Any WaMu customers here?? Fear of Bankruptcy real?? - Page 5 - Mercedes-Benz Forum

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post #41 of 44 (permalink) Old 09-18-2008, 12:43 PM
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Its a sad day.....






3. Paul Hamm, Gymnast: I owe a lot to my parents, especially my mother and father.
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post #42 of 44 (permalink) Old 09-18-2008, 02:17 PM
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I knew WAMU was in trouble years ago. Three times thet assesed late charges on me days after my check cleared the bank. Got pissed off and pulled everything out.
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post #43 of 44 (permalink) Old 09-18-2008, 02:31 PM
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Keep less than the FDIC $100k per name per account.

BANKING
FDIC swept up in financial crisis
The federal bank insurance fund has slipped below the minimum target level set by Congress.

By MARCY GORDON
Associated Press

WASHINGTON --
Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.

The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual, the nation's largest thrift, or another struggling rival fails, economists and industry analysts said.

Treasury has already come to the rescue of several corporate victims of the housing and credit crunches. The government took over mortgage finance companies Fannie Mae and Freddie Mac, and helped finance the sale of Bear Stearns to J.P. Morgan Chase. On Tuesday, the Fed agreed to provide an $85 billion emergency loan to American International Group.

INDYMAC BANK

Eleven federally insured banks and thrifts have failed this year, including Pasadena, Calif.-based IndyMac Bank, by far the largest shut down by regulators. Additional failures of large banks or savings and loans companies seem likely, and that could overwhelm the FDIC's insurance fund, said Brian Bethune, U.S. economist at consulting firm Global Insight.

''It is important for people to understand that the deposit insurance fund, like all federal trust funds, is simply an accounting entry with the U.S. Treasury. . . . The U.S. Treasury will advance whatever cash is needed by FDIC to address bank failures and make good the deposit insurance guarantee,'' said Christopher Whalen, senior vice president and managing director of Institutional Risk Analytics.

Treasury Secretary Henry Paulson said this week the country's commercial banking system ''is safe and sound'' and that ''the American people can be very, very confident about their accounts in our banking system.'' FDIC officials also have said 98 percent of U.S. banks still meet regulators' standards for adequate capital.

But fear is growing on Main Street and Wall Street about the likelihood of bank failures and the strain that would put on the FDIC.

DRASTIC ACTION

FDIC Chairman Sheila Bair has not ruled out the possibility of going to the Treasury for a short-term loan at some point. But she has said she does not expect the FDIC to take the more drastic action of using a separate $30 billion credit line with Treasury -- something that has never been done.

The FDIC's fund is currently below the minimum set by Congress in a 2006 law. The failure of IndyMac Bank in July cost $8.9 billion.

Next month, Bair plans to propose increasing the premiums paid by banks and thrifts to the fund. That plan is likely to be approved by the FDIC board, which consists the Comptroller of the Currency, the Thrift Supervision Director and two other officials.

FDIC swept up in financial crisis - 09/18/2008 - MiamiHerald.com

McBear,
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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #44 of 44 (permalink) Old 09-18-2008, 02:41 PM
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I knew WAMU was in trouble years ago. Three times thet assesed late charges on me days after my check cleared the bank. Got pissed off and pulled everything out.
You think thats bad, they closed one of my bank accounts by mistake, do to an automated transaction on their behalf. I went down and spoke to them and they apologized and recognized it was their doing. They could not reactivate the account so they opened a new one for me, but I lost the money earned from using the card. But I must say, I like them way better then Union and BofA. When I lived in New York I had Chase, couldn't take Citibank. So far WaMu has been a good choice. I just have to wait and see what happens and who buys them. They confirmed yesterday that they are up for Auction to the highest bidder.






3. Paul Hamm, Gymnast: I owe a lot to my parents, especially my mother and father.
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