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In the biggest bank failure in history, JPMorgan Chase will acquire massive branch network and troubled assets from Washington Mutual for $1.9 billion.
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By David Ellis and Jeanne Sahadi, CNNMoney.com staff writers
Last Updated: September 26, 2008: 7:57 AM ET
AMERICA'S MONEY CRISIS
Treasurys jump on bailout, WaMu
Stocks set to get bruised
Bailout talks to resume
Fed reaches $13B deal
The bailout: What's at stake
The Seattle-based thrift Washington Mutual became the biggest bank to fail on record Thursday, only to be acquired by JPMorgan Chase.
Bush: Entire economy in danger
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NEW YORK (CNNMoney.com) -- JPMorgan Chase acquired the banking assets of Washington Mutual late Thursday after the troubled thrift was seized by federal regulators, marking the biggest bank failure in the nation's history and the latest stunning twist in the ongoing credit crisis.
Under the deal, JPMorgan Chase will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits.
To put the size of WaMu in context, its assets are equal to about two-thirds of the combined book value assets of all 747 failed thrifts that were sold off by the Resolution Trust Corp. - the former government body that handled the S&L crisis from 1989 through 1995.
In exchange, JPMorgan Chase (JPM, Fortune 500) will pay approximately $1.9 billion to the Federal Deposit Insurance Corporation. Separately, JPMorgan announced plans to raise $8 billion in additional capital through the sale of stock as part of the deal.
The acquisition is JPMorgan Chase's second major purchase this year following the mid-March acquisition of investment bank Bear Stearns, a deal that was also engineered by the government.
"We think it is a great thing for our company," JPMorgan Chase Chairman and CEO Jamie Dimon said in a conference call with investors late Thursday night.
As a result of the acquisition, the New York City-based JPMorgan Chase will now boast some 5,400 branches in 23 states.
Federal regulators, who helped shepherd the deal, stressed that the transition for WaMu customers would be "seamless."
"There will be no interruption in services and bank customers should expect business as usual come Friday morning," FDIC Chairman Sheila Bair said in a statement.
WaMu becomes the 13th bank to fail so far this year and earns the title of the nation's biggest bank failure by assets on record, ahead of Continental Illinois, which had about $40 billion in assets when it failed in May of 1984.
The FDIC, however, was also quick to point out Thursday evening that the WaMu-JPMorgan Chase deal would not have any impact to its insurance fund which covers customer deposits when banks fail.
"WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said.
The FDIC insures the assets held by 8,451 banking institutions with a total of $13.4 trillion.
JP Morgan chases after Washington Mutual
... ball offer for Washington Mutual in an effort to save the troubled American bank amid concerns over its capital adequacy. JP Morgan ... is likely to take ... bank said retail deposit ...
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Speculation intensifies over WaMu-JPMorgan combo - Silicon Valley ...
Speculation intensifies over WaMu-JPMorgan combo ... branches, each with an average of $63 million in deposits. ... Many investors anticipate the bank will have to take ...
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JPMorgan Chase in Advanced Talks to Buy Wamu: Sources - Articles - On ...
JPMorgan Chase & Co. is in advanced discussions to buy Washington Mutual, sources said Friday. ... severe impact on the Deposit Insurance Fund. Wamu ... Management; Corbat Takes Over
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NOW WAMU HAS BREATHING ROOM
Washington Mutual's decision ... report that JPMorgan Chase was in active negotiations to take over the embattled bank. But sources close to WaMu ... risk for [WaMu] is a run on deposits ...
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WaMu Is Being Eyed by JP Morgan, Other Banks - Financials * US * News ...
JP Morgan Chase is interested in buying at least piece of Washington Mutual, but the two firms ... In its outlook, Washington Mutual said retail deposits as ... Should US Take Over Lehman?
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JPMorgan Chase takes over Washington Mutual
JPMorgan Chase takes over Washington Mutual Washington Mutual, the third-largest bank in Florida based on ... JPMorgan Chase will also acquire all of WaMu's deposits with the sale. For weeks, the Federal Reserve and the Treasury Department had been ...
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Source: Miami Herald
NewsDateTime: 2 hours ago
JPMorgan Chase takes over WaMu for $2bn
US bank JPMorgan Chase has taken over struggling Washington Mutual for $US1.9 billion ($2.3 billion),it was announced. The US Federal Deposit Insurance Agency (FDIC) announced JPMorgan Chase acquired the deposits, assets and some liabilities of the ...
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Source: News.com.au
NewsDateTime: 8 hours ago
JPMorgan Chase Takes Over WaMu
JPMorgan Chase ( JPM Quote - Cramer on JPM - Stock Picks ) struck a deal Thursday night to buy all the deposits, assets and certain liabilities of Washington Mutual's ( WM Quote - Cramer on WM - Stock Picks ) banking operations after the Seattle ...
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Source: Street.Com
NewsDateTime: 9/25/2008
JPMorgan Chase buys WaMu assets after FDIC seizure
JPMorgan Chase buys WaMu assets after FDIC seizure ... This is the second time in six months that JPMorgan Chase has taken over a major financial ... The FDIC, which insures bank deposits, said it would not have to dip ...
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Source: Orlando Sentinel
NewsDateTime: 9/25/2008
Treasury’s Financial-Bailout Proposal to Congress
The latter takes us straight down the Japan path. The government is left holding ... The only real solution to the problem of over indebtedness is to reduce the value ... and managers from Countrywide, Moody’s, Standard and Poors, Indy Mac, WaMu ...
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Source: Wall Street Journal
NewsDateTime: 9/20/2008
A road to collapse
WaMu had been one of the most hard-hit banks during the financial crisis after it bet big, like many of its competitors, on the strength of the housing market -- only to see its fortunes sour as housing prices fell.
Following several ratings agency downgrades this week and a freefall in the company's stock, many analysts were speculating that the endgame for the embattled savings and loan was imminent.
Those fears sent WaMu (WM, Fortune 500) shares 25% lower in Thursday trading. Shares of the company fell another 73% in after-hours following the announcement.
In a press conference held late Thursday, Bair said WaMu was under "severe" liquidity pressure. As a result, its fate needed to be addressed this week, even as Congress and the White House attempted to hash out a bank bailout plan.
Bair added that the company was on the FDIC's latest so-called "problem bank" list for the third quarter, which has yet to be published.
All told, Bair said four banks made bids for WaMu but JPMorgan Chase ultimately won out when the auction was held Wednesday. Several other large institutions, including Wells Fargo (WFC, Fortune 500), Citigroup (C, Fortune 500) and HSBC (HBC), were poring over the company's books, according to news reports last week.
