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Withdrawals by customers ultimately sank WaMu: OTS
By Meena Thiruvengadam
Last update: 11:32 a.m. EDT Sept. 26, 2008Comments: 5
(Updates with details on bank failures this year)
WASHINGTON (MarketWatch) -- Washington Mutual (WM:
0.16, -1.53, -90.3%) customers withdrew $16.7 billion in cash from the thrift in the past nine days, a huge outflow that led to the largest bank failure in U.S. history, the institution's regulator said Friday.
The withdrawals were largely concentrated among retail deposits that were over the Federal Deposit Insurance Corp's $100,000 insurance cap, said Tim Ward, the Office of Thrift Supervision's deputy director for examinations, supervisions and consumer protection.
Speaking during a conference call with reporters, Ward and other officials from the OTS, Washington Mutual's government regulator, provided a glimpse into the last days of the thrift's life.
Washington Mutual is the 13th U.S. bank to fail this year and the ninth to fail since July.
The bank, which started in 1889 and survived the Great Depression, typically has regulatory officials on site throughout the year because of its size. In recent weeks those regulators were providing daily reports, and "monitoring liquidity throughout each day," said John Reich, director of OTS.
Washington Mutual, known widely as WaMu, was the largest federal savings bank under the office's supervision. Washington Mutual and a Utah-based subsidiary had combined assets of $307 billion and total deposits of $188 billion.
The past several weeks were marked by a full-time effort to keep the institution alive, Reich said.
After a few days of bidding this week, JP Morgan Chase & Co. bested other potential buyers to takeover the institution's assets and qualified financial contracts for $1.9 billion. The deal was made public Thursday night.
The FDIC facilitated the transaction and its insurance fund was spared from having to shoulder any costs related to the failure. "The fact that its struggles have been resolved without a hit to the FDIC is a major victory," Reich said.
The failure of WaMu marks the latest upheaval in a financial crisis that has claimed some of largest names in Wall Street in recent months, including government bailouts of insurer American International Group Inc. (AIG) and mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE).
Microsoft says it is ending bid for Yahoo - May. 3, 2008
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U.S. News & World Report - Breaking News
Ailing Washington Mutual Inc. moved into a better position to find ... Crude oil briefly sank below the $100-a-barrel for the ... A massive Hurricane Ike sent white waves crashing over a ...
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Microsoft says it is ending bid for Yahoo - May. 3, 2008
In Frankfurt on Monday, Yahoo shares sank 21% while ... of the last independent Internet companies with massive ... 900,000 salary for Freddie Mac CEO; Jackals circle Washington Mutual
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Money & Company | WaMu's wild, rumor-filled week | Los Angeles Times
... of speculation capped a shaky week for shares of Washington Mutual ... bank to buy a stake in the firm triggered the massive ... value of their stock accounts and mutual funds sank by ...
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Tight "Money"
... yield on 3-month December ’08 Eurodollars sank 15 ... Citigroup Inc., Wells Fargo & Co. and Washington Mutual Inc ... performance] pattern suggests that the fear is a massive ...
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US markets nervous over finance rescue impasse, collapse of bank
... the opening of New York markets, the S&P 500 broad-based index sank ... on accounts since September 16 for 16.7 billion dollars in cash withdrawals from Washington Mutual (WaMu ... Credit has frozen around the country amidst massive losses from bad ...
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Source: Monsters and Critics
NewsDateTime: 1 hour ago
Prior to WaMu, the largest U.S. bank to fail was Continental Illinois National Bank & Trust Co., which had $40 billion in assets when it was rescued during the savings and loan crisis of the 1980s. Continental Illinois was the first bank considered "too big to fail" by regulators.
Reich speculated there would have been more bidders for WaMu had potential buyers not been so distracted by a contested $700 billion government plan aimed at stabilizing the financial sector by purchasing bad mortgage assets from financial institutions. The future of that plan is still unclear.
"Everybody has had an eye on that at the same time they were looking at considering making a bid on WaMu," Reich said.
Assessments charged to WaMu represented 12% of the OTS budget, Reich said. He said the office already has drafted a balanced budget for 2009 absent the collections from WAMU.
Videos from YouTube
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
Wamu failed
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As dramatic as Washington Mutual Inc.'s collapse and overnight acquisition by J.P. Morgan Chase is, it is still business as usual for customers and all deposits are safe, according to the Federal Deposit Insurance Corp. "It will be a seamless transition," said FDIC chairwoman Sheila Bair. "This is simply a combination of two banks." Shareholders, on the other hand, aren't as lucky. Washington Mutual (WM: 0.16, -1.53, -90.3%) is expected to declare bankruptcy as soon as Friday, putting stock holders at the end of a long line of claimants. leaving them empty handed. Read more. The FDIC has provided information on some common questions Washington Mutual customers might have: What happens to my deposit accounts? All accounts with Washington Mutual Bank have been transferred to J.P. Morgan Chase Bank. In fact, the WaMu Web site went directly to Chase as of Friday. Those deposit accounts include checking, savings, money market, CDs and retirement accounts. If your bank was WaMu on Thursday, it's J.P. Morgan Chase now.
