And the winner is......

[patgund]

Looks like I'll be banking at JP Morgan Chase.....

JPMorgan Chase to buy bulk of WaMu

"JPMorgan Chase & Co. Inc. acquired the assets of Washington Mutual Inc.'s banking operations Thursday after federal regulators seized the ailing thrift.

The deal will cost JPMorgan Chase $1.9 billion. The Federal Deposit Insurance Corp., which insures bank deposits, said it would not have to dip into the insurance fund as a result of the seizure.

The Seattle-based thrift has roughly $310 billion in assets and was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages.

The federal Office of Thrift Supervision said in a statement Thursday night that the purchase "will have no impact on the bank's depositors or other customers. Business will proceed uninterrupted and bank branches will open on Friday morning as usual."

At least it's not HSBC........

Comments

[selenesue.livejournal.com]

Ha. I called that one.

[pandorasbox.livejournal.com]

Yea I am annoyed with a brain injury, which makes me doubly annoyed

[kd5mdk.livejournal.com]

I was hoping to attend the "WaMu Failure Kegger" last weekend, but this weekend will do too.

What happens when after all these acquisitions JPMorganChase is broken up by antitrust regulators?

[silkensteel.livejournal.com]

The website works, but is loading really slow. I expect paranoid depositors are being twitchy.

[winterlion.livejournal.com]

I may seem strange but being in Vancouver Canada region - where the only international banks are ING and HSBC - I wonder what's wrong with HSBC other than it being Chinese?
(or that could be enough...)

I've never had dealings with either nor have I heard any more than those two make two of the top five biggest and richest banks in the world.


... oh this is a strange time...

[patgund.livejournal.com]

My horror stories date from HSBC - Qatar. Which can only be summed up with "Criminally corrupt". Not to mention tried to extort money from me on the threat of blocking my exit from country and freezing about US$500 I had there.

When I got back to the US, I tried to get help at the HSBC bank in California. Only to be told that each country's branch of HSBC was independent and there was nothing they could do to get my money back.

I've had a burning hatred for HSBC since then.

BTW, HSBC is based in London, not Hong Kong. That being said, most of the branches I've seen in California were around areas with a large Asian population.