The worlds largest S&L collapsed tonight (WaMu)... who's next?

[scheming daemons]

Which bank goes under next... while congress pisses around and lots of uninfomed Americans keep working against the bailout?


What's your guess? What long-standing institution sinks to the bottom of this financial Pearl Harbor next?

[ErinBerin84]

1. ugh, I wish that McCain/cancer PAC was a Keating 5 PAC around now

[MichiganVote]

2. Any or all. They're all fucked.

[scheming daemons]

5. The last bank standing is going to be one powerful mo-fo

[MichiganVote]

10. The last "bank" standing will be the US.

[scheming daemons]

11. Nope.... China.

[MichiganVote]

14. Even China still needs the US--yet.

[scheming daemons]

15. Yeah.... they're our bank. We're their customer... if we default, they own us

[MichiganVote]

20. :) China dominates the US and takes over. Some part of this strikes me as funny..

knowing the unruly tendencies of the US population.

[whistle]

3. WaMu was not a true S&L those all died in 1987 S&L bubble collapse

[SnoopDog]

4. No, WaMu is a Bank... Not a S&L...

A distinction that is important...

[scheming daemons]

7. Being reported as the nation's "largest Savings and Loan"

[SnoopDog]

22. Sorry. Yes that is what is being reported... However,

it provides commercial banking so therefore is not a technically a S&L.

[whistle]

6. Paulson has his eye on the nation's credit unions next

[msallied]

8. That's my bank. I'm gonna miss doing business with them.

[AlCzervik]

pretty soon banks will be like the media, 3 companies will run them all.

BOFA, Chase and other huge name here.

[Skink]

9. Chase got a good deal. Probably some equity in that.

[Blackhatjack]

12. WaMu spent a fortune on postage sending me mailings each day....

You had to know they were desperate, some of the offers were ridiculous teasers --but the clause allowing them to raise the interest rates and terms for any reason they deemed appropriate was always in the fine print.

I guess the mailman will have a lighter load now....

[book_worm]

13. I kept getting credit card solicitations from WaMu and always ripped them up.

[TheDonkey]

18. me too, I have a little bit of savings in WaMu and can't stand them. Should pull my cash out.

[RagAss]

16. Me.

[livedemocarticordie]

17. awful...

In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co.


Pedestrians walk past a Washington Mutual branch in downtown Seattle.
The closing represents the demise of what once was the largest U.S. thrift but came to symbolize many of the worst excesses of the mortgage boom. Federal regulators said WaMu has suffered an exodus of $16.7 billion in deposits since Sept. 15, leaving the Seattle thrift "with insufficient liquidity to meet its obligations." As a result, WaMu was in "an unsafe and unsound condition to transact business," according to the Office of Thrift Supervision.

While the exact structure of the transaction wasn't immediately known, J.P. Morgan is expected to acquire Washington Mutual's deposits and branches, as well as other operations. The deal isn't expected to result in any hit to the Federal Deposit Insurance Corp.'s bank-insurance fund, according to a person familiar with the arrangement. Some analysts have worried that a WaMu failure could cost more than $20 billion.

Federal regulators have been heavily involved in orchestrating the transaction, which comes as WaMu grapples with its bad mortgage loans. Regulators were hoping to fend off a collapse of WaMu, which, with more than $300 billion in assets, would mark by far the largest banking failure in U.S. history.

............
http://online.wsj.com/article/SB122238415586576687.html?mod=special_page_campaign2008_mostpop

[Captiosus]

19. On the bright side...

If JP Morgan Chase rebrands all the banks to the Chase name, we don't have to deal with any more of those gawd awful "WaMu: WOOHOO!" bullshit ads. ;)

[lib2DaBone]

21. Let 'um all go down.... get our pitchforks ready...

Bring our troops home.. bring our 5 MILLION JOBS BACK FROM CHINA. Take that $400 Billion and put people to work fixing the roads and bridges. Drill for oil everywhere ... but make sure that all new oil rigs must use American Labor and American Made Steel. Make sure all new oil drilled in America must be sold in America first.. before they bring in expensive Saudi oil. Start putting up wind gernerators and make the conversion to clean electric power. Put people to work building 200MPH bullet trains like in Japan.. the airports are too crowded anyways. Sorry.. I forget we have a fascist Republican Govt... this will never be allowed.

[scheming daemons]

23. You will not be able to afford a pitchfork

[gopbuster]

24. HSBC Bk USA NA

http://www.bankrate.com/brm/safesound/commmm.asp?fedid=413208

Credit exposure to derivatives 721%

Street.com rating D+

Nonperforming Asset Ratio (2) 11.55 Somewhat Higher Than Standard