WaMu took TPG deal over JPMorgan's $7 bln offer: report | Reuters
NEW YORK (Reuters) - Washington Mutual Inc had received an initial takeover bid of about $7 billion from JPMorgan Chase & Co while it was working on the TPG
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The Seattle Times: Business & Technology: Workers allege WaMu failed ...
seattletimes.com: Northwest news and information from the Seattle Times. Daily local news, sports, arts and entertainment, and classified ads.
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Lehman, WaMu: Why the differences are important (Dealscape)
The OTS would be in the room if WaMu failed, but the burden would fall on the FDIC, which has already been straining under the load of recently failed IndyMac Federal Bank.
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WAMU 88.5 FM American University Radio - Order
WAMU 88.5 FM 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 88.5 FM American University Radio - The Kojo Nnamdi Show for ...
The Kojo Nnamdi Show is produced by WAMU 88.5fm American University Radio. ... Do so-called "failed states" pose a threat to other countries? And if the answer is yes ...
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Regulator sells Washington Mutual
If WaMu had just failed then depositors would have been compensated by the FDIC, so the sale to JPMorgan may be a positive step. "There was some concern that if a bank the size of WaMu failed the FDIC fund would not be adequate to meet the task and ...
more ...
go to website
Source: BBC News
NewsDateTime: 1 hour ago
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: 5 hours ago
The Silver Lining for WaMu Customers
Because we’re optimists at TheWallet, we also wanted to highlight a couple of factor that will potentially make life for WaMu customers even better than before the bank failed! -WaMu customers now have fee-free access to 9,300 Chase ATMs, a greeting ...
more ...
go to website
Source: Wall Street Journal
NewsDateTime: 47 minutes ago
WaMu fails, JPMorgan buys assets
WaMu was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages. WaMu has seen its stock price plummet by 87 percent this year, and it suffered a ratings downgrade by Standard & Poor's earlier this week that ...
more ...
go to website
Source: Boston Globe
NewsDateTime: 4 hours ago
JPMorgan Chase buys WaMu assets after FDIC seizure
The Seattle-based WaMu has roughly $310 billion in assets and was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages. WaMu has seen its stock price plummet by 87 percent this year, and it suffered a ratings ...
more ...
go to website
Source: Chicago Sun-Times
NewsDateTime: 6 hours ago
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. Where do I send my mortgage or loan payments? All those have been transferred to J.P. Morgan Chase as well. The payments won't be any different and you'll continue to send them to the same locations you did for WaMu. You can even continue to make your checks out to Washington Mutual Bank. Direct payment from your accounts will continue as usual. What about my debit card? Keep using it as you always have. It's still working and will continue to work. What about direct deposits and bill paying? I just wrote a check out. Will it clear? Again, no changes. All transactions will continue in their usual manner. Keep using the checks you have and paying bills in the manner you have. I already had an account with J.P. Morgan Chase and now my combined balances exceed the $100,000 FDIC insured limit. What do I do? The FDIC will continue to separately insure the accounts transferred to J.P. Morgan for at least six months. Consider it a grace period that will give you time to restructure your accounts and move money to another bank if desired. What about my CDs? They won't mature in six months The FDIC will continue to insure WaMu CDs until the earliest maturity date after the end of the six-month grace period. If your CD matures during this grace period and you renew it for the same term and dollar amount, it will still be insured separately until the first maturity date after the six-month period. If you renew it on any other basis, it loses that insurance after the six months is over. What about the interest rates on my accounts? Will they change? J.P. Morgan Chase will be reviewing the rates, but until then any interest accrued through Sept. 25 will be paid at the same rate. I have a safe deposit box. Is that still, well, safe? It is and you will continue to have access to it as always. You don't even have to do anything as part of the transaction. I was in the middle of getting a loan. Now what? Contact your loan officer. There have been no changes. I don't have an account, but I'm a shareholder. Is there any value left? It doesn't look like it. When WaMu files for bankruptcy, shareholders can make claims in receivership, but they're the last to be considered. Contact your accountant or the IRS to determine how to book the loss on your taxes. What if I'm holding senior notes or subordinated debenture notes? You get in line ahead of shareholders as claimants in a receivership and the FDIC will send you information shortly.
Videos from YouTube
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
Title Wamu failed published to tabletswithink.
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As dramatic as Washington Mutual Inc.'s collapse and overnight acquisition by J.P. Morgan Chase is, it is still business as usual for customers and all deposits are safe, according to the Federal Deposit Insurance Corp. "It will be a seamless transition," said FDIC chairwoman Sheila Bair. "This is simply a combination of two banks." Shareholders, on the other hand, aren't as lucky. Washington Mutual (WM: 0.16, -1.53, -90.3%) is expected to declare bankruptcy as soon as Friday, putting stock holders at the end of a long line of claimants. leaving them empty handed. Read more. The FDIC has provided information on some common questions Washington Mutual customers might have: What happens to my deposit accounts? All accounts with Washington Mutual Bank have been transferred to J.P. Morgan Chase Bank. In fact, the WaMu Web site went directly to Chase as of Friday. Those deposit accounts include checking, savings, money market, CDs and retirement accounts. If your bank was WaMu on Thursday, it's J.P. Morgan Chase now.
