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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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JP Morgan Chase is buying WAMU
breaking on CNN right now
here's the link
Washington Mutual, the country's largest thrift - hard hit by the housing meltdown - is to be acquired by JPMorgan Chase, Wall Street Journal reports.
Message edited 9/25/2008 8:06:36 PM.
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Posted 9/25/08 8:04 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
geez.
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| Posted 9/25/08 8:06 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
glad I took my $ elsewhere. saves me the trouble of doing it now.
I HATE Chase! I left them 5 or 6 yrs ago for WAMU.
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| Posted 9/25/08 8:09 PM |
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Candy Girl
Candy girl- you are so sweet!
Member since 11/07 6349 total posts
Name:
erin
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Re: JP Morgan Chase is buying WAMU
I'm kind of happy. There is a Chase down the street from me and WAMU was about 20 blocks away. I know that shouldn't be a factor in choosing your bank, but I only use it for my checking, which has enough to pay my bills. For investing/saving, I use e*trade.
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| Posted 9/25/08 8:28 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: JP Morgan Chase is buying WAMU
This is sad for me. I work for WaMu and honestly I think it's a great company - some bad decision making, but a great company to work for nonetheless.
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| Posted 9/25/08 9:14 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
Posted by MikesWife
This is sad for me. I work for WaMu and honestly I think it's a great company - some bad decision making, but a great company to work for nonetheless.
 I hope everything works out for you. I'm sure it will.
it's sad what these greedy executives did - now the "little guy" has to pay the price
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| Posted 9/25/08 9:18 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
Not surprised. Rumors were swirling for weeks.
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| Posted 9/25/08 9:21 PM |
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JRG71
*****************
Member since 5/05 5025 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
Posted by MikesWife
This is sad for me. I work for WaMu and honestly I think it's a great company - some bad decision making, but a great company to work for nonetheless.
's and  's
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| Posted 9/25/08 9:22 PM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: JP Morgan Chase is buying WAMU
oh, so THAT'S why my interest rates on my chase credit card went up!
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| Posted 9/25/08 9:47 PM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: JP Morgan Chase is buying WAMU
This is what is currently posted on the WaMu site:
To Our Valued Customers:
September 22, 2008
As WaMu’s new chief executive officer, I am writing to discuss the extraordinary economic environment for all banks in the United States and why you can count on us to continue to serve you safely and soundly.
When I was recently approached about the opportunity to lead this great company, I did my homework to satisfy myself that WaMu has the capital, the liquidity, and the business plan to serve your needs and protect your money through these challenging times.
Let me explain why I felt good about joining WaMu.
All financial institutions have been affected by the turmoil in the mortgage and financial markets, but WaMu is very different from the investment banks, such as Bear Stearns, Lehman Brothers and Merrill Lynch, that you may have read about. Those firms have very different sources of funding than we do. WaMu’s business is funded largely through the deposits that customers like you put with us. We also borrow billions of dollars from the Federal Home Loan Banks system.
Most importantly, your deposits are insured to the limits established by the Federal Deposit Insurance Corporation (FDIC). (WaMu partners at your local WaMu store are happy to work with you to maximize your FDIC insurance coverage.)
Capital ratios describe the financial strength of a bank. Our ratios continue to be well in excess of the levels that government regulators require of “well capitalized” institutions. We also have an ample supply of funds on hand to meet your needs and the needs of our other customers and our day-to-day operations.
These strengths, combined with our tradition of superior products and services, are why we continue to welcome new customers every day.
I also expect that comprehensive and constructive plans recently announced by the government will shore up confidence in the U.S. banking system considerably. These plans, if approved by Congress, would remove up to $700 billion of troubled assets from the balance sheets of American financial institutions. There are also provisions to protect financial companies from disruptive rumors and speculation that are fueled by abusive stock trading practices.
Other government actions are already underway and are expected to lend even more security to the nation’s financial system. The Federal Reserve announced that it will open its discount window to financial institutions to enable them to purchase certain assets from money market funds. This provides increased financial flexibility. The Federal Reserve also recently granted requests from Goldman Sachs and Morgan Stanley that will allow them to take deposits, thereby increasing the resources available to both companies. A more stable national financial system is good for WaMu and good for customers.
I came to WaMu because I think it is a great bank with a strong franchise and a solid financial position. We take very seriously our role as the stewards of your hard-earned money. I want to personally thank you for your loyalty and the opportunity to serve your needs.
