Now would be a good time to get out of WaMu

NEW -> Contingent Buyer Assistance Program
[quote author="ventouxbob" date=1221634419]I'm a big Lurker have not posted in a long time. enjoy all the good advised and the good manners here. Question. How do you guys feel about citibank?

thats where i have an acoount. I guess they are rated c- I dont have alot of money in savings there 10k thats all still making debt investments. ie paying off car and student loan.



but I do get scared reading all this stuff? at times</blockquote>
You'll be fine with Citibank as long as you are under the FDIC limit ($100k for an individual). If FDIC goes under, then the US economy has collapsed - and we'll have much bigger problems.



Times are tough right now, but it will all work out in the end.

You're money is fine.
 
[quote author="CalGal" date=1221608126][quote author="Trooper" date=1221572577]Well, the WaMu CD is held in my Deferred Comp acct and it doesn't mature until 9/30. I'll have to pay an early exit fee if I remove it...I have no idea how much that is.



I guess I'll just cross my fingers and hope for the best.</blockquote>
Troop, I wouldn't pay the fees if your money is under the FDIC limit. Just wait until 9/30 and take your money out then. I've been through 4 bank closings, and it wasn't any hassle on my part at all. It was completely seemless to me that the bank was taken over by the FDIC.</blockquote>


Four closings?



Lol, please tell me which bank you're using so I avoid it like the plague ;-).
 
[quote author="ventouxbob" date=1221634419]I'm a big Lurker have not posted in a long time. enjoy all the good advised and the good manners here. Question. How do you guys feel about citibank?

thats where i have an acoount. I guess they are rated c- I dont have alot of money in savings there 10k thats all still making debt investments. ie paying off car and student loan.



but I do get scared reading all this stuff? at times</blockquote>


Citibank is so crazy huge we'd have to be really deep in the crisis for it to fail. And that would be a WaMu times ten, with WaMu already being IndyMac times ten :-P.



I think deposits will flee from the weaker banks to the larger/stronger banks, so I expect C would have growing reserves that would help it a lot even if it were insolvent for a whil.
 
[quote author="muzie" date=1221657141][quote author="ventouxbob" date=1221634419]I'm a big Lurker have not posted in a long time. enjoy all the good advised and the good manners here. Question. How do you guys feel about citibank?

thats where i have an acoount. I guess they are rated c- I dont have alot of money in savings there 10k thats all still making debt investments. ie paying off car and student loan.



but I do get scared reading all this stuff? at times</blockquote>


Citibank is so crazy huge we'd have to be really deep in the crisis for it to fail. And that would be a WaMu times ten, with WaMu already being IndyMac times ten :-P.



I think deposits will flee from the weaker banks to the larger/stronger banks, so I expect C would have growing reserves that would help it a lot even if it were insolvent for a whil.</blockquote>
Doesn't Citi have a whole bunch of toxic loans on their books (subprime and option arms)???
 
<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a>
 
[quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>


History in the making.
 
[quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>
Sweet, I'll submit my bid for their Quail Hill branch. haha
 
[quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>


Much like their REOs, is anybody even going to bother bidding?
 
[quote author="No_Such_Reality" date=1221734396][quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>


Much like their REOs, is anybody even going to bother bidding?</blockquote>
Probably not so it'll go back to the FDIC.
 
[quote author="usctrojanman29" date=1221724746][quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>
Sweet, I'll submit my bid for their Quail Hill branch. haha</blockquote>


That?s the way I see it.

It?s all relative.

One person?s problem is another?s opportunity.
 
[quote author="tenmagnet" date=1221780522][quote author="usctrojanman29" date=1221724746][quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>
Sweet, I'll submit my bid for their Quail Hill branch. haha</blockquote>


That?s the way I see it.

It?s all relative.

One person?s problem is another?s opportunity.</blockquote>


As Jim Rogers says, "There is always a bull market somewhere."
 
[quote author="awgee" date=1221784724][quote author="tenmagnet" date=1221780522][quote author="usctrojanman29" date=1221724746][quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>
Sweet, I'll submit my bid for their Quail Hill branch. haha</blockquote>


That?s the way I see it.

It?s all relative.