WaMu took TPG deal over JPMorgan's $7 bln offer: report | Reuters
NEW YORK (Reuters) - Washington Mutual Inc
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Cached
The Seattle Times: Business & Technology: Workers allege WaMu failed ...
seattletimes.com: Northwest news and information from the Seattle Times. Daily local news, sports, arts and entertainment, and classified ads.
more ...
go to website
Cached
Lehman, WaMu: Why the differences are important (Dealscape)
The OTS would be in the room if WaMu failed, but the burden would fall on the FDIC, which has already been straining under the load of recently failed IndyMac Federal Bank.
more ...
go to website
Cached
WAMU 88.5 FM American University Radio - Order
WAMU 88.5 FM 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 ...
more ...
go to website
Cached
WAMU 88.5 FM American University Radio - The Kojo Nnamdi Show for ...
The Kojo Nnamdi Show is produced by WAMU 88.5fm American University Radio. ... Do so-called "failed states" pose a threat to other countries? And if the answer is yes ...
more ...
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Cached
Regulator sells Washington Mutual
If WaMu had just failed then depositors would have been compensated by the FDIC, so the sale to JPMorgan may be a positive step. "There was some concern that if a bank the size of WaMu failed the FDIC fund would not be adequate to meet the task and ...
more ...
go to website
Source: BBC News
NewsDateTime: 1 hour ago
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: 5 hours ago
The Silver Lining for WaMu Customers
Because we’re optimists at TheWallet, we also wanted to highlight a couple of factor that will potentially make life for WaMu customers even better than before the bank failed! -WaMu customers now have fee-free access to 9,300 Chase ATMs, a greeting ...
more ...
go to website
Source: Wall Street Journal
NewsDateTime: 47 minutes ago
WaMu fails, JPMorgan buys assets
WaMu was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages. WaMu has seen its stock price plummet by 87 percent this year, and it suffered a ratings downgrade by Standard & Poor's earlier this week that ...
more ...
go to website
Source: Boston Globe
NewsDateTime: 4 hours ago
JPMorgan Chase buys WaMu assets after FDIC seizure
The Seattle-based WaMu has roughly $310 billion in assets and was searching for a lifeline after piling up billions of dollars in losses due to failed mortgages. WaMu has seen its stock price plummet by 87 percent this year, and it suffered a ratings ...
more ...
go to website
Source: Chicago Sun-Times
NewsDateTime: 6 hours ago
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. Where do I send my mortgage or loan payments? All those have been transferred to J.P. Morgan Chase as well. The payments won't be any different and you'll continue to send them to the same locations you did for WaMu. You can even continue to make your checks out to Washington Mutual Bank. Direct payment from your accounts will continue as usual. What about my debit card? Keep using it as you always have. It's still working and will continue to work. What about direct deposits and bill paying? I just wrote a check out. Will it clear? Again, no changes. All transactions will continue in their usual manner. Keep using the checks you have and paying bills in the manner you have. I already had an account with J.P. Morgan Chase and now my combined balances exceed the $100,000 FDIC insured limit. What do I do? The FDIC will continue to separately insure the accounts transferred to J.P. Morgan for at least six months. Consider it a grace period that will give you time to restructure your accounts and move money to another bank if desired. What about my CDs? They won't mature in six months The FDIC will continue to insure WaMu CDs until the earliest maturity date after the end of the six-month grace period. If your CD matures during this grace period and you renew it for the same term and dollar amount, it will still be insured separately until the first maturity date after the six-month period. If you renew it on any other basis, it loses that insurance after the six months is over. What about the interest rates on my accounts? Will they change? J.P. Morgan Chase will be reviewing the rates, but until then any interest accrued through Sept. 25 will be paid at the same rate. I have a safe deposit box. Is that still, well, safe? It is and you will continue to have access to it as always. You don't even have to do anything as part of the transaction. I was in the middle of getting a loan. Now what? Contact your loan officer. There have been no changes. I don't have an account, but I'm a shareholder. Is there any value left? It doesn't look like it. When WaMu files for bankruptcy, shareholders can make claims in receivership, but they're the last to be considered. Contact your accountant or the IRS to determine how to book the loss on your taxes. What if I'm holding senior notes or subordinated debenture notes? You get in line ahead of shareholders as claimants in a receivership and the FDIC will send you information shortly.
Videos from YouTube
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
bailout will probably fail
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Title bailout will probably fail published to tabletswithink.
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As dramatic as Washington Mutual Inc.'s collapse and overnight acquisition by J.P. Morgan Chase is, it is still business as usual for customers and all deposits are safe, according to the Federal Deposit Insurance Corp. "It will be a seamless transition," said FDIC chairwoman Sheila Bair. "This is simply a combination of two banks." Shareholders, on the other hand, aren't as lucky. Washington Mutual (WM: 0.16, -1.53, -90.3%) is expected to declare bankruptcy as soon as Friday, putting stock holders at the end of a long line of claimants. leaving them empty handed. Read more. The FDIC has provided information on some common questions Washington Mutual customers might have: What happens to my deposit accounts? All accounts with Washington Mutual Bank have been transferred to J.P. Morgan Chase Bank. In fact, the WaMu Web site went directly to Chase as of Friday. Those deposit accounts include checking, savings, money market, CDs and retirement accounts. If your bank was WaMu on Thursday, it's J.P. Morgan Chase now.
