Washington Mutual Goes Belly Up - Page 4 - SRT Forums

Plan B · 09-26-2008, 03:57 AM

Just checked my wamu account. Both direct deposits went through as planned. Nothing to worry about. Aside from the fact that I only have 22% of what was deposited left after bills

Nelson · 09-26-2008, 09:00 AM

No need to even worry about that. It's very near impossible for a bank to just go belly up and disappear... There's too many other banks that can absorb and even though there's the FDIC, the government will do all it can by means of taking over, absorbing, or making the bank basically give itself away... before letting it just disappear.

inzanesrt4 · 09-26-2008, 10:26 AM

Wamu went under for the simple reason they got greedy they were giving loans to people you really didnt qualify but charged them outrageous fees and interest rates, as did most the businesses that are in trouble now.

Simon.Starkie · 09-26-2008, 10:40 AM

Agree on greedy.
Perhpas people forget how quickly WAMU grew.
They swallowed up lots of other large S&L's.
Including Home Savings of America (remember them? "America's largest").
Including Great Western (that's where I started as a Customer in 1984 because the service was so good...Dennis Weaver, John Wayne TV commercials).
Perhaps it would have been less of a problem if WAMU had not been allowed to take over so many of those S&L's ?
I liked it better when there was more competition.
And more regulation.

Nelson · 09-26-2008, 11:28 AM

It would have been better if there would have been preparation... But to see that so many stable companies ie WAMU, AIG, Lehman marcus are all going under... they're all borrowing institutions... and they're success was the peak of the housing market and their downfall is when the market is at it's worst is poor planning, but not necessarily something that would have been planned on for this large of scale. Because last recession was technology. Now it's housing. They got screwed and didn't prepare nearly enough for a thundering shit storm... maybe a rainy day.

jaymzx · 09-26-2008, 01:23 PM

I lost a lot of respect for Wamu when they bought up Providian. They are the payday loans of credit cards. One of those, you get a $250 limit when you sign up, but there is a $100 annual fee, $75 signup fee and a $25 processing fee that will be just added to your balance. Talk about making a buck on the back of the people who can't afford it!

Simon.Starkie · 09-26-2008, 01:36 PM

Quote: Originally Posted by jaymzx

I lost a lot of respect for Wamu when they bought up Providian. They are the payday loans of credit cards. One of those, you get a $250 limit when you sign up, but there is a $100 annual fee, $75 signup fee and a $25 processing fee that will be just added to your balance. Talk about making a buck on the back of the people who can't afford it!

Ah yes. Providian. Or "Poh-vib-ian" as my Chinese friends insist on pronouncing it

I remember pulling a 29-hour shift back in 1997 when they wanted to upgrade their Teradata 5100S to a 5100P (not really a field upgrade). Totally burned me out (again, what's one more burnout). And I ended up quitting Teradata after 10 years of service (NCR and AT&T ruined it anyway) without even getting my fucking 10-year pin! And then I found out that Providian never paid us one thin dime for anything (hardware, software, consulting services) in the two years we spent on that account. Sorry for the rant, but maybe there is some fucking justice in seeing those particular motherfuckers burn in hell!

**ptc01** · 09-26-2008, 01:50 PM

Ok, so here is the million dollar question. As part of the 7 billion dollar bailout, who are the foreign banks that are included in the deal? They keep mentioning it, but no one names them.

As far as home owners going into foreclosure, TFB you were in over your head to begin with and should have known better. I listened to a women yesterday who just got an FHA loan for $250,000 and she earns 52k a year.

As far as banks making bad loan decision, TFB you should have had more sense. You deserve to go belly up.

As I said, cash is golden right now and I'll sit on the side lines and look over forclosure properties and pick them up dirt cheap. One mans stupid hardship is anothers fortune.

Warren Buffett knows where the action will be in the coming years over this mess.

Oh, 4% APY on a WAMU savings account. Best rate in the country.

kingj07 · 09-26-2008, 02:28 PM

of course you speak of banks versus credit unions, but im making 7.5%. www.becu.org

theres no need to go to a bank when credit unions are allowing anyone to sign up.

j.r.

Space · 09-26-2008, 02:50 PM

Quote: Originally Posted by kingj07

of course you speak of banks versus credit unions, but im making 7.5%. www.becu.org

theres no need to go to a bank when credit unions are allowing anyone to sign up.

j.r.

