Washington Mutual Collapse

[Smithiy]

Largest bank failure in U.S. history, JP Morgan takes over WaMu.

Washington Mutual Collapses : NPR

FoH know-it-alls, discuss.

[Hatorade]

Those lame ass commercials and the the change to Wa-mu is what did it.

[EmpireF4i]

I dont know why, but I always hate the "link on some topic - Discuss" when the op doesnt have any input on it. Whats the point in making the thread?

[Smithiy]

Originally Posted by EmpireF4i

I dont know why, but I always hate the "link on some topic - Discuss" when the op doesnt have any input on it. Whats the point in making the thread?

The topic is discussion worthy, that's why I posted it. I don't profess to be knowledgeable in these matters, I'm more interested in what other people will say. Pointing out the obvious, there is going to be a bi-partisan resolution for a bailout package, I'm expecting that to happen Monday.

I'm curious if this trend will continue and how much the FDIC can cover before the banks and the fed really start running out of money. The markets aren't hurting yet, that's the real indicator of financial instablility.

[Eomer]

Did you read anything about the collapse? FDIC funds aren't being used.

This could easily have been tossed in to the Fannie/Freddie thread.

[prescient63]

All I have to contribute is that the people at JP Morgan are making out like bandits in this mess. This is the second extremely cheap company that they have been able to pick up with very little downside risk, and at a ridiculously good price. I'm pretty bullish on JP Morgan stock long term. I was actually surprised that JPM didn't pick up Lehman as it's intrinsic value was decent and everyone knew they were looking to make an acquisition.

[AladainAF]

JP morgan Chase is the only bank that is run by smart people.

Then again, JP morgan chase might be the only bank now.

[GrobbeeTrull2.0]

Which is exactly how they want it.

[FulorianC]

John Pierpont Morgan would be proud.

[Zaniel]

Originally Posted by AladainAF

JP morgan Chase is the only bank that is run by smart people.

Then again, JP morgan chase might be the only bank now.

I look forward to us sitting here in 20 years time complaining about the collapse of the Mars Mining Futures market and how JP Morgan is too large to be able to let fail and that the Neo-UN Government is taking a stake in both JP and Taco Bell who have just applied for a 25 billion NuCredit loan to upgrade their taco making facilities on the moon.

[Desx]

Someone tell me how these shares are still being traded...

Also please explain after market trading.. how can it be done and where?

It went from like 18 cents to $1.69 after hours.. thats a 1000% gain roughly

[Soriak]

Watch Wachovia go down next.

[AladainAF]

After market trading is usually misleading, especially when there isn't heavy volume. Though I don't know the technical aspects.

[prescient63]

Originally Posted by Desx

Someone tell me how these shares are still being traded...

Also please explain after market trading.. how can it be done and where?

It went from like 18 cents to $1.69 after hours.. thats a 1000% gain roughly

After hours trading is simply trading after the closing bell. You can trade 24hrs a day but nobody does (1% of all activity) because there isn't enough activity, and people typically don't get the best prices. A $1.69 trade doesn't mean a whole lot because we don't know what kind of volume it was trading at at that price. It could also just be a bad tick which happens. I don't know if this number was reported or you just saw it some where so I'm not saying it's a bad tick I'm just saying they happen. If you look at bid ask spreads pre market you'll notice that they are much wider because of the lack of activity and it can really just be thought as a leading indicator for the rest of the day, or in after hours trading you can think of it as an indicator for how the rest of the world will be trading that day (even though market hours a really an indicator of how things will be trading).

Edit: looks like 279k shares at 1.69.... I'm thinking someone fat fingered that and it was supposed to be 0.169

[Celebrindal]

Welcome WaMu

What's different?

* Your deposits at WaMu are now backed by the financial strength of Chase in addition to continuing to be insured by the FDIC.
* If you bank at both WaMu and Chase, your deposits continue to be insured separately today just as they were yesterday, and generally will be for another six months. At that time, your deposits will be insured by the FDIC for up to $100,000 per depositor (with an additional $250,000 for self-directed retirement accounts), and will continue to be backed by the strength and security of JPMorgan Chase.
* Learn more about the size and strength of our company.
* Learn more about your FDIC coverage.

What stays the same?

Continue to bank just as you usually do:

* same account numbers,
* same Washington Mutual name on your account,
* same checks, debit cards, credit cards, deposit slips,
* same online banking website and passwords,
* same branches & ATMs,
* same familiar bankers, and
* same great service!

What will change? Soon

* You'll be able to use over 9,300 Chase ATMs fee-free - jointly, that's 14,000 ATMs for your banking convenience!

In the future

* You'll begin to see the Chase name on your statements, online, and on your credit cards as they reissue.
* Your branch will be re-named Chase and you'll be re-issued new debit cards with the Chase name. Until then, bank as you do today.
* As our systems merge, you'll be able to use any of the Chase branches nationwide. This won't take place this year, and we'll let you know well in advance of any changes.