Bail out (finance) - Wikipedia, the free encyclopedia
Bail out in economics and finance is a term used to describe a situation where a bankrupt or nearly bankrupt entity, such as a corporation or a bank, is given a fresh injection of ...
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bailout - definition of bailout by the Free Online Dictionary ...
bail·out (b l out) n. A rescue from financial difficulties: corporate bailouts.?
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Bail (disambiguation) - Wikipedia, the free encyclopedia
In finance, bail out (finance) is to rescue a person or corporation from bankruptcy, and similar. To bail out is to parachute out of an aircraft in an emergency.
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The Washington Monthly
And who exactly is going to bail out the U.S. Government? I watched the Republican Convention this past week and it seemed like a welcoming visitors from another planet.
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bailout financial definition of bailout. bailout finance term by the ...
bailout. The financial rescue of a faltering business or other organization. Government guarantees for loans made to Chrysler Corporation constituted a bailout.
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Bailout deal hits snags
WASHINGTON -- Talks over a massive bailout for the U.S. financial system stumbled as they entered their most critical hours, with some Republicans working Thursday to undermine a deal between key congressional leaders and reinvent the plan put ...
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Source: Detroit News
NewsDateTime: 31 minutes ago
Bailout pressure mounts as WaMu closure chills
NEW YORK/LONDON (Reuters) - Pressure mounted on lawmakers on Friday to agree on a $700 billion financial rescue plan after talks at the White House broke down in acrimony and the biggest bank closure in U.S. history roiled global markets. U.S ...
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Source: Boston Globe
NewsDateTime: 1 hour ago
Treasurys Attractive Again on Unease Over Bailout
Government debt prices rose Friday as safe-haven bids re-emerged after the breakdown of talks on a government bank bailout and the failure of Washington Mutual , the biggest bank closure in U.S. history. Market anxiety roared back as the $700 billion ...
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Source: CNBC
NewsDateTime: 1 hour ago
Stocks cut losses on bailout optimism
NEW YORK (Reuters) - The Dow Jones industrial average briefly turned positive on Friday as investors held out hope that Congress will pass a proposed financial sector rescue plan, tempering concern about the economy and the credit crisis. Both the ...
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Source: Reuters
NewsDateTime: 38 minutes ago
Wachovia, National City Slide on Bailout Fears
Shares of Wachovia and National City tumbled on worries about heavy mortgage losses after talks on a $700 billion financial sector bailout bogged down and federal regulators seized Washington Mutual in the largest bank failure in U.S. history. A ...
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Source: CNBC
NewsDateTime: 31 minutes ago
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. Where do I send my mortgage or loan payments? All those have been transferred to J.P. Morgan Chase as well. The payments won't be any different and you'll continue to send them to the same locations you did for WaMu. You can even continue to make your checks out to Washington Mutual Bank. Direct payment from your accounts will continue as usual. What about my debit card? Keep using it as you always have. It's still working and will continue to work. What about direct deposits and bill paying? I just wrote a check out. Will it clear? Again, no changes. All transactions will continue in their usual manner. Keep using the checks you have and paying bills in the manner you have. I already had an account with J.P. Morgan Chase and now my combined balances exceed the $100,000 FDIC insured limit. What do I do? The FDIC will continue to separately insure the accounts transferred to J.P. Morgan for at least six months. Consider it a grace period that will give you time to restructure your accounts and move money to another bank if desired. What about my CDs? They won't mature in six months The FDIC will continue to insure WaMu CDs until the earliest maturity date after the end of the six-month grace period. If your CD matures during this grace period and you renew it for the same term and dollar amount, it will still be insured separately until the first maturity date after the six-month period. If you renew it on any other basis, it loses that insurance after the six months is over. What about the interest rates on my accounts? Will they change? J.P. Morgan Chase will be reviewing the rates, but until then any interest accrued through Sept. 25 will be paid at the same rate. I have a safe deposit box. Is that still, well, safe? It is and you will continue to have access to it as always. You don't even have to do anything as part of the transaction. I was in the middle of getting a loan. Now what? Contact your loan officer. There have been no changes. I don't have an account, but I'm a shareholder. Is there any value left? It doesn't look like it. When WaMu files for bankruptcy, shareholders can make claims in receivership, but they're the last to be considered. Contact your accountant or the IRS to determine how to book the loss on your taxes. What if I'm holding senior notes or subordinated debenture notes? You get in line ahead of shareholders as claimants in a receivership and the FDIC will send you information shortly.
Videos from YouTube
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
Title bailout will probably fail published to tabletswithink.
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As dramatic as Washington Mutual Inc.'s collapse and overnight acquisition by J.P. Morgan Chase is, it is still business as usual for customers and all deposits are safe, according to the Federal Deposit Insurance Corp. "It will be a seamless transition," said FDIC chairwoman Sheila Bair. "This is simply a combination of two banks." Shareholders, on the other hand, aren't as lucky. Washington Mutual (WM: 0.16, -1.53, -90.3%) is expected to declare bankruptcy as soon as Friday, putting stock holders at the end of a long line of claimants. leaving them empty handed. Read more. The FDIC has provided information on some common questions Washington Mutual customers might have: What happens to my deposit accounts? All accounts with Washington Mutual Bank have been transferred to J.P. Morgan Chase Bank. In fact, the WaMu Web site went directly to Chase as of Friday. Those deposit accounts include checking, savings, money market, CDs and retirement accounts. If your bank was WaMu on Thursday, it's J.P. Morgan Chase now.