One person?s problem is another?s opportunity.</blockquote>


As Jim Rogers says, "There is always a bull market somewhere."</blockquote>


Where was the opportunity in 1929?



I'm sure there were some, but when there are great dislocations it can be very dangerous to profit from them. Like a gold digger at the foot of a volcano.
 
AP

Moody's lowers rating on Washington Mutual Bank

Monday September 22, 5:15 pm ET

Moody's cuts Washington Mutual Bank's financial strength rating, says capital is insufficient





NEW YORK (AP) -- Moody's Investors Service on Monday downgraded the financial strength rating of Washington Mutual Inc.'s main bank subsidiary to "E," its lowest rating, saying the thrift's capital is insufficient to absorb its mortgage losses.



Moody's also cut its rating on WaMu's preferred stock further into junk status to "Ca" from "B2."







Clock is ticking...
 
[quote author="muzie" date=1221890269][quote author="awgee" date=1221784724][quote author="tenmagnet" date=1221780522][quote author="usctrojanman29" date=1221724746][quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>
Sweet, I'll submit my bid for their Quail Hill branch. haha</blockquote>


That?s the way I see it.

It?s all relative.

One person?s problem is another?s opportunity.</blockquote>


As Jim Rogers says, "There is always a bull market somewhere."</blockquote>


Where was the opportunity in 1929?



I'm sure there were some, but when there are great dislocations it can be very dangerous to profit from them. Like a gold digger at the foot of a volcano.</blockquote>


That is when Howard Hughes got his start.



And this will be a bit harder to verify, but at the time Jesse Livermore was making a fortune short selling, which happened to be illegal. JP Morgan went to Jesse and asked him to stop.
 
[quote author="awgee" date=1222155335][quote author="muzie" date=1221890269][quote author="awgee" date=1221784724][quote author="tenmagnet" date=1221780522][quote author="usctrojanman29" date=1221724746][quote author="Trooper" date=1221709532]<span style="font-size: 16px;"><strong>WaMu begins auction to sell itself</strong></span>



4:36 pm EST



<a href="http://www.cnbc.com/id/26761181">Here we go.....</a></blockquote>
Sweet, I'll submit my bid for their Quail Hill branch. haha</blockquote>


That?s the way I see it.

It?s all relative.

One person?s problem is another?s opportunity.</blockquote>


As Jim Rogers says, "There is always a bull market somewhere."</blockquote>


Where was the opportunity in 1929?



I'm sure there were some, but when there are great dislocations it can be very dangerous to profit from them. Like a gold digger at the foot of a volcano.</blockquote>


That is when Howard Hughes got his start.



And this will be a bit harder to verify, but at the time Jesse Livermore was making a fortune short selling, which happened to be illegal. JP Morgan went to Jesse and asked him to stop.</blockquote>


Well today shorting is illegal again. I swear if they're trying to make this look as close to1929 as possible, they're really succeeding. THere's just so many parallels.
 
[quote author="awgee" date=1222155335]That is when Howard Hughes got his start.



And this will be a bit harder to verify, but at the time Jesse Livermore was making a fortune short selling, which happened to be illegal. JP Morgan went to Jesse and asked him to stop.</blockquote>


From what history I know of, short selling was perfectly legal in 1929. It was condemned by Hoover, however the uptick rule wasn't even implemented until 1938.



Not sure about Jesse Livermore, but Joseph Kennedy made a bundle shorting during the depression. Rumor is he cleared about $1mil in 1929 alone. Luck of the Irish, eh. He also donated heavily to FDR, and not surprisingly helped write the securities acts of 1933 and 1934.
 
From a trusted source:



WAMU has until Friday to find a buyer, otherwise it will be taken over by the FDIC. I will release the source come Friday or when they find a buyer. My source is by no means secret, and you could have gotten the same email I did today. I just choose to keep it on the DL, since it was an email only bit of info.
 
[quote author="graphrix" date=1222177094]From a trusted source:



WAMU has until Friday to find a buyer, otherwise it will be taken over by the FDIC. I will release the source come Friday or when they find a buyer. My source is by no means secret, and you could have gotten the same email I did today. I just choose to keep it on the DL, since it was an email only bit of info.</blockquote>
Thanks Graph...I'll be pickin up some $2.50 puts tomorrow.
 
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