You know......

[patgund]

I'm starting to think that instead of "Woo Hoo!", WaMu's slogan should have been "D'oh!"

What gets me about it is how quickly it happened. Just seized, closed and sold, just like that. Makes me wonder if JPMorgan Chase had some sweetheart deal with the feds.

Less than happy about the whole thing. And I seem to be the kiss of death as banks in the US go........

Comments

[aeddie.livejournal.com]

Of course they did. Just like BofA was asked to buy Morgan. WaMu had been trying to sell themselves off and on for a while. I think Chase backed out because they knew the the Feds were going to take over and they could get WaMu for less.

So, we're down to BofA, Wells Fargo, Citi, and JPChaseMu. Is there anybody else for big national banks left?

[maedb.livejournal.com]

And I seem to be the kiss of death as banks in the US go

Speaking of which, where do you bank now? Just trying to see if I should change banks or not!

[patgund.livejournal.com]

Oh, I'm at Washington Mutual JPMorgan Chase

[letter-d.livejournal.com]

I can relate -- every US bank I've used in the last 25 years for household (as opposed to business) purposes has gone into receivership of one kind or another :(

[lapiskelinia.livejournal.com]

There's a reason for that. Banks cannot grow in an established market without buying another established one. Banking is too personal for the customers, as where else do you trust someone to keep our life savings out of a buried coffee can, or grandma's antique jewelry? Opening a new branch in an established area is like putting two ladies bathrooms facing off in the same hallway. It's just pointless, and besides, by the time you know the new one, you already know the teller.

Ergo, since there are precious few areas left untouched, banks will purchase others, replace the lettering and the dangling signs, but KEEP the teller, so the customer can still have Mary ask after their kids, and their deposit box number can remain the same.

As to why there as so many big purchases right now, if the banks that can afford to purchase don't, there's a strong chance they won't remain standing after this 'crisis' is over. This time, it's going to be the giants that survive. What I'm wondering, is how they're going to get around federal guidelines that dictate that no bank can control anymore than 1/10th of the federal reserve, and I know BoA has hit threshold.

[lapiskelinia.livejournal.com]

"by the time you know the new one, you already know the teller."

Meaning, by the time you hear about the new one, you already know the teller from the first one.