Bail out (finance) - Wikipedia, the free encyclopedia
Bail out in economics and finance is a term used to describe a situation where a bankrupt or nearly bankrupt entity, such as a corporation or a bank, is given a fresh injection of ...
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bailout - definition of bailout by the Free Online Dictionary ...
bail·out (b l out) n. A rescue from financial difficulties: corporate bailouts.?
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Bail (disambiguation) - Wikipedia, the free encyclopedia
In finance, bail out (finance) is to rescue a person or corporation from bankruptcy, and similar. To bail out is to parachute out of an aircraft in an emergency.
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The Washington Monthly
And who exactly is going to bail out the U.S. Government? I watched the Republican Convention this past week and it seemed like a welcoming visitors from another planet.
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bailout financial definition of bailout. bailout finance term by the ...
bailout. The financial rescue of a faltering business or other organization. Government guarantees for loans made to Chrysler Corporation constituted a bailout.
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Bailout deal hits snags
WASHINGTON -- Talks over a massive bailout for the U.S. financial system stumbled as they entered their most critical hours, with some Republicans working Thursday to undermine a deal between key congressional leaders and reinvent the plan put ...
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Source: Detroit News
NewsDateTime: 31 minutes ago
Bailout pressure mounts as WaMu closure chills
NEW YORK/LONDON (Reuters) - Pressure mounted on lawmakers on Friday to agree on a $700 billion financial rescue plan after talks at the White House broke down in acrimony and the biggest bank closure in U.S. history roiled global markets. U.S ...
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Source: Boston Globe
NewsDateTime: 1 hour ago
Treasurys Attractive Again on Unease Over Bailout
Government debt prices rose Friday as safe-haven bids re-emerged after the breakdown of talks on a government bank bailout and the failure of Washington Mutual , the biggest bank closure in U.S. history. Market anxiety roared back as the $700 billion ...
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Source: CNBC
NewsDateTime: 1 hour ago
Stocks cut losses on bailout optimism
NEW YORK (Reuters) - The Dow Jones industrial average briefly turned positive on Friday as investors held out hope that Congress will pass a proposed financial sector rescue plan, tempering concern about the economy and the credit crisis. Both the ...
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Source: Reuters
NewsDateTime: 38 minutes ago
Wachovia, National City Slide on Bailout Fears
Shares of Wachovia and National City tumbled on worries about heavy mortgage losses after talks on a $700 billion financial sector bailout bogged down and federal regulators seized Washington Mutual in the largest bank failure in U.S. history. A ...
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Source: CNBC
NewsDateTime: 31 minutes ago
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. Where do I send my mortgage or loan payments? All those have been transferred to J.P. Morgan Chase as well. The payments won't be any different and you'll continue to send them to the same locations you did for WaMu. You can even continue to make your checks out to Washington Mutual Bank. Direct payment from your accounts will continue as usual. What about my debit card? Keep using it as you always have. It's still working and will continue to work. What about direct deposits and bill paying? I just wrote a check out. Will it clear? Again, no changes. All transactions will continue in their usual manner. Keep using the checks you have and paying bills in the manner you have. I already had an account with J.P. Morgan Chase and now my combined balances exceed the $100,000 FDIC insured limit. What do I do? The FDIC will continue to separately insure the accounts transferred to J.P. Morgan for at least six months. Consider it a grace period that will give you time to restructure your accounts and move money to another bank if desired. What about my CDs? They won't mature in six months The FDIC will continue to insure WaMu CDs until the earliest maturity date after the end of the six-month grace period. If your CD matures during this grace period and you renew it for the same term and dollar amount, it will still be insured separately until the first maturity date after the six-month period. If you renew it on any other basis, it loses that insurance after the six months is over. What about the interest rates on my accounts? Will they change? J.P. Morgan Chase will be reviewing the rates, but until then any interest accrued through Sept. 25 will be paid at the same rate. I have a safe deposit box. Is that still, well, safe? It is and you will continue to have access to it as always. You don't even have to do anything as part of the transaction. I was in the middle of getting a loan. Now what? Contact your loan officer. There have been no changes. I don't have an account, but I'm a shareholder. Is there any value left? It doesn't look like it. When WaMu files for bankruptcy, shareholders can make claims in receivership, but they're the last to be considered. Contact your accountant or the IRS to determine how to book the loss on your taxes. What if I'm holding senior notes or subordinated debenture notes? You get in line ahead of shareholders as claimants in a receivership and the FDIC will send you information shortly.
Videos from YouTube
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
Wamu deposits are Safe
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Title Wamu deposits are Safe published to tabletswithink.
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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. - 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.
FDIC: Federal Deposit Insurance Corporation
Federal deposit insurance protects the first $100,000 of deposits that are payable in the United States.
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FDIC: Federal Deposit Insurance Corporation
Hurricane Recovery The FDIC has put together information to assist those affected by storms in 2008.