JPMorgan Chase won because they were "the highest bid and the lowest cost resolution," Bair said.
"It was our cheapest option," she said.
Part of the $307 billion in assets that JPMorgan Chase will absorb are WaMu's toxic subprime and option-ARM mortgages. JPMorgan Chase said it would recognize projected losses on the loan portfolio upfront by marking down the value of the loans by a whopping $31 billion.
Quite possibly the biggest losers in Thursday's deal are WaMu's stock and debt holders, who were effectively wiped out.
Among that group was the private equity giant TPG, which was part of a consortium of investors that acquired a stake in WaMu for $7 billion in April.
JPMorgan Chase reportedly had made a previous bid for WaMu around that time for about $8 a share which was snubbed by WaMu, according to news reports at the time.
Tough times for banks
The fall of WaMu is the latest turn in a dizzying two weeks that have seen the bankruptcy of Lehman Brothers, the acquisition of Merrill Lynch by Bank of America (BAC, Fortune 500) and the near collapse of insurance giant AIG (AIG, Fortune 500).
The widening credit crisis has prompted President Bush to seek from Congress extraordinary authority to spend as much a $700 billion to bail out the nation's financial system by purchasing toxic assets from banks.
President Bush, in a televised address on Wednesday night, said the nation is in the middle of a "serious financial crisis" that threatens the economy. "The market is not functioning properly," Bush said. "There is a widespread loss of confidence. America could slip into a financial panic."
Regulators acknowledged they were encouraged to get a deal done but JPMorgan Chase's Dimon stressed to investors that a potential bailout by the government was not a factor.
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Title: Financials to Watch: Washington Mutual, AIG, Goldman Sachs, Morgan Stanley, JPMorgan
Categories: Economy,News,Law,Issues,NYSE:WM,bloomberg,Business,Legal,NYSE:JPM,NYSE:AIG,NYSE:GS,NYSE:MS,
Published on: 9/15/2008 4:11:16 PM
Title: Jim Jubak: What's Next for JPMorgan Chase?
Categories: jubaks,MandA,journal,mutual,washington,News,money,chase,banks,msn,jomorgan,WaMu,
Published on: 5/27/2008 6:49:20 PM
Title: Jim Jubak: WaMu Deal in the Works?
Categories: News,Mutual,Jubaks,Business,Banks,Investing,Washington,Money,MSN,Journal,
Published on: 1/25/2008 12:04:48 PM
Title: Morgan Stanley Weighs Merger; WaMu May Get Bids
Categories: Stock,News,NYSE:WM,Insurance,Business,bloomberg,Market,U.S.,News,Banking,NYSE:MS,
Published on: 9/18/2008 12:15:07 PM
Title: Wamu is done. Martial Law, Get Your House In Order
Categories: Mutual,Bank,Economic,News,Morgan,JP,Collaspe,NWO,WAMU,End,Times,Washington,Depression,
Published on: 9/26/2008 12:12:57 AM
Friday, September 26, 2008
financial bailout deal in limbo
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The presidential campaign swept loudly into Washington on Thursday as Barack Obama and John McCain met with President Bush and congressional leaders at the White House to discuss a massive bailout of the nation's ailing financial markets. The candidates' much-ballyhooed return from the trail, however, appeared to produce more theater than lawmaking. As partisan rancor intensified through the day, there were few signs on Capitol Hill that either McCain -- who had proposed the trip to Washington -- or Obama had managed to bring a deal any closer.
Google-Yahoo antitrust questions may put ad deal in limbo ...
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Collapse of WTO talks puts trade deal in limbo - World business- msnbc ...
Collapse of WTO talks puts trade deal in limbo Chances of agreement appear increasingly ... Analysis: Politics complicates financial bailout
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McClatchy Washington Bureau | 07/10/2008 | Everglades deal with US ...
... would work; California lawmakers skeptical of historic financial bailout; Rep. ... Everglades deal with US Sugar puts Florida town in limbo
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Google-Yahoo antitrust questions may put ad deal in limbo ...
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Confusion over Air Force tanker deal leaves some U.S. towns in limbo ...
Confusion over Air Force tanker deal leaves some U.S. towns in limbo, too ... wants $700 billion for Wall Street bailout ... The financial crises and subsequent government ...
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RPT-TOPWRAP 15-U.S. bailout in chaos, government seizes WaMu
Had a bailout deal been reached in Congress, it may have ... He later said the deal was in 'limbo.' A group of conservative ... the powerful Democratic chairman of the House Financial Services Committee, said before the Bush meeting that the deal ...
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Source: Forbes
NewsDateTime: 1 hour ago
Bailout in chaos, government seizes WaMu
WASHINGTON (Reuters) - Talks on a $700 billion rescue for the U.S. financial ... Had a bailout deal been reached in Congress, it may have helped the savings and ... He later said the deal was in "limbo." A group of conservative Republican lawmakers ...
more ...
go to website
Source: Washington Post
NewsDateTime: 2 hours ago
US bailout plan in limbo
Urgent efforts to lash together a $US700 billion ($840 billion) rescue plan for the US financial system have stalled, hours after key lawmakers declared they had reached a deal. Weary congressional negotiators hurried back to work, joined by Treasury ...
more ...
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Source: The Age
NewsDateTime: 42 minutes ago
First debate in limbo as economic plan falters
... Dire warnings fail to sway senators on big bailout Key senators skeptical of financial bailout ... between John McCain and Barack Obama, scheduled for tonight, remained in limbo Thursday after the candidates left a White House meeting without a deal on a ...
more ...
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Source: Houston Chronicle
NewsDateTime: 9/25/2008
Forex Correlations Show Oil and Gold Outlook Key to US Dollar Forecast
... Conditions Improve - Is the Worst Over? Sep 24 - Dollar And Risk Appetite In Limbo As Market Waits For Bailout (Forex Video) Sep 25 - Dollar's Future Dims As Financial ... US dollar itself is moving almost lock-step with oil futures explains a good deal ...
more ...
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Source: DailyFx
NewsDateTime: 15 hours ago
t also did not appear that McCain had fully suspended his campaign, as he had said Wednesday that he would until a solution to the economic crisis was reached. His Republican running mate, Sarah Palin, remained on the trail Thursday, his ads were still on the air, his campaign offices remained open, and fundraising continued. McCain and Obama came to Washington -- at Bush's invitation -- after the GOP nominee said it was "time for both parties to come together." Obama, who had voiced concerns that the presidential hopefuls would be a distraction to congressional negotiations, stayed away from the Capitol on Thursday, consulting with Democratic leaders and administration officials by phone through the day.
