Friday, September 26, 2008
My Bank: Seized By the Feds, and Sold!
Apparently my bank, one of the "four horsemen of the financial apocalypse," was seized by the government last night and sold off to JP Morgan Chase.
My wife and I had been reading up on what happens if this occurs last week, so we weren't too worried. Since I've been paying attention to the stock market lately, I noticed that Washington Mutual's share price started dropping like a rock at about 11:00 our time. I figured some people in the know were running for the door.
I figured they'd take it over on Friday evening - as they typically do - but I guess they wanted to hasten the timetable. I had to check the site to see if there were any changes at this early stage - and there was this welcome screen.
Oh, yeah, and all my money was still there, too. Well, what little I'd had in there earlier in the day. Not that I was worried or anything. :)
Trying to look on the bright side of the disasters going on in Washington and on Wall Street, I can say this: Unlike two years ago, the campaigning politicians this year have far, far bigger fish to fry than attacking video games!
Labels: Politics
- posted by The Rampant Coyote @ 1:30 AM (Permalink)
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This is unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.
Best,
Frank Miller
http://www.theoffshorebankaccount.com
Best,
Frank Miller
http://www.theoffshorebankaccount.com
Yeah, the early takeover is a little startling, but I guess that everyone knows the normal FDIC tactic by now, so there was no point to waiting.
I saw this coming. My sister used to work for WaMu and was talking about the bad decisions they were making plus the layoffs (how there would be like less than 4 people inside an entire branch). Not to mention my other sister is working for a competitors bank (HSBC) where news like takeovers are talked about faster than the media finds out.
Yeah. Apparently the bank was sold for a "mere" 1.9 billion dollars to JPMorgan Chase. Talk about fire-sale!
Interestingly enough, I was reading an article last night about how local banks are THRIVING right now. Lack of competition in lending from the big guys. Sure, times are going to get tougher, as crap flows downhill, but in theory - this is how it is supposed to work.
Interestingly enough, I was reading an article last night about how local banks are THRIVING right now. Lack of competition in lending from the big guys. Sure, times are going to get tougher, as crap flows downhill, but in theory - this is how it is supposed to work.
Both my brothers work for Chase, so you have nothing to worry about!! :)
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# posted by 
: September 26, 2008 3:25 PM
: September 26, 2008 3:25 PMLinks to this post:
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