Morgan Stanley is DONE and WAMU is being Auction

[tripods68]

Bad news continue to flow. The house of cards is tumbling and rolling really fast!

As I was calling one of my friends that have WAMU accounts. They said they already have huge crowds in front of their local branch --all trying pull out all their $$. Here we go!

[sweeps]

Wow. This is like a slow motion train wreck.

[amarowsky]

It's a wonderful life style... Poor George Wamu Bailey

[Broken Arrow]

Oh I don't know. Both WaMu and Wachovia were long known to be weak like the rest that have fallen so far.... In fact, even I have mentioned somewhere earlier that these guys are vulnerable. So, again, nothing surprising here.

Consolidation appears to be a necessary evil, and it's not an entirely bad thing. So long as it's not bankruptcy or even a bailout, then they have a chance to live on. Did I mention that Merrill Lynch made a smart move?

Any other major institutions that's weak and on the potential chopping block? I can't think of any off the top of my head. I think all of the usual suspects are accounted for. Hopefully, this is the end of the worst and recovery can now slowly begin.

[sweeps]

I think BA has been hired as PR for the Federal Reserve.

[Broken Arrow]

Shhhh! I'm only an intern. But if I do a good job, they say they just might have a spot for me.

[tripods68]

SHHH!!! We have a coworker here that refused to accept the fact his very own WAMU is soon to go belly up! He has his direct deposit, savings, and CDs but less than 100K per account overall. Some people just have their head stuck in the sand.

[glock35ipsc]

Don't show him this then!

With stock sinking, WaMu appears headed for sale: Financial News - Yahoo! Finance

Ailing bank Washington Mutual Inc. appeared headed toward a sale Wednesday after a major investor removed a potential stumbling block and nervous banking regulators began approaching the most logical buyers.

The New York Times, citing unidentified people familiar with the matter, said an auction of the bank was already under way, and The Wall Street Journal reported Wells Fargo & Co. and Citigroup Inc. expressed interest in a takeover.

[pfblueprint]

Dang... the sky really is falling.

[Broken Arrow]

Oh yes, WaMu's situation is precarious indeed.

They hired Goldman Sachs to play matchmaker. Even though likely candidates have been named, no suitors so far.

WaMu's upside is that it does have a large deposit base. That's something attractive for those without one, especially if it's on fire sale.

WaMu's downside is that does have a large deposit base. That means if WaMu doesn't get hitched soon, it might actually fail, and if that happens, the FDIC is going to have a monster on their hands. I read somewhere that it's close to the tune of $20 billion that needs to be covered.

From the various sources that I've read, WaMu's chances of bankruptcy is actually kind of low. Believe it or not. But, it doesn't change the fact that their current situation remains dire.

[Broken Arrow]

Dang... the sky really is falling.

Pffft! No.

But some of the financial giants that once stood tall and proud, seemingly invincible from the outside, but in reality, are rotten and fragile on the inside have fallen.

Again, these are the usual suspects. Now, if Bank of America, J.P. Morgan, and Goldman Sachs starts skidding towards the precipice, then yes, I will join the panic.

[tripods68]

And the world will wonder, where the "new" wealth of Billionaires gonna come from next....

[tripods68]

The Run on the bank was the final dagger.

[Scanner]

In other news. . .according yahoo. . .the US mint isn't doing gold coins anymore due to high demand. I would expect a run on gold and silver bullion now.

I personally speculate this is the last chance at a buy on precious metals.

Anyway, because JP Morgan is buying WaMu, the good news is the FDIC fund isn't nearly depleted.

[sweeps]

In other news. . .according yahoo. . .the US mint isn't doing gold coins anymore due to high demand. I would expect a run on gold and silver bullion now.

Link?