The run didn’t get started until Wamu went under. Indy-Mac was peanuts in comparison.
“The run didn’t get started until Wamu “
Bank runs are based on fear of failure. I think IndyMac set the stage.
Schumer’s behavior was very strange. The regulators howled.
“The run didn’t get started until Wamu went under”
They didn’t go under, there was an orchastrated run of 18 billion on them and the Feds gave them to Chase.
I saw it coming and grabbed a $200k 5% 13 month CD from WAMU When it happened.
I hope that WAMU’s law suit against the Fed and Chase is successful and Chase gets kicked out.
and the Wamu shareholders got majorly screwed, myself included, but I was gambling that there would be a buy-over. Not the sweetheart deal that JP Morgan got for a song and dance.