Yeah, anything over 500 bucks and you get paid shit. I'm stickin with the wamu savings til they drop the rate and then I'll just transfer it back to ING. I was stoked when I saw that 7.5% til you read its only for the $500 and under crowd which may be everyone very soon.

kingj07 · 09-26-2008, 02:52 PM

o snap. sorry for teh mislead. i know im getting 7.5% lol.

j.r.

tyeayo · 09-26-2008, 03:39 PM

Quote: Originally Posted by Nelson

Thus... Federal bailout. Tim has made some ish arguments, sorry tim, ya know I got mad nw love for ya. BUT what Tim is assuming is a depression, and this is not a depression. What's also being assumed by these banks is they all go tits up and everyone gets fucked. NOT GOING TO HAPPEN. The original depression happened because the government had no clue what to do, no planning, and had never seen it before. This whole government will fail before the economy does because the lawmakers will bend over backwards to right the ship. Nothing is going to happen over night unless all of a sudden our oil supply gets shut off.... ALL OF IT. All this misinformation and conspiracy talk and what ifs, without information, is what causes bad things to happen. We're talking sheep mentality now people.

touche......however :comma:.......in the early 2000s saddamm hussein was making waves, attempting to override the OPEC agreement and open the books so to speak to the Euro....what happens, well september 11th happened, we send less than 80% force into afganhistan while going balls deep in iraq....no more hussein, no more euro for oil talk all is well.....so we think.....in 2003 iranian prez decides, fuck you america, i wanna open to the euro as well.....need i explain what would happen to our economy if this was to come to be...????? this is steering the ship in a whole other direction, but the current economic climate has something to do with this, don't be mistaken my friend.....I am not forseeing a depression of the magnitude pre-WWII.....what i do see is a complete overhaul of what we as americans percieved our financial foothold in the modern world.....

tyeayo · 09-26-2008, 03:40 PM

Quote: Originally Posted by Nelson

No need to even worry about that. It's very near impossible for a bank to just go belly up and disappear... There's too many other banks that can absorb and even though there's the FDIC, the government will do all it can by means of taking over, absorbing, or making the bank basically give itself away... before letting it just disappear.

trooph......i believe wamu was peddled for 1.5 billion.....while holding over 300 billion......pennys on the dollar

**ptc01** · 09-26-2008, 05:08 PM

Quote: Originally Posted by Space

Yeah, anything over 500 bucks and you get paid shit. I'm stickin with the wamu savings til they drop the rate and then I'll just transfer it back to ING. I was stoked when I saw that 7.5% til you read its only for the $500 and under crowd which may be everyone very soon.

The rates are under review and probably will be adjusted down by JP Morgan. Probably Wachovia Bank and National City are next to go belly up. ING is pretty solid.

Here are the rates the masked bandits are paying.

Best rates of deposit and credit accounts from U.S. banks

Best CD Rates, Bank Reviews, Savings Accounts, Highest Money Market, Credit Cards Offers @ ThePiggyBanker.com?

Sota · 09-26-2008, 05:15 PM

Quote: Originally Posted by crazymadbastard

I just hope all those execs don't get golden parachutes in all this. Heck, I hope they get escorted out by the same $8 p/hr security guards that they loved to use to get rid of past scape goat employees. BURN IN HELL!!!

the CEO is getting a $20million golden parachute.

09-26-2008, 03:57 AM	#46 (permalink)
Plan B SRTforums Member Join Date: Jun 2006 Member Number: 43129 Location: Snoho County Posts: 4,792	Just checked my wamu account. Both direct deposits went through as planned. Nothing to worry about. Aside from the fact that I only have 22% of what was deposited left after bills __________________

09-26-2008, 09:00 AM	#47 (permalink)
Nelson SRTforums Member Join Date: Apr 2007 Member Number: 52787 Location: Salem, Oregon Posts: 2,464	No need to even worry about that. It's very near impossible for a bank to just go belly up and disappear... There's too many other banks that can absorb and even though there's the FDIC, the government will do all it can by means of taking over, absorbing, or making the bank basically give itself away... before letting it just disappear. __________________ Removed due to Communists Stage Slow.... Back to stock

09-26-2008, 11:28 AM	#50 (permalink)
Nelson SRTforums Member Join Date: Apr 2007 Member Number: 52787 Location: Salem, Oregon Posts: 2,464	It would have been better if there would have been preparation... But to see that so many stable companies ie WAMU, AIG, Lehman marcus are all going under... they're all borrowing institutions... and they're success was the peak of the housing market and their downfall is when the market is at it's worst is poor planning, but not necessarily something that would have been planned on for this large of scale. Because last recession was technology. Now it's housing. They got screwed and didn't prepare nearly enough for a thundering shit storm... maybe a rainy day. __________________ Removed due to Communists Stage Slow.... Back to stock

