An Unprecedented Level of Openness in Government

Apparently, this is what “an unprecedented level of openness in Government” looks like: Via Kirsten Grind at the Puget Sound Business Journal. The Puget Sound Business Journal for months has asked the Office of Thrift Supervision (OTS), the federal agency that regulated Washington Mutual, to release internal communications between WaMu’s regulators. … On Wednesday, an […]

Why was WaMu really closed, and what are the FDIC & OTS hiding?

On Friday the Puget Sound Business Journal posted another great piece by Kirsten Grind on all the shady dealings that went on behind the scenes in the WaMu shutdown ordeal. The piece, titled The Washington Mutual decision is currently available on their site only to subscribers, but over on Portfolio.com (one of their sister sites) […]

WaMu Failure: What it Means for Seattle

From today’s Seattle Times: Feds seize WaMu in nation’s largest bank failure WaMu’s 43,200 employees won’t feel any immediate impact, though it’s likely JPMorgan will drastically shrink the thrift’s headquarters staff. More than 3,500 people work at WaMu’s 42-story headquarters at Second Avenue and Union Street, along with 800 people elsewhere in Seattle and 1,500 […]

WaMu: …and, there it goes.

Bloomberg: JPMorgan Buys WaMu’s Deposits as Thrift Is Seized JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to pay $1.9 billion for the deposits of Washington Mutual Inc. after the thrift was seized by regulators in the biggest bank failure in U.S. history. The U.S. government closed Seattle-based Washington Mutual amid […]

Who gives a RA about the banks, anyway?

I thought we could use a thread to discuss the insanity that reigns in the financial world today. You all already know the news. IndyMac taken over by the FDIC in the third-largest bank failure in US history. The bailouts of Fannie & Freddie have begun. Here’s another take on the weekend news: Now here’s […]