\/blog\/2009\/05\/03\/tweets-from-three_star_dave-on-2009-05-03.html","url_meta":{"origin":12791,"position":2},"title":"Tweets from @Three_Star_Dave on 2009-05-03","author":"***Dave","date":"Sun 3-May-09 11:30pm","format":false,"excerpt":"Bishop visiting the parish today. Minor pomp and circumstance, much good preaching and teaching. # So, Chase, even after closing my WaMu branch, your drive-thru ATMs won't take my deposits? #fail, and time for a new bank. # Powered by Twitter Tools.","rel":"","context":"In "~Tweets"","block_context":{"text":"~Tweets","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/tweets"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15045,"url":"https:\/\/hill-kleerup.org\/blog\/2009\/06\/17\/bank-accounting-for-taste.html","url_meta":{"origin":12791,"position":3},"title":"Bank Accounting for Taste","author":"***Dave","date":"Wed 17-Jun-09 9:43pm","format":false,"excerpt":"So we finally, via Margie's taking action, we've started the process of moving our banking from WaMu (slowly, clumsily, turning into Chase) to a local credit union.\u00a0 Bellco was founded as a credit union in 1936 for the Mountain States Telephone and Telegraph Co. When Ma Bell got broken up\u2026","rel":"","context":"In "Big Business"","block_context":{"text":"Big Business","link":"https:\/\/hill-kleerup.org\/blog\/category\/big-business"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20745,"url":"https:\/\/hill-kleerup.org\/blog\/2011\/04\/14\/customer-disservice.html","url_meta":{"origin":12791,"position":4},"title":"Customer Disservice","author":"***Dave","date":"Thu 14-Apr-11 9:11pm","format":false,"excerpt":"Dear Chase: I appreciate that wire fraud is a common illicit activity, especially with hacked bank accounts. I can even understand, if you see a first-time overseas wire transfer that you might be worried that it's fraudulent and both lock the online account and block the transfer. But if you\u2026","rel":"","context":"In "Big Business"","block_context":{"text":"Big Business","link":"https:\/\/hill-kleerup.org\/blog\/category\/big-business"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2011\/04\/Chase-300x55.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":38583,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/08\/28\/who-watches-the-watchmen-financial-regulation-edition.html","url_meta":{"origin":12791,"position":5},"title":"Who Watches the Watchmen? (Financial Regulation Edition)","author":"***Dave","date":"Wed 28-Aug-13 1:34pm","format":false,"excerpt":"Well, given the revolving door of once-and-future financial institution execs in the upper ranks of treasury \/ finance \/ regulatory groups in government, and the dearth of any meaningful punishment of those institutions that commit egregious crimes against the nation's economy, it's hardly a wonder that the folks in the\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/12791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/comments?post=12791"}],"version-history":[{"count":0,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/12791\/revisions"}],"wp:attachment":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media?parent=12791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/categories?post=12791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/tags?post=12791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}