tick tick National City WaMu and then..WACHOVIA??

[Slimprofits]

Re: tick tick National City WaMu and then..WACHOVIA??

JPMorgan in talks with Wash. Mutual

Published: Saturday, September 13, 2008

JPMorgan Chase & Co. is in "advanced talks" to buy Washington Mutual Inc., the biggest U.S. savings and loan firm, American Banker reported on Friday.

[sn1p3r]

Re: tick tick National City WaMu and then..WACHOVIA??

I guess if your bank is going under it is better if it is one of the first to go before the reserves run out...

[LargoWinch]

Re: tick tick National City WaMu and then..WACHOVIA??

I guess if your bank is going under it is better if it is one of the first to go before the reserves run out...

The reserves will not run out, that is the whole point of the high-inflation thesis: the Fed will simply print it.

Again, the gov. can guarantee your $100K, but NOT its purchasing power...

[sn1p3r]

Re: tick tick National City WaMu and then..WACHOVIA??

I agree completely, was making a joke What happens though when the gov'ts at all levels have failures such as this? I'm speaking in reference to Vallejo...

[jtabeb]

Re: tick tick National City WaMu and then..WACHOVIA??

I agree completely, was making a joke What happens though when the gov'ts at all levels have failures such as this? I'm speaking in reference to Vallejo...

Don't worry, fed funds will soon be going to municipalities and states, can't have an infrastructure boom without it.

[GRG55]

Re: tick tick National City WaMu and then..WACHOVIA??

JPMorgan in talks with Wash. Mutual

Well, well. Looks like a particularly effective triage session between Hank and the boyz this weekend. Lehman's heartbeat too weak to bother saving, but "The System" can still be saved by mass blood transfusions for those with a pulse. All that's left is to finish matching blood types in the pairings...

[LargoWinch]

Re: tick tick National City WaMu and then..WACHOVIA??

Don't worry, fed funds will soon be going to municipalities and states, can't have an infrastructure boom without it.

Exactly and the way to it is via P3.

[grapejelly]

Re: tick tick National City WaMu and then..WACHOVIA??

well we were wrong.

WaMu fell first.

Question now is, when will Wachovia and Nat'l City?

I think Nat'l City first, then Wachovia second.

Next week maybe? Or in a few months?

The current anxiety and panic seems to me to be another climax. So this weekend the "bailout" will proceed and we'll have a month or so of relative calm, and THEN Wachovia and Nat'l City will fall...

...but who knows...what are you betting?

[jtabeb]

Re: tick tick National City WaMu and then..WACHOVIA??

...but who knows...what are you betting?

Cash-out first (personally, I mean), debate about it later. That's my call

[jimmygu3]

Re: tick tick National City WaMu and then..WACHOVIA??

Cash-out first (personally, I mean), debate about it later. That's my call

Looks like WaMu customers have a pretty painless transition:
http://www.chase.com/welcomewamu/

I have personal and business checking accounts at Wachovia. I'm just leaving them alone, in the hopes that the acquiring bank keeps the existing systems up and running. If not, I'll dig into the emergency fund while I wait for the FDIC to refund my money. My hunch is that WB will broker a deal this weekend.

After WaMu Seizure, Wachovia Faces Market's Fears

September 26, 2008: 11:46 AM EST

NEW YORK -(Dow Jones)- The seizure of Washington Mutual Inc. (WM) is quickly becoming a problem for Wachovia Corp. (WB).
After federal regulators on Thursday night seized the West Coast thrift and its bloated book of failing home loans, investors have trained their focus on Wachovia, which itself holds piles of risky mortgages.
Wachovia shares recently traded down 23% to $10.58, while the cost of insuring Wachovia's debt against default quickly rose to distressed levels....
Counterparty credit risk jumps on Wachovia concern

Marketwatch - Wachovia shares slumped 28% to $9.78 during afternoon trading. Credit default swap spreads on the bank's debt surged by more than 800 basis points and now trade at distressed levels, according to Credit Derivatives Research.

[LargoWinch]

Re: tick tick National City WaMu and then..WACHOVIA??

and THEN Wachovia and Nat'l City will fall...

...but who knows...what are you betting?

Original comment:
Wachovia? Stephen Leebs actually recommends it. Odd. Also, is Buffet not a Shareholder?

Erratum: Stephen Leebs recommends Wells Fargo NOT Wachovia. Sorry for the confusion.


Anyway, my bet is CIBC: Canadian Imperial Bank of Commerce once the storm moves north.

[jimmygu3]

Re: tick tick National City WaMu and then..WACHOVIA??

I have personal and business checking accounts at Wachovia. I'm just leaving them alone, in the hopes that the acquiring bank keeps the existing systems up and running. If not, I'll dig into the emergency fund while I wait for the FDIC to refund my money. My hunch is that WB will broker a deal this weekend.

My hunch was right.
Citigroup Agrees to Purchase Wachovia

No message yet on wachovia.com as to how the merger will play out. I'm assuming it will be a la WaMu, where the branches stay open until the merger is complete, then some branches close and the entire Citi network opens up to former Wachovia customers. Here in Atlanta there aren't a lot of Citi branches, so hopefully they'll just change the signage on the Wachovias and call it a day. But we'll see.

Jimmy

[grapejelly]

Re: tick tick National City WaMu and then..WACHOVIA??

Wachovia beat out Nat City...

Now I am looking for Nat City, Fifth Third, and Suntrust to fall...

[c1ue]

Re: tick tick National City WaMu and then..WACHOVIA??

The good news: WaMu and Wachovia didn't disappear

The bad news: you, I, and every other American will be paying for that privilege and the Treasury printing presses rev up.

Doesn't that feel good?

[rj1]

Re: tick tick National City WaMu and then..WACHOVIA??

Well, my bank failed today, and got bought by Citi.

Not too much different really. My deposits there is fine. I have a small concern about my CD that will mature in February, but I will go into my local Wachovia branch tomorrow and inquire about it. When I drove by the branch shortly before close, there weren't a lot of cars there or anything.