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FDIC, the world's largest firefighter training conference and ...
FDIC in Indianapolis attracts firefighters from around the world to train, network and learn from the industry's most elite instructors. FDIC features H.O.T. (Hands-On Training ...
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Federal Deposit Insurance Corporation - Wikipedia, the free ...
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance which guarantees ...
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FDIC Real Estate for Sale
To generate a list of properties, enter values in one or more of the selection fields below and click the "Find" button. To see a list of all properties, just click the "Find ...
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First Convenience Bank
(214) 954-6488 - 2305 N Central Expy, Dallas, TX
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Washington Mutual
(214) 818-0406 - 4709 Ross Ave, Dallas, TX
go to website
Washington Mutual
(214) 599-2806 - 3839 McKinney Ave Apt 100, Dallas, TX
go to website
Plainscapital Bank
(214) 252-4000 - 2911 Turtle Creek Blvd Ste 1300, Dallas, TX
go to website
Colonial Bank
(214) 969-1999 - 717 N Harwood St Ste 100, Dallas, TX
go to website
Fitch cuts WaMu ratings after FDIC seizure
NEW YORK - Fitch Ratings said Friday it has downgraded the issuer-default rating on Washington Mutual Inc. to "C" from "B-" and placed the company's ratings on negative watch, meaning they may be cut further. The move comes after WaMu collapsed on ...
more ...
go to website
Source: CNBC
NewsDateTime: 37 minutes ago
JPMorgan Chase buying Washington Mutual's assets for $1.9 billion ...
One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their ...
more ...
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Source: Chicago Tribune
NewsDateTime: 3 hours ago
FDIC Reassures WaMu Customers
WASHINGTON -- The head of the FDIC said that depositors and other customers of Washington Mutual shouldn't notice any irregularities despite the failure of the thrift. Federal regulators seized WaMu on Thursday and then sold the thrift's banking ...
more ...
go to website
Source: BayInsider
NewsDateTime: 2 hours ago
How the Washington Mutual Takeover Will Affect Consumers
No depositor has lost any money, even if it was above FDIC insurance limits. Direct deposits and Social Security checks will continue as normal.
more ...
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Source: US News and World Report
NewsDateTime: 23 minutes ago
Why Congress Is Failing America
The FDIC insurance fund contains about $45 billion, and analysts had feared that the failure of a bank the size of WaMu (it had $188 billion in deposits) would swamp the fund.
more ...
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Source: Slate
NewsDateTime: 1 hour ago
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.
Videos from YouTube
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
Title Wamu deposits are Safe published to tabletswithink.
Report sent to tabletswithink. about Wamu deposits are Safe
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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. - 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.
FDIC: Federal Deposit Insurance Corporation
Federal deposit insurance protects the first $100,000 of deposits that are payable in the United States.
more ...
go to website
Cached
FDIC: Federal Deposit Insurance Corporation
Hurricane Recovery The FDIC has put together information to assist those affected by storms in 2008.
more ...
go to website
Cached
FDIC, the world's largest firefighter training conference and ...
FDIC in Indianapolis attracts firefighters from around the world to train, network and learn from the industry's most elite instructors. FDIC features H.O.T. (Hands-On Training ...
more ...
go to website
Cached
Federal Deposit Insurance Corporation - Wikipedia, the free ...
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance which guarantees ...
more ...
go to website
Cached
FDIC Real Estate for Sale
To generate a list of properties, enter values in one or more of the selection fields below and click the "Find" button. To see a list of all properties, just click the "Find ...
more ...
go to website
Cached
First Convenience Bank
(214) 954-6488 - 2305 N Central Expy, Dallas, TX
go to website
Washington Mutual
(214) 818-0406 - 4709 Ross Ave, Dallas, TX
go to website
Washington Mutual
(214) 599-2806 - 3839 McKinney Ave Apt 100, Dallas, TX
go to website
Plainscapital Bank
(214) 252-4000 - 2911 Turtle Creek Blvd Ste 1300, Dallas, TX
go to website
Colonial Bank
(214) 969-1999 - 717 N Harwood St Ste 100, Dallas, TX
go to website
Fitch cuts WaMu ratings after FDIC seizure
NEW YORK - Fitch Ratings said Friday it has downgraded the issuer-default rating on Washington Mutual Inc. to "C" from "B-" and placed the company's ratings on negative watch, meaning they may be cut further. The move comes after WaMu collapsed on ...
more ...
go to website
Source: CNBC
NewsDateTime: 37 minutes ago
JPMorgan Chase buying Washington Mutual's assets for $1.9 billion ...
One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their ...
more ...
go to website
Source: Chicago Tribune
NewsDateTime: 3 hours ago
FDIC Reassures WaMu Customers
WASHINGTON -- The head of the FDIC said that depositors and other customers of Washington Mutual shouldn't notice any irregularities despite the failure of the thrift. Federal regulators seized WaMu on Thursday and then sold the thrift's banking ...
more ...
go to website
Source: BayInsider
NewsDateTime: 2 hours ago
How the Washington Mutual Takeover Will Affect Consumers
No depositor has lost any money, even if it was above FDIC insurance limits. Direct deposits and Social Security checks will continue as normal.
more ...
go to website
Source: US News and World Report
NewsDateTime: 23 minutes ago
Why Congress Is Failing America
The FDIC insurance fund contains about $45 billion, and analysts had feared that the failure of a bank the size of WaMu (it had $188 billion in deposits) would swamp the fund.
more ...
go to website
Source: Slate
NewsDateTime: 1 hour ago
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.