09-26-2008, 01:23 PM	#51 (permalink)
jaymzx SRTforums Member Join Date: Feb 2003 Member Number: 278 Location: Seattle, WA Posts: 13,673	I lost a lot of respect for Wamu when they bought up Providian. They are the payday loans of credit cards. One of those, you get a $250 limit when you sign up, but there is a $100 annual fee, $75 signup fee and a $25 processing fee that will be just added to your balance. Talk about making a buck on the back of the people who can't afford it! __________________ James NWSRT-4 Team Positive Intake Manifold Pressure (PIMP) READ AND LEARN: Engines Transmissions Turbochargers Horsepower Torque

09-26-2008, 01:50 PM	#53 (permalink)
ptc01 Premium Member (Lifetime) Join Date: Jun 2003 Member Number: 1771 Location: Conn/Florida Posts: 5,745	Ok, so here is the million dollar question. As part of the 7 billion dollar bailout, who are the foreign banks that are included in the deal? They keep mentioning it, but no one names them. As far as home owners going into foreclosure, TFB you were in over your head to begin with and should have known better. I listened to a women yesterday who just got an FHA loan for $250,000 and she earns 52k a year. As far as banks making bad loan decision, TFB you should have had more sense. You deserve to go belly up. As I said, cash is golden right now and I'll sit on the side lines and look over forclosure properties and pick them up dirt cheap. One mans stupid hardship is anothers fortune. Warren Buffett knows where the action will be in the coming years over this mess. Oh, 4% APY on a WAMU savings account. Best rate in the country. __________________ 2005 Import Wars Slick Class Champ New England Dragway 2006 SRT Nationals Champ Heartland Park Topeka Kansas 2006 Class Winner Englishtown New Jersey 2006 Top Eliminator Englishtown New Jersey MODS: Darrell Cox Racing Built. Fully Dressed Street Car 10.583 @ 130.87 Tuned by Cox Performance Inc. Best Trap - 134 MPH Last edited by ptc01; 09-26-2008 at 02:06 PM.

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09-26-2008, 10:26 AM	#48 (permalink)
inzanesrt4 "Made" Member Join Date: Jun 2003 Member Number: 1426 Location: Kent, WA Posts: 6,581	Wamu went under for the simple reason they got greedy they were giving loans to people you really didnt qualify but charged them outrageous fees and interest rates, as did most the businesses that are in trouble now.

09-26-2008, 10:40 AM	#49 (permalink)
Simon.Starkie SRTforums Member Join Date: Jun 2003 Member Number: 1564 Location: Antioch, CA Posts: 2,296	Agree on greedy. Perhpas people forget how quickly WAMU grew. They swallowed up lots of other large S&L's. Including Home Savings of America (remember them? "America's largest"). Including Great Western (that's where I started as a Customer in 1984 because the service was so good...Dennis Weaver, John Wayne TV commercials). Perhaps it would have been less of a problem if WAMU had not been allowed to take over so many of those S&L's ? I liked it better when there was more competition. And more regulation.

09-26-2008, 01:36 PM	#52 (permalink)
Simon.Starkie SRTforums Member Join Date: Jun 2003 Member Number: 1564 Location: Antioch, CA Posts: 2,296	Quote: Originally Posted by jaymzx I lost a lot of respect for Wamu when they bought up Providian. They are the payday loans of credit cards. One of those, you get a $250 limit when you sign up, but there is a $100 annual fee, $75 signup fee and a $25 processing fee that will be just added to your balance. Talk about making a buck on the back of the people who can't afford it! Ah yes. Providian. Or "Poh-vib-ian" as my Chinese friends insist on pronouncing it I remember pulling a 29-hour shift back in 1997 when they wanted to upgrade their Teradata 5100S to a 5100P (not really a field upgrade). Totally burned me out (again, what's one more burnout). And I ended up quitting Teradata after 10 years of service (NCR and AT&T ruined it anyway) without even getting my fucking 10-year pin! And then I found out that Providian never paid us one thin dime for anything (hardware, software, consulting services) in the two years we spent on that account. Sorry for the rant, but maybe there is some fucking justice in seeing those particular motherfuckers burn in hell!

09-26-2008, 02:28 PM	#54 (permalink)
kingj07 SRTforums Member Join Date: Aug 2003 Member Number: 2988 Location: Kent Posts: 10,569	of course you speak of banks versus credit unions, but im making 7.5%. www.becu.org theres no need to go to a bank when credit unions are allowing anyone to sign up. j.r. __________________ By deafness one gains in one respect more than one loses; one misses more nonsense than sense. horace walpole

09-26-2008, 02:50 PM	#55 (permalink)
Space SRTforums Member Join Date: Aug 2005 Member Number: 32199 Location: Kent Wa Posts: 319	Quote: Originally Posted by kingj07 of course you speak of banks versus credit unions, but im making 7.5%. www.becu.org theres no need to go to a bank when credit unions are allowing anyone to sign up. j.r. Yeah, anything over 500 bucks and you get paid shit. I'm stickin with the wamu savings til they drop the rate and then I'll just transfer it back to ING. I was stoked when I saw that 7.5% til you read its only for the $500 and under crowd which may be everyone very soon.