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Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,
Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,
Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
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Published on: 9/17/2008 3:23:30 PM
Title: Wall St. Gets A Major Bail Out & Gives Taxpayers The Bill
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Published on: 9/19/2008 9:09:19 PM
Title: Jim Rogers: Socialism for the Rich.
Categories: Economy,Freddie,Fannie,Education,Jim,Mae,Mac,Rogers,
Published on: 9/8/2008 3:31:36 AM
Title financial bailout deal in limbo published to tabletswithink.
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The presidential campaign swept loudly into Washington on Thursday as Barack Obama and John McCain met with President Bush and congressional leaders at the White House to discuss a massive bailout of the nation's ailing financial markets. The candidates' much-ballyhooed return from the trail, however, appeared to produce more theater than lawmaking. As partisan rancor intensified through the day, there were few signs on Capitol Hill that either McCain -- who had proposed the trip to Washington -- or Obama had managed to bring a deal any closer.
Google-Yahoo antitrust questions may put ad deal in limbo ...
Yahoo needs to see any related financial benefit from the ... U.S. stocks rise after lawmakers pick over bank bailout; U ... Google-Yahoo antitrust questions may put ad deal in limbo ...
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Cached
Collapse of WTO talks puts trade deal in limbo - World business- msnbc ...
Collapse of WTO talks puts trade deal in limbo Chances of agreement appear increasingly ... Analysis: Politics complicates financial bailout
more ...
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Cached
McClatchy Washington Bureau | 07/10/2008 | Everglades deal with US ...
... would work; California lawmakers skeptical of historic financial bailout; Rep. ... Everglades deal with US Sugar puts Florida town in limbo
more ...
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Cached
Google-Yahoo antitrust questions may put ad deal in limbo ...
Yahoo needs to see any related financial benefit from the ... for $1.75 billion; Uncle Sam blinks, steps in to bail out ... Google-Yahoo antitrust questions may put ad deal in limbo ...
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Confusion over Air Force tanker deal leaves some U.S. towns in limbo ...
Confusion over Air Force tanker deal leaves some U.S. towns in limbo, too ... wants $700 billion for Wall Street bailout ... The financial crises and subsequent government ...
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Cached
RPT-TOPWRAP 15-U.S. bailout in chaos, government seizes WaMu
Had a bailout deal been reached in Congress, it may have ... He later said the deal was in 'limbo.' A group of conservative ... the powerful Democratic chairman of the House Financial Services Committee, said before the Bush meeting that the deal ...
more ...
go to website
Source: Forbes
NewsDateTime: 1 hour ago
Bailout in chaos, government seizes WaMu
WASHINGTON (Reuters) - Talks on a $700 billion rescue for the U.S. financial ... Had a bailout deal been reached in Congress, it may have helped the savings and ... He later said the deal was in "limbo." A group of conservative Republican lawmakers ...
more ...
go to website
Source: Washington Post
NewsDateTime: 2 hours ago
US bailout plan in limbo
Urgent efforts to lash together a $US700 billion ($840 billion) rescue plan for the US financial system have stalled, hours after key lawmakers declared they had reached a deal. Weary congressional negotiators hurried back to work, joined by Treasury ...
more ...
go to website
Source: The Age
NewsDateTime: 42 minutes ago
First debate in limbo as economic plan falters
... Dire warnings fail to sway senators on big bailout Key senators skeptical of financial bailout ... between John McCain and Barack Obama, scheduled for tonight, remained in limbo Thursday after the candidates left a White House meeting without a deal on a ...
more ...
go to website
Source: Houston Chronicle
NewsDateTime: 9/25/2008
Forex Correlations Show Oil and Gold Outlook Key to US Dollar Forecast
... Conditions Improve - Is the Worst Over? Sep 24 - Dollar And Risk Appetite In Limbo As Market Waits For Bailout (Forex Video) Sep 25 - Dollar's Future Dims As Financial ... US dollar itself is moving almost lock-step with oil futures explains a good deal ...
more ...
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Source: DailyFx
NewsDateTime: 15 hours ago
t also did not appear that McCain had fully suspended his campaign, as he had said Wednesday that he would until a solution to the economic crisis was reached. His Republican running mate, Sarah Palin, remained on the trail Thursday, his ads were still on the air, his campaign offices remained open, and fundraising continued. McCain and Obama came to Washington -- at Bush's invitation -- after the GOP nominee said it was "time for both parties to come together." Obama, who had voiced concerns that the presidential hopefuls would be a distraction to congressional negotiations, stayed away from the Capitol on Thursday, consulting with Democratic leaders and administration officials by phone through the day.
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Title: Congressman Ron Paul Schools Bernanke on the Bailout Plan
Categories: Price,Monetary,Wall,Bail,Constitutionality,News,Bailout,Ron,Bernanke,Street,Out,Authority,Debt,Fixing,Federal,Paul,Depression,
Published on: 9/24/2008 11:32:51 AM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,
Published on: 9/22/2008 8:03:52 PM
Title: Ron Paul Fox News 9/17/08 AIG bailout
Categories: News,Fox,Baldwin,Ron,McKinney,News,Paul,Nader,
Published on: 9/17/2008 3:23:30 PM
Title: Wall St. Gets A Major Bail Out & Gives Taxpayers The Bill
Categories: turks,aig,out,economy,bail,mac,wall,the,mad,may,News,angry,young,republican,fannie,freddie,st,
Published on: 9/19/2008 9:09:19 PM
Title: Jim Rogers: Socialism for the Rich.
Categories: Economy,Freddie,Fannie,Education,Jim,Mae,Mac,Rogers,
Published on: 9/8/2008 3:31:36 AM
White House meetings ends: No bailout
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White House meetings ends with bailout still not finalized ....WASHINGTON -- In a roller-coaster day of hopes raised and hopes dashed, efforts to negotiate a compromise on the $700-billion plan for rescuing the nation's financial system bogged down Thursday, with conservative Republicans denouncing the strategy as ill-conceived and Democrats accusing GOP presidential candidate John McCain of encouraging the revolt. What remained unclear was whether Thursday's breakdown marked the beginning of the end for the rescue effort, or merely a tumultuous interlude on the way to approving a federal bailout that many in Congress consider unpalatable but unavoidable. U.S. engineers sale of WaMu to JPMorgan Debate uncertainty keeps the political stakes high Attempts to limit CEO pay have yet to succeed There were signs that, behind the scenes, skeptical Democrats and Republicans were beginning to move toward a compromise version of Treasury Secretary Henry M. Paulson's original plan, but it remained to be seen whether there would be enough votes to pass legislation.
White House Meeting: Iraq Funding Compromise Is Possible, By Kenneth T ...