Videos from YouTube
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
US Stock Futures Fall
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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. - 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.
US STOCKS-Futures fall before factory data, Boeing falls | Markets | U ...
By Caroline Valetkevitch NEW YORK, Mar 3 (Reuters) - U.S. stock index futures fell on Monday before a manufacturing survey that should give more clues on U.S. economic growth and ...
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US STOCKS-Futures fall as risk aversion persists | Markets | U.S ...
Updates with Dell, AIG, consumer sentiment index, updates prices) By Jennifer Coogan NEW YORK, March 2 (Reuters) - U.S. stock index futures fell sharply on Friday, pointing ...
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U.S. stock futures fall as early enthusiasm fades - MarketWatch
U.S. stock futures backed off early gains as early enthusiasm over a possible bailout for bond insurer Ambac Financial Group Inc. seemed to wane.
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U.S. stock futures fall further as oil hits new record high ...
U.S. stock futures turn lower as investors digest an expected $2.8 billion loss from Lehman Brothers and react to American International Group ousting Martin Sullivan as chief ...
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Bloomberg.com: Futures
Futures ... Brazilian Stocks Fall, Led by Commodity Producers; ... ABOUT BLOOMBERG | CAREERS | CONTACT US | LOG IN ...
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RPT-US stock futures fall on bailout plan uncertainty
HONG KONG, Sept 26 (Reuters) - U.S. stock market futures fell on Friday, extending losses after a White House meeting with congressional officials was unable to produce agreement over the $700 billion bailout plan meant to save the financial system ...
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Source: Reuters India
NewsDateTime: 12 hours ago
Wall Streets heads for lower open as bailout talks unravel, WaMu ...
New home and factory orders fall in August, weekly jobless claims shoot higher ... The Dow Jones industrial average futures fell 158.00, or 1.43 percent, to 10,860. ... Overseas, Japan's Nikkei stock average was down 0.94 percent.
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Source: Newsday
NewsDateTime: 2 hours ago
TOPWRAP 4-US bailout pressure mounts as WaMu closure chills
* Bailout pact stalled; alternative plan causes split * Central banks pump in more cash; stocks fall * Talks to go on Friday; Republican participation unclear * Washington Mutual closed in biggest U.S. bank failure (Adds U.S. stock futures plunging ...
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Source: Guardian Unlimited
NewsDateTime: 1 hour ago
Collapse of rescue plan talks weigh on Wall St
... rescue plan stalled, the biggest bank failure in US history and the release of more downbeat economic news. Amid the continued political fall-out from the negotiation’s collapse – talks were expected to resume on Friday – stock futures indicated ...
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Source: Financial Times
NewsDateTime: 1 hour ago
Yen Falls as U.S. Stock Futures Rise on Goldman Fundraising
Stock Futures Rise on Goldman Fundraising By Stanley White and Ron Harui ... an ugly number, showing there are still concerns whether the euro zone will fall ... TV AND RADIO | ABOUT BLOOMBERG | CAREERS | CONTACT US | LOG IN/REGISTER
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Source: Bloomberg
NewsDateTime: 9/24/2008
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.
Videos from YouTube
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
Title US Stock Futures Fall published to tabletswithink.
Report sent to tabletswithink. about US Stock Futures Fall
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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. - 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.
US STOCKS-Futures fall before factory data, Boeing falls | Markets | U ...
By Caroline Valetkevitch NEW YORK, Mar 3 (Reuters) - U.S. stock index futures fell on Monday before a manufacturing survey that should give more clues on U.S. economic growth and ...
more ...
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US STOCKS-Futures fall as risk aversion persists | Markets | U.S ...
Updates with Dell, AIG, consumer sentiment index, updates prices) By Jennifer Coogan NEW YORK, March 2 (Reuters) - U.S. stock index futures fell sharply on Friday, pointing ...
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U.S. stock futures fall as early enthusiasm fades - MarketWatch
U.S. stock futures backed off early gains as early enthusiasm over a possible bailout for bond insurer Ambac Financial Group Inc. seemed to wane.
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U.S. stock futures fall further as oil hits new record high ...
U.S. stock futures turn lower as investors digest an expected $2.8 billion loss from Lehman Brothers and react to American International Group ousting Martin Sullivan as chief ...
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Bloomberg.com: Futures
Futures ... Brazilian Stocks Fall, Led by Commodity Producers; ... ABOUT BLOOMBERG | CAREERS | CONTACT US | LOG IN ...
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RPT-US stock futures fall on bailout plan uncertainty
HONG KONG, Sept 26 (Reuters) - U.S. stock market futures fell on Friday, extending losses after a White House meeting with congressional officials was unable to produce agreement over the $700 billion bailout plan meant to save the financial system ...
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Source: Reuters India
NewsDateTime: 12 hours ago
Wall Streets heads for lower open as bailout talks unravel, WaMu ...