09-26-2008, 02:52 PM	#56 (permalink)
kingj07 SRTforums Member Join Date: Aug 2003 Member Number: 2988 Location: Kent Posts: 10,569	o snap. sorry for teh mislead. i know im getting 7.5% lol. j.r. __________________ By deafness one gains in one respect more than one loses; one misses more nonsense than sense. horace walpole

09-26-2008, 03:39 PM	#57 (permalink)
tyeayo SRTforums Member Join Date: Jan 2006 Member Number: 37734 Location: Spanaway, WA Posts: 1,789	Quote: Originally Posted by Nelson Thus... Federal bailout. Tim has made some ish arguments, sorry tim, ya know I got mad nw love for ya. BUT what Tim is assuming is a depression, and this is not a depression. What's also being assumed by these banks is they all go tits up and everyone gets fucked. NOT GOING TO HAPPEN. The original depression happened because the government had no clue what to do, no planning, and had never seen it before. This whole government will fail before the economy does because the lawmakers will bend over backwards to right the ship. Nothing is going to happen over night unless all of a sudden our oil supply gets shut off.... ALL OF IT. All this misinformation and conspiracy talk and what ifs, without information, is what causes bad things to happen. We're talking sheep mentality now people. touche......however :comma:.......in the early 2000s saddamm hussein was making waves, attempting to override the OPEC agreement and open the books so to speak to the Euro....what happens, well september 11th happened, we send less than 80% force into afganhistan while going balls deep in iraq....no more hussein, no more euro for oil talk all is well.....so we think.....in 2003 iranian prez decides, fuck you america, i wanna open to the euro as well.....need i explain what would happen to our economy if this was to come to be...????? this is steering the ship in a whole other direction, but the current economic climate has something to do with this, don't be mistaken my friend.....I am not forseeing a depression of the magnitude pre-WWII.....what i do see is a complete overhaul of what we as americans percieved our financial foothold in the modern world.....

09-26-2008, 03:40 PM	#58 (permalink)
tyeayo SRTforums Member Join Date: Jan 2006 Member Number: 37734 Location: Spanaway, WA Posts: 1,789	Quote: Originally Posted by Nelson No need to even worry about that. It's very near impossible for a bank to just go belly up and disappear... There's too many other banks that can absorb and even though there's the FDIC, the government will do all it can by means of taking over, absorbing, or making the bank basically give itself away... before letting it just disappear. trooph......i believe wamu was peddled for 1.5 billion.....while holding over 300 billion......pennys on the dollar

09-26-2008, 05:08 PM	#59 (permalink)
ptc01 Premium Member (Lifetime) Join Date: Jun 2003 Member Number: 1771 Location: Conn/Florida Posts: 5,745	Quote: Originally Posted by Space Yeah, anything over 500 bucks and you get paid shit. I'm stickin with the wamu savings til they drop the rate and then I'll just transfer it back to ING. I was stoked when I saw that 7.5% til you read its only for the $500 and under crowd which may be everyone very soon. The rates are under review and probably will be adjusted down by JP Morgan. Probably Wachovia Bank and National City are next to go belly up. ING is pretty solid. Here are the rates the masked bandits are paying. Best rates of deposit and credit accounts from U.S. banks Best CD Rates, Bank Reviews, Savings Accounts, Highest Money Market, Credit Cards Offers @ ThePiggyBanker.com? __________________ 2005 Import Wars Slick Class Champ New England Dragway 2006 SRT Nationals Champ Heartland Park Topeka Kansas 2006 Class Winner Englishtown New Jersey 2006 Top Eliminator Englishtown New Jersey MODS: Darrell Cox Racing Built. Fully Dressed Street Car 10.583 @ 130.87 Tuned by Cox Performance Inc. Best Trap - 134 MPH Last edited by ptc01; 09-26-2008 at 05:19 PM.

09-26-2008, 05:15 PM	#60 (permalink)
Sota SRTforums Member Join Date: Jul 2005 Member Number: 31159 Location: Parts Unknown Posts: 7,896	Quote: Originally Posted by crazymadbastard I just hope all those execs don't get golden parachutes in all this. Heck, I hope they get escorted out by the same $8 p/hr security guards that they loved to use to get rid of past scape goat employees. BURN IN HELL!!! the CEO is getting a $20million golden parachute. __________________ The best vendors... N2MB / Jay & Jon S&P Development / Jimmy (you're missed ) Maddog Shifters / Chuck Discount Tire Direct And the worst...

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