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And I'm guessing that a credit default event will be created.
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I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
NPR is reporting that WaMu did indeed fail and they are calling it "the biggest bank failure in US history".
edit: Link fixed.Last edited by Dinner; September 26, 2008, 10:21.Try http://wordforge.net/index.php for discussion and debate.Comment
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Link doesn't work."I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow
"I didn't attend the funeral, but I sent a nice letter saying I approved of it." - Mark TwainComment
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your link doesn't work, but the bbc is reporting the same things."The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de BottonComment
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What? I'm supposed to take your word for it?
"I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow
"I didn't attend the funeral, but I sent a nice letter saying I approved of it." - Mark TwainComment
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"The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de BottonComment
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Link fixed. They lost almost 10% of deposits in the last couple of days as a slow motion run took place. WaMu is my bank and I kept my money in it because... well, I don't have $100,000 and the FDIC insures everything so what's the point?Try http://wordforge.net/index.php for discussion and debate.Comment
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My bank failed, how cool is that?
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Not here. Perhaps it won't work in Canada?Originally posted by Oerdin
Link fixed.
nm though, I read the BBC link.
Scary stuff although JP Morgan seems to be doing alright with the fire sales."I have never killed a man, but I have read many obituaries with great pleasure." - Clarence Darrow
"I didn't attend the funeral, but I sent a nice letter saying I approved of it." - Mark TwainComment
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Looks like Wachovia and National City Bank have been fingered by the market as the next banks to collapse.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Wachovia is going into the drink. Down 37% today.
The only bank in a good position to take over Wachovia after a failure seems to be Wells Fargo.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Hmmm... Wachovia is my bank
“I give you a new commandment, that you love one another. Just as I have loved you, you also should love one another. By this everyone will know that you are my disciples, if you have love for one another.”
- John 13:34-35 (NRSV)Comment
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O ho the Wells Fargo Wagon is a-coming down the street
Oh please let it be for me!Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety. - Ben Franklin
Iain Banks missed deadline due to Civ | The eyes are the groin of the head. - Dwight Schrute.
One more turn .... One more turn .... | WWTSD
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Looks like citibank is also interested.Originally posted by DanS
Wachovia is going into the drink. Down 37% today.
The only bank in a good position to take over Wachovia after a failure seems to be Wells Fargo.
So very soon it looks like there will be three choices, BoA, Chase, and Citi....
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US Bank won't be buying up anything? They're #6 in the country earning a dividend for over a century, so why not have the capital to expand this way?Comment
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