Posted on 09/26/2008 4:34:48 PM PDT by metmom
Millions of Washington Mutual customers woke up Friday morning fearing that their life savings, checking accounts and mortgages were in danger, after federal regulators seized the bank’s assets and sold them in a fire sale Thursday night.
Despite assurances by the federal government that it guarantees deposits of up to $100,000, customers descended upon bank branches to yank out their money on Friday, hoping it was still there.
(Excerpt) Read more at foxnews.com ...
Interesting poll results also mentioned at FOXNews.com.
Poll: Most Americans Against Bush’s Bailout Plan
http://www.foxnews.com/story/0,2933,428921,00.html
I got a few bucks in WAMU. About to write a check and transfer it to my CU account. JP make regret this purchase if there’s a big run. FDIC may end up bailing JP out.
But yet the FDIC said that it did NOT have enough money to cover the $188 billion in deposits. That's why WaMU was sold so quickly to JP Morgan.
WEll we pulled most of our funds out and moved them to better accounts with better interest rates in banks that do not deal with subprime loans. We still have a couple of checking accounts to move and a IRA CD.
When we were in today asking about direct deposits and the routing number and account numbers they didn’t know anything or how the bank was going to be restructured.
LOL, I just clicked on the link to Fox and saw a WaMu banner. I’m against the plan, but I’m also against a financial meltdown.
No one was hitting the panic button in the LA branch that I use this afternoon. As a matter of fact I opened another CD with WaMu since it’s paying 5%. I doubt that Chase will be offering such high rates. The 5% may be gone by Monday. Why the panic when the FDIC covers your accounts? I don’t get it.
Did everyone see what the WaMu CEO, Allan Fishman, made for 17 days work? Something like $20,000,000!
well, our checking account and a cd and our mortgage is all there....we have direct deposit....
I don’t like the Paulson plan, but doing nothing might be worse. It looks like there are no good options.
Wonder how a these workers feel now
I am sure the shareholders want a least a copy of the award and old stock certificates to sell on Ebay.
It’s a Depression folks. Other banks will follow. McCain has to be better than Bush.Bush is Hoover II.
Sue the bank execs for whatever they can get. Class action lawsuit. The bank (or whoever bought it) aparently has enough money to write a multi million dollar check to the ex CEO.
Because the FDIC doesn’t actually have enough money to cover WAMU’s depositors. Nor Wachovia’s, which is why the “talks with Citi” are under way. One too many of these failures and it’s Congress which will have to start coming up with a few hundred billion here and there to keep the FDIC solvent. Add that total to the $700 billion figure.
I wonder what his payment would have been if he had saved the company.
Can I expect a delay in receiving my CC statement?
Just what we need. Even bigger banks so that the failure records can be broken.
Life was never so safe as when we had community banks. Local money invested in local economies. Small chance of failure, small risk.
maybe time to move money to Canada?
Good luck with your CD.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.