White House Meeting: Iraq Funding ... say there were no angry moments or emotional outbursts. "The meeting itself was very productive--and respectful," a White House ... Bush in the end ...
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FOXNews.com - Bush Surprises Senate Aides With Unexpected Interruption ...
... Senate Aides With Unexpected Interruption of White House Meeting ... He is not backing down and no one on Capitol Hill ... apartment in Palin hacking case; McCain says bailout plan ...
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Press Briefing by Dana Perino
... with White House Press ... up to the end of this presidency. Where does this White House ... that there's no restrictions. There's quite a fight over it. I wonder if the White House ...
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White House: Bailout Plan Had Been Drawn Up Over Many Months
The White House today is drumming ... Ed Gillespie are meeting this morning with House ... The money will end up in offshore accounts owned by Bush and friends. NO BAIL OUT.
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Libby jury ends week with no verdict - Politics- msnbc.com
... the perjury and obstruction charges against former White House ... No Libby verdict after 3 days of deliberations Leak ... they're scrawled in the margins of a business meeting agenda ...
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White House meeting ends with no agreement on bailout
WASHINGTON -- In a roller-coaster day of hopes raised and hopes dashed, efforts to negotiate a compromise on the $700-billion plan for rescuing the nation's financial system bogged down Thursday, with conservative Republicans denouncing the strategy ...
more ...
go to website
Source: Los Angeles Times
NewsDateTime: 34 minutes ago
White House meeting ends with bailout still not finalized
White House meeting ends with bailout still not finalized ... But House Republican leaders quickly declared that no deal had been struck. And President Bush's White House summit, which included ...
more ...
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Source: Los Angeles Times
NewsDateTime: 6 hours ago
Many question McCain's bailout intervention
No one will accuse him of being a Bush clone even if he ends up siding with the administration. ... and Senate Republicans in the Capitol Thursday, before the White House session. He did not attend meetings where the bailout ...
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Source: CNBC
NewsDateTime: 6 hours ago
Urgent work on $700B bailout plan appears to stall
... in the Cabinet Room of the White House, Thursday, Sept. 25, 2008, in Washington to discuss the proposed bailout of ... Committee, emerged from the White House meeting to say the announced agreement "is obviously no ... and McCain were at distant ends of ...
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Source: Seattle Post Intelligencer
NewsDateTime: 6 hours ago
Trouble in Congress: Bailout deal appears off; financial leaders will ...
... 700 billion bailout ... from the White House and said the announced agreement "is, obviously, no ... have been no bipartisan joint meetings of Thursday's magnitude in recent memory. Former president Ronald Reagan had planned an October 1987 White House ...
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Source: USA Today
NewsDateTime: 6 hours ago
I'm seeing both Republicans and Democrats start to move toward voting for it," Rep. John Campbell (R-Irvine) said. "I can't tell you that there's a majority at this point, but there's movement." The working proposal contained most of the features that critics of the administration's original plan had been demanding: limits on compensation for executives of companies that take part in the bailout, a provision for taxpayers to share in any profits from the sale of distressed assets, and payout of the $700 billion in three stages instead of one. The final $350-billion tranche would require a congressional vote. Republicans, meanwhile, denied that McCain had put obstacles in the way of a deal. "Focus on a deal that's real," said Sen. Lindsey Graham (R-S.C.), a close McCain ally. "Don't focus on a phony deal and blame John McCain." Late Thursday, Democrats and Republicans from both houses of Congress, joined by Paulson, returned to the bargaining table in another unsuccessful attempt to craft a proposal that could command majority support. Democratic leaders said they would resume Friday morning without Paulson, but they contended that no deal was possible without at least some House Republican support. In an assessment echoed by many of his colleagues in both parties, Rep. Howard P. "Buck" McKeon (R-Santa Clarita), an early skeptic who is now convinced that Congress must act, said, "We've got 40 days until an election. You've got a lot of nervous people here. Some of them are totally consumed by the policy. More of them are totally consumed by the politics." With financial markets continuing to remain calm, members of Congress in both parties apparently concluded that there was still time. Some suggested that the new deadline was sometime Sunday, before Asian financial markets opened. "Whatever is going to be done has to be done this weekend," said Rep. Lee Terry (R-Neb.), who supports congressional action. "Allowing it to go beyond Sunday into Monday will devastate the markets." With issues as complex and politically explosive as the Wall Street bailout, it is not unusual for Congress to delay action until the last minute. Many members said more time was needed for constituents to understand the rescue plan and get beyond their anger at using tax dollars to bail out financiers who helped bring on the crisis. Some Democrats accused McCain of getting behind a plan put forward Thursday by conservative House members. "John McCain did not attack any proposal or endorse any plan," said his spokesman, Brian Rogers. In an interview with ABC News, McCain said he was hopeful that a compromise could be struck. Pointing to the opposition among House Republicans, he said, "There never was a deal," contradicting what leading congressional negotiators had said earlier in the day. Rep. Mike Pence (R-Ind.), however, said McCain's involvement in negotiations gave fiscal conservatives hope that any eventual compromise would be more to their liking. "Knowing John McCain to be the fiscal conservative he is makes many conservatives breathe a lot easier to know he's at the negotiating table," Pence said. "The core of the president's proposal is unacceptable." McCain met with House conservatives before a White House session Thursday attended by congressional leaders of both parties, McCain and Democratic presidential challenger Barack Obama. Obama, who earlier in the week had voiced concerns that the presidential hopefuls would be a distraction to the negotiations, expressed support for the ongoing negotiations after the White House summit. "My impression from the meeting today is that the president and the secretary of the Treasury . . . still have some work to do" in getting House Republicans to agree to the proposed bailout. The seesaw series of events began late Thursday morning, when key congressional negotiators from both parties announced the outlines of a compromise. "We've reached a fundamental agreement on a set of principles," said a triumphant Sen. Christopher J. Dodd (D-Conn.). "We're very confident that we can act expeditiously." But one of the GOP negotiators, Rep. Spencer Bachus of Alabama, later sounded what turned out to be a prophetic note. "There was progress on many issues, but no agreement other than to continue discussions," he said, adding, "As I made clear in the meeting this morning, I was not authorized by my colleagues to make any agreement on behalf of House Republicans."