New home and factory orders fall in August, weekly jobless claims shoot higher ... The Dow Jones industrial average futures fell 158.00, or 1.43 percent, to 10,860. ... Overseas, Japan's Nikkei stock average was down 0.94 percent.
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Source: Newsday
NewsDateTime: 2 hours ago
TOPWRAP 4-US bailout pressure mounts as WaMu closure chills
* Bailout pact stalled; alternative plan causes split * Central banks pump in more cash; stocks fall * Talks to go on Friday; Republican participation unclear * Washington Mutual closed in biggest U.S. bank failure (Adds U.S. stock futures plunging ...
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Source: Guardian Unlimited
NewsDateTime: 1 hour ago
Collapse of rescue plan talks weigh on Wall St
... rescue plan stalled, the biggest bank failure in US history and the release of more downbeat economic news. Amid the continued political fall-out from the negotiation’s collapse – talks were expected to resume on Friday – stock futures indicated ...
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Source: Financial Times
NewsDateTime: 1 hour ago
Yen Falls as U.S. Stock Futures Rise on Goldman Fundraising
Stock Futures Rise on Goldman Fundraising By Stanley White and Ron Harui ... an ugly number, showing there are still concerns whether the euro zone will fall ... TV AND RADIO | ABOUT BLOOMBERG | CAREERS | CONTACT US | LOG IN/REGISTER
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Source: Bloomberg
NewsDateTime: 9/24/2008
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.
Videos from YouTube
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
JPMorgan takes over Wamu deposits
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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. EMAIL | PRINT | SHARE | RSS 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 More Videos Quick Vote What's your view about granting taxpayers stock in any company taking part in the proposed $700 billion bailout? It's needed to approve the plan The plan should be approved with no conditions No bailout in any form or View results 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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Cached
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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Cached
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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Cached
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 ...
more ...
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Cached
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 ...
more ...
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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 ...
more ...
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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 ...
more ...
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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 ...
more ...
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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.
Videos from YouTube
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
Title JPMorgan takes over Wamu deposits published to tabletswithink.
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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. EMAIL | PRINT | SHARE | RSS 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 More Videos Quick Vote What's your view about granting taxpayers stock in any company taking part in the proposed $700 billion bailout? It's needed to approve the plan The plan should be approved with no conditions No bailout in any form or View results 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 ...
more ...
go to website
Cached
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 ...
more ...
go to website
Cached
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
more ...
go to website
Cached
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 ...
more ...
go to website
Cached
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?
more ...
go to website
Cached
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 ...
more ...
go to website
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 ...
more ...
go to website
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 ...
more ...
go to website
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 ...
more ...
go to website
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 ...
more ...
go to website
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.
Videos from YouTube
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
financial bailout deal in limbo
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Title financial bailout deal in limbo published to tabletswithink.
Report sent to tabletswithink. about 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 ...
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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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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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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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 ...
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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 ...
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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 ...
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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 ...
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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
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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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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 ...
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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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 ...
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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 ...
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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 ...
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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 ...
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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,
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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
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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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Cached
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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Cached
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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Cached
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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Cached
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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Cached
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 ...
go to website
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 ...
more ...
go to website
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 ...
more ...
go to website
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 ...
more ...
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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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Title: Killdozer Helicopter News Footage
Categories: armored,killdozer,news,Marvin,footage,colorado,Comedy,granby,Heemeyer,bulldozer,helicopter,
Published on: 8/9/2006 1:58:03 AM
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Published on: 1/3/2008 10:53:48 PM
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Title White House meetings ends: No bailout published to tabletswithink.
Report sent to tabletswithink. about White House meetings ends: No bailout
Located at tabletswithink.
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 ...
more ...
go to website
Cached
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 ...
more ...
go to website
Cached
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 ...
more ...
go to website
Cached
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.
more ...
go to website
Cached
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 ...
more ...
go to website
Cached
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 ...
go to website
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 ...
more ...
go to website
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 ...
more ...
go to website
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 ...
more ...
go to website
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."
Videos from YouTube
Title: Killdozer Helicopter News Footage
Categories: armored,killdozer,news,Marvin,footage,colorado,Comedy,granby,Heemeyer,bulldozer,helicopter,
Published on: 8/9/2006 1:58:03 AM
Title: The Best News Bloopers on YouTube
Categories: TV,Comedy,complilation,americas,Brett,Parker,funny,bloopers,funniest,news,moments,hilarious,videos,
Published on: 3/7/2007 8:26:24 PM
Title: FOX News Whistle blowers. UNBELIEVABLE!!!
Categories: giuliani,Fox,obama,hillary,News,huckabee,mccain,News,Ron,up,Wake,romney,Liars,Paul,
Published on: 1/3/2008 10:53:48 PM
Title: Chamillionaire - Hip Hop Police/Evening News
Categories: Chamillionaire,Universal/Chamillitary,News,Police/Evening,Seriki,Hop,Walters,R.,H.,Rotem,Hip,J.,Music,
Published on: 8/6/2007 12:18:30 PM
Title: George Galloway Savages SKY NEWS!
Categories: Palestine,News,Israel,Galloway,Sky,George,News,
Published on: 8/6/2006 7:41:01 AM
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