{"id":2826,"date":"2008-09-25T20:43:35","date_gmt":"2008-09-26T03:43:35","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=2826"},"modified":"2008-09-25T20:43:35","modified_gmt":"2008-09-26T03:43:35","slug":"wamu-and-there-it-goes","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/09\/25\/wamu-and-there-it-goes\/","title":{"rendered":"WaMu: &#8230;and, there it goes."},"content":{"rendered":"<p>Bloomberg: <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&#038;sid=av8gIaGIF6EY&#038;refer=home\" title=\"JPMorgan Buys WaMu's Deposits as Thrift Is Seized\">JPMorgan Buys WaMu&#8217;s Deposits as Thrift Is Seized<\/a><\/p>\n<blockquote><p>JPMorgan Chase &#038; 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.<\/p>\n<p>The U.S. government closed Seattle-based Washington Mutual amid customer withdrawals of $16.7 billion since Sept. 15, the Office of Thrift Supervision said in a statement. WaMu had &#8220;insufficient liquidity&#8221; and was in an &#8220;unsound&#8221; condition, the OTS said.<br \/>\n&#8230;<br \/>\n&#8220;JPMorgan is getting a steal compared with what they were going to pay,&#8221; said Scott Adams, a pension and investment analyst at the American Federation of State, County and Municipal Employees in Oakland, California, which owns WaMu shares. &#8220;It&#8217;s very tragic.&#8221;<\/p>\n<p>WaMu collapsed after its credit rating was slashed to junk and potential suitors passed on making a bid. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week.<\/p>\n<p>New York-based JPMorgan won&#8217;t acquire liabilities of the lender, including claims by shareholders and subordinated and senior debt holders, the Federal Deposit Insurance Corp. said.<\/p><\/blockquote>\n<p>For those of us that still have some money in accounts, <a href=\"http:\/\/www.fdic.gov\/bank\/individual\/failed\/wamu.html\" title=\"FDIC: WaMu Bank Acquisition Information\">the FDIC page on the failure\/sale<\/a> has some details about how the transition is going to go down.<\/p>\n<p>I left a few hundred dollars in an account there just out of morbid curiosity.  Also, it allows me to write about the process from the perspective of a depositor.<\/p>\n<p>I hope none of you bought lots of WaMu stock when it was $2 thinking it was a good deal&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg: JPMorgan Buys WaMu&#8217;s Deposits as Thrift Is Seized JPMorgan Chase &#038; 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&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_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":[198],"tags":[305,365,111],"coauthors":[],"class_list":["post-2826","post","type-post","status-publish","format-standard","hentry","category-news","tag-banks","tag-fdic","tag-wamu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WaMu: ...and, there it goes. \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2008\/09\/25\/wamu-and-there-it-goes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"WaMu: ...and, there it goes. \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Bloomberg: JPMorgan Buys WaMu&#8217;s Deposits as Thrift Is Seized JPMorgan Chase &#038; 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. 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