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White House meetings ends with bailout still not finalized ....WASHINGTON -- In a roller-coaster day of hopes raised and hopes dashed, efforts to negotiate a compromise on the $700-billion plan for rescuing the nation's financial system bogged down Thursday, with conservative Republicans denouncing the strategy as ill-conceived and Democrats accusing GOP presidential candidate John McCain of encouraging the revolt. What remained unclear was whether Thursday's breakdown marked the beginning of the end for the rescue effort, or merely a tumultuous interlude on the way to approving a federal bailout that many in Congress consider unpalatable but unavoidable. U.S. engineers sale of WaMu to JPMorgan Debate uncertainty keeps the political stakes high Attempts to limit CEO pay have yet to succeed There were signs that, behind the scenes, skeptical Democrats and Republicans were beginning to move toward a compromise version of Treasury Secretary Henry M. Paulson's original plan, but it remained to be seen whether there would be enough votes to pass legislation.
White House Meeting: Iraq Funding Compromise Is Possible, By Kenneth T ...
White House Meeting: Iraq Funding ... say there were no angry moments or emotional outbursts. "The meeting itself was very productive--and respectful," a White House ... Bush in the end ...
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FOXNews.com - Bush Surprises Senate Aides With Unexpected Interruption ...
... Senate Aides With Unexpected Interruption of White House Meeting ... He is not backing down and no one on Capitol Hill ... apartment in Palin hacking case; McCain says bailout plan ...
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Press Briefing by Dana Perino
... with White House Press ... up to the end of this presidency. Where does this White House ... that there's no restrictions. There's quite a fight over it. I wonder if the White House ...
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White House: Bailout Plan Had Been Drawn Up Over Many Months
The White House today is drumming ... Ed Gillespie are meeting this morning with House ... The money will end up in offshore accounts owned by Bush and friends. NO BAIL OUT.
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Libby jury ends week with no verdict - Politics- msnbc.com
... the perjury and obstruction charges against former White House ... No Libby verdict after 3 days of deliberations Leak ... they're scrawled in the margins of a business meeting agenda ...
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White House meeting ends with no agreement on bailout
WASHINGTON -- In a roller-coaster day of hopes raised and hopes dashed, efforts to negotiate a compromise on the $700-billion plan for rescuing the nation's financial system bogged down Thursday, with conservative Republicans denouncing the strategy ...
more ...
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Source: Los Angeles Times
NewsDateTime: 34 minutes ago
White House meeting ends with bailout still not finalized
White House meeting ends with bailout still not finalized ... But House Republican leaders quickly declared that no deal had been struck. And President Bush's White House summit, which included ...
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Source: Los Angeles Times
NewsDateTime: 6 hours ago
Many question McCain's bailout intervention
No one will accuse him of being a Bush clone even if he ends up siding with the administration. ... and Senate Republicans in the Capitol Thursday, before the White House session. He did not attend meetings where the bailout ...
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Source: CNBC
NewsDateTime: 6 hours ago
Urgent work on $700B bailout plan appears to stall
... in the Cabinet Room of the White House, Thursday, Sept. 25, 2008, in Washington to discuss the proposed bailout of ... Committee, emerged from the White House meeting to say the announced agreement "is obviously no ... and McCain were at distant ends of ...
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Source: Seattle Post Intelligencer
NewsDateTime: 6 hours ago
Trouble in Congress: Bailout deal appears off; financial leaders will ...
... 700 billion bailout ... from the White House and said the announced agreement "is, obviously, no ... have been no bipartisan joint meetings of Thursday's magnitude in recent memory. Former president Ronald Reagan had planned an October 1987 White House ...
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Source: USA Today
NewsDateTime: 6 hours ago
I'm seeing both Republicans and Democrats start to move toward voting for it," Rep. John Campbell (R-Irvine) said. "I can't tell you that there's a majority at this point, but there's movement." The working proposal contained most of the features that critics of the administration's original plan had been demanding: limits on compensation for executives of companies that take part in the bailout, a provision for taxpayers to share in any profits from the sale of distressed assets, and payout of the $700 billion in three stages instead of one. The final $350-billion tranche would require a congressional vote. Republicans, meanwhile, denied that McCain had put obstacles in the way of a deal. "Focus on a deal that's real," said Sen. Lindsey Graham (R-S.C.), a close McCain ally. "Don't focus on a phony deal and blame John McCain." Late Thursday, Democrats and Republicans from both houses of Congress, joined by Paulson, returned to the bargaining table in another unsuccessful attempt to craft a proposal that could command majority support. Democratic leaders said they would resume Friday morning without Paulson, but they contended that no deal was possible without at least some House Republican support. In an assessment echoed by many of his colleagues in both parties, Rep. Howard P. "Buck" McKeon (R-Santa Clarita), an early skeptic who is now convinced that Congress must act, said, "We've got 40 days until an election. You've got a lot of nervous people here. Some of them are totally consumed by the policy. More of them are totally consumed by the politics." With financial markets continuing to remain calm, members of Congress in both parties apparently concluded that there was still time. Some suggested that the new deadline was sometime Sunday, before Asian financial markets opened. "Whatever is going to be done has to be done this weekend," said Rep. Lee Terry (R-Neb.), who supports congressional action. "Allowing it to go beyond Sunday into Monday will devastate the markets." With issues as complex and politically explosive as the Wall Street bailout, it is not unusual for Congress to delay action until the last minute. Many members said more time was needed for constituents to understand the rescue plan and get beyond their anger at using tax dollars to bail out financiers who helped bring on the crisis. Some Democrats accused McCain of getting behind a plan put forward Thursday by conservative House members. "John McCain did not attack any proposal or endorse any plan," said his spokesman, Brian Rogers. In an interview with ABC News, McCain said he was hopeful that a compromise could be struck. Pointing to the opposition among House Republicans, he said, "There never was a deal," contradicting what leading congressional negotiators had said earlier in the day. Rep. Mike Pence (R-Ind.), however, said McCain's involvement in negotiations gave fiscal conservatives hope that any eventual compromise would be more to their liking. "Knowing John McCain to be the fiscal conservative he is makes many conservatives breathe a lot easier to know he's at the negotiating table," Pence said. "The core of the president's proposal is unacceptable." McCain met with House conservatives before a White House session Thursday attended by congressional leaders of both parties, McCain and Democratic presidential challenger Barack Obama. Obama, who earlier in the week had voiced concerns that the presidential hopefuls would be a distraction to the negotiations, expressed support for the ongoing negotiations after the White House summit. "My impression from the meeting today is that the president and the secretary of the Treasury . . . still have some work to do" in getting House Republicans to agree to the proposed bailout. The seesaw series of events began late Thursday morning, when key congressional negotiators from both parties announced the outlines of a compromise. "We've reached a fundamental agreement on a set of principles," said a triumphant Sen. Christopher J. Dodd (D-Conn.). "We're very confident that we can act expeditiously." But one of the GOP negotiators, Rep. Spencer Bachus of Alabama, later sounded what turned out to be a prophetic note. "There was progress on many issues, but no agreement other than to continue discussions," he said, adding, "As I made clear in the meeting this morning, I was not authorized by my colleagues to make any agreement on behalf of House Republicans."
