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Post by CMF Newsman on Sept 26, 2008 9:11:45 GMT -5
NEW YORK - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion. Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July. One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their stock portfolios plunge in the wake of the nation's most momentous financial crisis since the Great Depression. news.yahoo.com/s/ap/20080926/ap_on_bi_ge/washington_mutual_future;_ylt=AmjXBb3n.Bw6pCpzbi6h1q0DW7oF |
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Post by gridbug on Sept 26, 2008 10:03:44 GMT -5
No more WaMu?
NO MORE WOO-HOO?!?
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Post by coffeeshooter on Sept 26, 2008 15:32:45 GMT -5
Dumb question that just occurred to me.
If one of our local banks failed could you still get to the safety deposit boxes?
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Post by Justin Thyme on Sept 26, 2008 15:49:35 GMT -5
Yes, eventually.
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Post by legaltender on Sept 26, 2008 16:00:16 GMT -5
The contents of your safety deposit box doesn't show up anywhere on a bank balance. The rental contract would be terminated if no buyer is found for the bank - which could limit your access to the times a receiver allows it.
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snarkalicious
Forumite
Insert nickname *here*
Tongue tied and twisted, just an Earthbound misfit, I~
Posts: 1,463
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Post by snarkalicious on Sept 27, 2008 21:33:09 GMT -5
I had an eccentric relative who did not trust banks and kept all his money hidden in the small house he lived in. Maybe it's time to start burying your savings in a mason jar again....
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Sept 28, 2008 10:36:57 GMT -5
> Maybe it's time to start burying your savings in a mason jar again....
Wrong, wrong, wrong! Absolutely wrong! Failed, short-sighted economic thinking!
It's a mayonnaise jar (although John L. Mason would probably not approve).
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Post by gridbug on Sept 29, 2008 7:02:55 GMT -5
I had an eccentric relative who did not trust banks and kept all his money hidden in the small house he lived in. Maybe it's time to start burying your savings in a mason jar again.... Be sure to put it in gold, that money's not worth much |
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