Sincerely,
Alan Fishman
Chief Executive Office
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| Posted 9/25/08 9:54 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
"I also expect that comprehensive and constructive plans recently announced by the government will shore up confidence in the U.S. banking system considerably. These plans, if approved by Congress, would remove up to $700 billion of troubled assets from the balance sheets of American financial institutions. There are also provisions to protect financial companies from disruptive rumors and speculation that are fueled by abusive stock trading practices."
what a POS! YOU Mr. CEO and others like you are the reason why OUR tax dollars have to pay for this bailout. you are a crook who committed fraud and your azz belongs in jail!
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| Posted 9/25/08 10:00 PM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: JP Morgan Chase is buying WAMU
genius... so they're aquiring them so they can cash out on the gov't bailout....
seriously, these greedy b@stards are really the evil leaches of society.....
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| Posted 9/25/08 10:03 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: JP Morgan Chase is buying WAMU
Information from FDIC for those with accounts at Wamu
FDIC Information
Please keep our friends at Wamu who are now likely to lose their jobs in your thoughts! There is already a message on their internal boards welcoming them to Chase. But any one out here where Chase already has branches is in trouble.
Message edited 9/25/2008 10:08:27 PM.
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| Posted 9/25/08 10:08 PM |
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Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
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Re: JP Morgan Chase is buying WAMU
I believe they are just buying assets, not WAMU itself.
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| Posted 9/25/08 10:16 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: JP Morgan Chase is buying WAMU
Posted by Kierasmom
I believe they are just buying assets, not WAMU itself.
No, they are buying Wamu. Over the next two years they will convert over to Chase technology and branding.
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| Posted 9/25/08 10:23 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
Posted by charon54
Please keep our friends at Wamu who are now likely to lose their jobs in your thoughts! There is already a message on their internal boards welcoming them to Chase. But any one out here where Chase already has branches is in trouble.
Is that definite? When JPMorgan Chase bought Bank of New York's the retail business, they kept branches open right across the street from each other. They wanted the brand recognition.
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| Posted 9/25/08 10:56 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: JP Morgan Chase is buying WAMU
Well, DH was Bear Sterns now JP Morgan Chase. We took some money out to put in WAMU... now it's all again in the same basket.
The big problem with all of this is we are going backward in the finance industry.
It's just becoming just a few HUGE banks again. The whole thing is turning back in dark ages.
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| Posted 9/25/08 11:03 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: JP Morgan Chase is buying WAMU
Posted by wannabemom
genius... so they're aquiring them so they can cash out on the gov't bailout....
i may be wrong but the funds are used to save from futher economic downfall and when there is some value returned to these investments, they will be repaid.
A major part to contribute why gov't sold Wamu is become people pulled out all there money (no confidence)
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| Posted 9/25/08 11:10 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: JP Morgan Chase is buying WAMU
Posted by tourist
Posted by charon54
Please keep our friends at Wamu who are now likely to lose their jobs in your thoughts! There is already a message on their internal boards welcoming them to Chase. But any one out here where Chase already has branches is in trouble.
Is that definite? When JPMorgan Chase bought Bank of New York's the retail business, they kept branches open right across the street from each other. They wanted the brand recognition.
As of late, they have been consildateing space. I wouldn't expect to see many WAMU stay open unless it may provide addtional coverage where chase isn't at or to avoid other banks from buying that space.
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| Posted 9/25/08 11:11 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: JP Morgan Chase is buying WAMU
Posted by BabyBoy
A major part to contribute why gov't sold Wamu is become people pulled out all there money (no confidence)
I respectfully disagree. a major part to contribute to this is predatory loans made by Wamu to people they had NO BUSINESS loaning money to.
the customer is not at fault here, they did NOTHING wrong.
Message edited 9/26/2008 7:49:14 AM.
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| Posted 9/26/08 7:49 AM |
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LINewbie
Tigger the the Rescue!
Member since 8/08 5647 total posts
Name:
LB
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Re: JP Morgan Chase is buying WAMU
usurprising, all of it. Just another reason why I hate Chase. My stomach turned over when I went to wamu's homepage today and it sid "Welcome to JPMorggan Chase." I'm signing up for a credit union today, and moving my money as soon as I can. I do hope that you guys who work for wamu get to keep your jobs though. 
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| Posted 9/26/08 8:49 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: JP Morgan Chase is buying WAMU
I'm not surprised. I'm very upset. I love WAMU and have stuck by them. I loved their policies, etc. I HATE CHASE!! I had them 5 years ago and I refuse to bank with them. Based off recs and info, I'll be switching to Bank of America. What a PITA though. I have to change EVERYTHING!! Thanks so much for giving out sub prime mortgages! Now I have to pay the price.
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| Posted 9/26/08 9:20 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: JP Morgan Chase is buying WAMU
that is what i did. i took my money out of chase to put it into wa mu. now what am i going to do??
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| Posted 9/26/08 9:23 AM |
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