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Wamu funds will be available
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WaMu's Decline In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading. David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.'' New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged. JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy. `They're Going to Win' ``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.'' JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said. JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said. ``We don't know and we don't care'' about rival bids for WaMu, he said. Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details. Write-Offs JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal. Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process. The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops. Customer Deposits WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year. WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade. During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets. `No Mystery' ``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.'' WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance. WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively. ``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said. Rise of WaMu Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets. Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion. Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans. ``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
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CAPITOL WAMU-VE
... including TPG Capital, to raise additional funds, sources said. TPG and others that injected $7 billion into WaMu in April will be completely wiped out as a result of the takeover. As of two weeks ago, WaMu said it had $50 billion of available ...
more ...
go to website
Source: New York Post
NewsDateTime: 5 hours ago
WaMu under the lens of regulators, suitors
But some potential suitors may be waiting to see if they can snap up only WaMu's ... Ford, the chairman of Hilltop Holdings, were not immediately available. ... of Manhattan, retired lawyer Laura Donnelly said she plans to move her funds ...
more ...
go to website
Source: Seattle Times
NewsDateTime: 5 hours ago
Big dreams of WaMu dashed by risky loans
... lenders like WaMu were able to package up pretty much any mortgages they made and sell them off to hedge funds ... Even if WaMu does have enough available capital to meet its business needs, the fear and uncertainty dominating the markets put almost ...
more ...
go to website
Source: Seattle Times
NewsDateTime: 9/21/2008
My bank is gone. Long live the new bank
Morgan Chase, to purchase WaMu. On Thursday night, the Wall Street Journal ... truth of the modern economy is that all the big corporations, banks, hedge funds ... liquidity back into financial markets and ensure that credit is readily available to ...
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Source: Salon
NewsDateTime: 5 hours ago
'Short sellers' boosted bets on Lehman, AIG, WaMu
... launched a probe of trading in financial stocks, and would require hedge funds and ... WaMu’s shorted shares, for example, jumped to 429.2 million as of Sept. 15, or ... In my view, the pretext for this bail out, that "no credit is available" is simply crap
more ...
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Source: Los Angeles Times Blogs
NewsDateTime: 9/24/2008
Customer Deposits WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year. WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade. During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets.
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Title: WaMu Struggles As Lehman Looks for Lifeline
Categories: News,struggles,wamu,lifeline,lehman,washington,mutual,
Published on: 9/11/2008 3:31:38 PM
Title: WaMu Looking for Buyer
Categories: News,buyer,wamu,washington,mutual,
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Title: Washington Mutual Advertisement
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Published on: 8/9/2006 7:25:50 PM
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WaMu's Decline In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading. David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.'' New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged. JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy. `They're Going to Win' ``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.'' JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said. JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said. ``We don't know and we don't care'' about rival bids for WaMu, he said. Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details. Write-Offs JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal. Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process. The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops. Customer Deposits WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year. WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade. During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets. `No Mystery' ``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.'' WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance. WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively. ``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said. Rise of WaMu Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets. Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion. Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans. ``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
American Funds: Washington Mutual Investors ...
Overview. Washington Mutual Investors Fund may be appropriate for: Investors seeking a well-diversified, high-quality portfolio of common stocks; Income-oriented investors who want ...
more ...
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Cached
American Funds - Detailed Fund Information - Washington Mutual ...
Select a fund and share class ... Washington Mutual Investors Fund (net) 0.58% Washington Mutual Investors Fund (gross) 0.60%
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Washington mutual a american funds - Financial InfoTRADE™
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Prospectus Washington Mutual Investors Fund
15 Washington Mutual Investors Fund / Prospectus Choosing a share class The fund offers different classes of shares through this prospectus. Class A, B, C and F shares are available ...
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Cached
CAPITOL WAMU-VE
... including TPG Capital, to raise additional funds, sources said. TPG and others that injected $7 billion into WaMu in April will be completely wiped out as a result of the takeover. As of two weeks ago, WaMu said it had $50 billion of available ...
more ...
go to website
Source: New York Post
NewsDateTime: 5 hours ago
WaMu under the lens of regulators, suitors
But some potential suitors may be waiting to see if they can snap up only WaMu's ... Ford, the chairman of Hilltop Holdings, were not immediately available. ... of Manhattan, retired lawyer Laura Donnelly said she plans to move her funds ...
more ...
go to website
Source: Seattle Times
NewsDateTime: 5 hours ago
Big dreams of WaMu dashed by risky loans
... lenders like WaMu were able to package up pretty much any mortgages they made and sell them off to hedge funds ... Even if WaMu does have enough available capital to meet its business needs, the fear and uncertainty dominating the markets put almost ...
more ...
go to website
Source: Seattle Times
NewsDateTime: 9/21/2008
My bank is gone. Long live the new bank
Morgan Chase, to purchase WaMu. On Thursday night, the Wall Street Journal ... truth of the modern economy is that all the big corporations, banks, hedge funds ... liquidity back into financial markets and ensure that credit is readily available to ...
more ...
go to website
Source: Salon
NewsDateTime: 5 hours ago
'Short sellers' boosted bets on Lehman, AIG, WaMu
... launched a probe of trading in financial stocks, and would require hedge funds and ... WaMu’s shorted shares, for example, jumped to 429.2 million as of Sept. 15, or ... In my view, the pretext for this bail out, that "no credit is available" is simply crap
more ...
go to website
Source: Los Angeles Times Blogs
NewsDateTime: 9/24/2008
Customer Deposits WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year. WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade. During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets.
Videos from YouTube
Title: WaMu Struggles As Lehman Looks for Lifeline
Categories: News,struggles,wamu,lifeline,lehman,washington,mutual,
Published on: 9/11/2008 3:31:38 PM
Title: WaMu Looking for Buyer
Categories: News,buyer,wamu,washington,mutual,
Published on: 9/19/2008 6:37:29 PM
Title: Wamu Commercial!
Categories: dudes,old,lol,Entertainment,lame,joke,wamu,washington,mutual,commercial,
Published on: 3/18/2007 9:13:19 PM
Title: banking another way
Categories: Entertainment,way,banking,another,
Published on: 2/15/2007 9:13:18 PM
Title: Washington Mutual Advertisement
Categories: power,lending,Comedy,home,washington,commercial,mutual,funny,loans,money,banks,comedy,advertisement,
Published on: 8/9/2006 7:25:50 PM
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Washblog || JP Morgan To Buy WaMu???
Thanks to PVD, for this. That was really nice. Now is JP Morgan being nice - or naughty? If true, it's great news. We're still on a rough road, but it may not be quite so bumpy.
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WaMu Is Being Eyed by JP Morgan, Other Banks - Financials * US * News ...
JP Morgan Chase is interested in buying at least piece of Washington Mutual, but the two firms are not in advanced deal talks, CNBC has learned.
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JP Morgan Rumored To Buy Washington Mutual - news from Boston.com
Read news articles related to JP Morgan Rumored To Buy Washington Mutual on Boston.com ... Rumors that JP Morgan Chase & Co. (NYSE: JPM) opened negotiations to purchase Washington ...
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JP Morgan chases after Washington Mutual
Banking conglomerate JP Morgan Chase is considering making a low-ball offer for Washington Mutual in an effort to save the troubled American bank amid concerns over its capital ...
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Bank Watch: Market eyes J.P. Morgan as WaMu suitor, but still no deal ...
J.P. Morgan Chase & Co. has surfaced as a leading candidate to acquire at least a part of shaky Washington Mutual Co., the nation's largest savings and loan....
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WaMu assets bought by JP Morgan after massive withdrawals
Washington Mutual's banking operations have been acquired by JPMorgan after federal regulators seized the bank following 10 days during which nervous depositors withdrew nearly $17 billion. The Office of Thrift Supervision said in a statement late ...
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Source: Seattle Times
NewsDateTime: 5 hours ago
Reports: WaMu seized by regulators, JP Morgan to buy parts of bank
The U.S. government has brokered a deal for J.P. Morgan to acquire the deposits and some branches of Washington Mutual, the Wall Street Journal and CNBC are reporting, citing people familiar with the matter. CNBC reported that the Federal Deposit ...
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Source: Seattle Times
NewsDateTime: 7 hours ago
JP Morgan to buy WaMu - report
NEW YORK (CNNMoney.com) -- JPMorgan Chase & Co. is close to a deal to acquire most of operations of beleagured thrift Washington Mutual Inc., according to a report Thursday in the Wall Street Journal . JPMorgan ( JPM , Fortune 500 ) has scheduled an ...
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Source: CNN Money
NewsDateTime: 7 hours ago
WaMu fails, JPMorgan buys assets
NEW YORK-- JPMorgan Chase & Co. came to the rescue of Washington Mutual Inc. yesterday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a US bank. This is the second time ...
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Source: Boston Globe
NewsDateTime: 26 minutes ago
WaMu becomes biggest U.S. bank to fail
The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase ... Washington Mutual Inc. JP Morgan Chase & Co. Related Articles
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Source: Globe and Mail
NewsDateTime: 1 hour ago
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Washblog || JP Morgan To Buy WaMu???
Thanks to PVD, for this. That was really nice. Now is JP Morgan being nice - or naughty? If true, it's great news. We're still on a rough road, but it may not be quite so bumpy.
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WaMu Is Being Eyed by JP Morgan, Other Banks - Financials * US * News ...
JP Morgan Chase is interested in buying at least piece of Washington Mutual, but the two firms are not in advanced deal talks, CNBC has learned.
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JP Morgan Rumored To Buy Washington Mutual - news from Boston.com
Read news articles related to JP Morgan Rumored To Buy Washington Mutual on Boston.com ... Rumors that JP Morgan Chase & Co. (NYSE: JPM) opened negotiations to purchase Washington ...
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JP Morgan chases after Washington Mutual
Banking conglomerate JP Morgan Chase is considering making a low-ball offer for Washington Mutual in an effort to save the troubled American bank amid concerns over its capital ...
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Bank Watch: Market eyes J.P. Morgan as WaMu suitor, but still no deal ...
J.P. Morgan Chase & Co. has surfaced as a leading candidate to acquire at least a part of shaky Washington Mutual Co., the nation's largest savings and loan....
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WaMu assets bought by JP Morgan after massive withdrawals
Washington Mutual's banking operations have been acquired by JPMorgan after federal regulators seized the bank following 10 days during which nervous depositors withdrew nearly $17 billion. The Office of Thrift Supervision said in a statement late ...
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Source: Seattle Times
NewsDateTime: 5 hours ago
Reports: WaMu seized by regulators, JP Morgan to buy parts of bank
The U.S. government has brokered a deal for J.P. Morgan to acquire the deposits and some branches of Washington Mutual, the Wall Street Journal and CNBC are reporting, citing people familiar with the matter. CNBC reported that the Federal Deposit ...
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Source: Seattle Times
NewsDateTime: 7 hours ago
JP Morgan to buy WaMu - report
NEW YORK (CNNMoney.com) -- JPMorgan Chase & Co. is close to a deal to acquire most of operations of beleagured thrift Washington Mutual Inc., according to a report Thursday in the Wall Street Journal . JPMorgan ( JPM , Fortune 500 ) has scheduled an ...
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Source: CNN Money
NewsDateTime: 7 hours ago
WaMu fails, JPMorgan buys assets
NEW YORK-- JPMorgan Chase & Co. came to the rescue of Washington Mutual Inc. yesterday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a US bank. This is the second time ...
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Source: Boston Globe
NewsDateTime: 26 minutes ago
WaMu becomes biggest U.S. bank to fail
The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase ... Washington Mutual Inc. JP Morgan Chase & Co. Related Articles
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Source: Globe and Mail
NewsDateTime: 1 hour ago
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Title: Randy Pausch Last Lecture: Achieving Your Childhood Dreams
Categories: carnegie,last,inspirational,Education,pausch,randy,mellon,lecture,health,
Published on: 12/20/2007 2:07:32 PM
Title: Russell Peters
Categories: Peters,Comedy,Russall,
Published on: 12/14/2005 6:08:37 PM
Title: Radiohead - Scotch Mist
Categories: With,Mist,webcast,It,Film,Scotch,Rainbows,Radiohead,In,Music,
Published on: 1/1/2008 10:37:37 PM
Title: Karajan - Beethoven Symphony No. 9 : Part 1
Categories: symphony,musopen,karajan,beethoven,music,Music,
Published on: 11/5/2006 2:41:26 AM
Title: Martin Luther King "I have a dream"
Categories: on,dream,march,king,martin,rights,washington,speech,People,civil,have,luther,
Published on: 9/6/2006 12:20:14 AM
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Wamu Collapses at night
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WAMU 88.5 - American University Radio
WAMU 88.5 - American University Radio. Your NPR News Station in the Nation's Capital. ... Get free real-time traffic maps, alerts, and Jam Factor reports for the routes you drive.
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wamu.org : WAMU News
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wamu.org : News : 2004 Archives
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Washington Mutual News - Topix
News on Washington Mutual continually updated from thousands of sources around the net. ... Washington Mutual News News on Washington Mutual continually updated from thousands of ...
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JPMorgan Buys WaMu Deposits as Regulators Seize Failed Thrift
Sept. 26 (Bloomberg) -- JPMorgan Chase & Co. became the biggest U.S. bank by deposits, acquiring Washington Mutual Inc. 's branch network for $1.9 billion after the thrift was seized in the largest U.S. bank failure in history. Customers of WaMu ...
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Source: Bloomberg
NewsDateTime: 1 hour ago
WaMu Is Seized to Avoid Failure
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in an 11th-hour bid to prevent the largest bank failure in American history. Regulators simultaneously ...
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Source: The Ledger
NewsDateTime: 47 minutes ago
WaMu becomes biggest bank to fail in US history
NEW YORK (Associated Press) - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks _ Washington Mutual Inc. _ has collapsed under the weight of its enormous bad bets on the mortgage market. The ...
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Source: CNN Money
NewsDateTime: 1 hour ago
U.S. engineers sale of WaMu to JPMorgan
For JPMorgan, this is the second government-sponsored rescue. With the Federal Reserve's aid, Dimon agreed in March to absorb Wall Street's Bear Stearns Cos., the first in a series of "too big to fail" deals that have included government takeovers of ...
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Source: Los Angeles Times
NewsDateTime: 39 minutes ago
Reports: JPMorgan to buy WaMu deposits, branches
JPMorgan Chase & Co. has struck a deal to acquire the deposits and some of the branches of beleagured thrift Washington Mutual Inc., according to news reports late Thursday. WaMu's shares plummeted 73 percent to 45 cents in after-hours trading. The ...
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Source: Seattle Times
NewsDateTime: 5 hours ago
WaMu's Decline In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading. David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.'' New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged. JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy. `They're Going to Win' ``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.'' JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said. JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said. ``We don't know and we don't care'' about rival bids for WaMu, he said. Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details. Write-Offs JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal. Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process. The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops. Customer Deposits WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year. WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade. During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets. `No Mystery' ``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.'' WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance. WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively. ``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said. Rise of WaMu Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets. Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion. Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans. ``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
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Title: WaMu Struggles As Lehman Looks for Lifeline
Categories: News,struggles,wamu,lifeline,lehman,washington,mutual,
Published on: 9/11/2008 3:31:38 PM
Title: WaMu Looking for Buyer
Categories: News,buyer,wamu,washington,mutual,
Published on: 9/19/2008 6:37:29 PM
Title: Wamu Commercial!
Categories: dudes,old,lol,Entertainment,lame,joke,wamu,washington,mutual,commercial,
Published on: 3/18/2007 9:13:19 PM
Title: banking another way
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Published on: 2/15/2007 9:13:18 PM
Title: Washington Mutual Advertisement
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Published on: 8/9/2006 7:25:50 PM
Title Wamu Collapses at night published to more ...
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WAMU 88.5 - American University Radio
WAMU 88.5 - American University Radio. Your NPR News Station in the Nation's Capital. ... Get free real-time traffic maps, alerts, and Jam Factor reports for the routes you drive.
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wamu.org : WAMU News
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wamu.org : News : 2004 Archives
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Washington Mutual News - Topix
News on Washington Mutual continually updated from thousands of sources around the net. ... Washington Mutual News News on Washington Mutual continually updated from thousands of ...
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JPMorgan Buys WaMu Deposits as Regulators Seize Failed Thrift
Sept. 26 (Bloomberg) -- JPMorgan Chase & Co. became the biggest U.S. bank by deposits, acquiring Washington Mutual Inc. 's branch network for $1.9 billion after the thrift was seized in the largest U.S. bank failure in history. Customers of WaMu ...
more ...
go to website
Source: Bloomberg
NewsDateTime: 1 hour ago
WaMu Is Seized to Avoid Failure
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in an 11th-hour bid to prevent the largest bank failure in American history. Regulators simultaneously ...
more ...
go to website
Source: The Ledger
NewsDateTime: 47 minutes ago
WaMu becomes biggest bank to fail in US history
NEW YORK (Associated Press) - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks _ Washington Mutual Inc. _ has collapsed under the weight of its enormous bad bets on the mortgage market. The ...
more ...
go to website
Source: CNN Money
NewsDateTime: 1 hour ago
U.S. engineers sale of WaMu to JPMorgan
For JPMorgan, this is the second government-sponsored rescue. With the Federal Reserve's aid, Dimon agreed in March to absorb Wall Street's Bear Stearns Cos., the first in a series of "too big to fail" deals that have included government takeovers of ...
more ...
go to website
Source: Los Angeles Times
NewsDateTime: 39 minutes ago
Reports: JPMorgan to buy WaMu deposits, branches
JPMorgan Chase & Co. has struck a deal to acquire the deposits and some of the branches of beleagured thrift Washington Mutual Inc., according to news reports late Thursday. WaMu's shares plummeted 73 percent to 45 cents in after-hours trading. The ...
more ...
go to website
Source: Seattle Times
NewsDateTime: 5 hours ago
WaMu's Decline In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading. David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.'' New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged. JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy. `They're Going to Win' ``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.'' JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said. JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said. ``We don't know and we don't care'' about rival bids for WaMu, he said. Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details. Write-Offs JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal. Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process. The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops. Customer Deposits WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984. JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year. WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debtholder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade. During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets. `No Mystery' ``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.'' WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance. WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively. ``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said. Rise of WaMu Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets. Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion. Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans. ``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
Videos from YouTube
Title: WaMu Struggles As Lehman Looks for Lifeline
Categories: News,struggles,wamu,lifeline,lehman,washington,mutual,
Published on: 9/11/2008 3:31:38 PM
Title: WaMu Looking for Buyer
Categories: News,buyer,wamu,washington,mutual,
Published on: 9/19/2008 6:37:29 PM
Title: Wamu Commercial!
Categories: dudes,old,lol,Entertainment,lame,joke,wamu,washington,mutual,commercial,
Published on: 3/18/2007 9:13:19 PM
Title: banking another way
Categories: Entertainment,way,banking,another,
Published on: 2/15/2007 9:13:18 PM
Title: Washington Mutual Advertisement
Categories: power,lending,Comedy,home,washington,commercial,mutual,funny,loans,money,banks,comedy,advertisement,
Published on: 8/9/2006 7:25:50 PM