Tag Archives: banking

WaMu’s First Post-Failure Ad

And it’s actually real. Good to see that while they may have lost $300B, they haven’t lost their sense of humor. Uh, right?

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Gay Marriage Killed WaMu!

From the Liberty Counsel, comes this insight into the REAL cause of Washington Mutual’s demise. Google’s cofounder and President of Technology, Sergey Brin, posted a statement Friday on the company blog against Proposition 8, the proposed constitutional amendment that would protect marriage in California as the union of one man and one woman. The blog post admitted that marriage was …

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Top Ten Bank Failures Of All Time

Via Get Listy:1. Washington Mutual, Seattle (2008)Total assets: $307 billion 2. Continental Illinois National Bank and Trust, Chicago (1984)Total assets: $40.0 billion 3. First Republic Bank, Dallas (1988)Total assets: $32.5 billion 4. IndyMac Bank, Pasadena, Calif. (2008)Total assets: $32 billion 5. American S&LA, Stockton, Calif. (1988)Total assets: $30.2 billion 6. Bank of New England, Boston (1991)Total assets: $21.7 billion 7. …

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Is Wachovia Next?

Now Wachovia is wobbling. The seizure of Washington Mutual Inc. (WM) is quickly becoming a problem for Wachovia Corp. 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, …

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Washington Mutual: Gone In Largest Bank Failure In American History

At least we won’t be paying for this one. Maybe. Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in the largest bank failure in American history. Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual to JPMorgan Chase. The remainder of WaMu, …

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Wall Street Melts Down

Lehman Brothers, bankrupt. Merrill Lynch, sold. AIG, “days to survive.” In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it …

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Bankruptcy Roll Call

Things are getting very grim for the nation’s retailers, which is no surprise to anybody who has seen the graveyard of empty storefronts dotting the malls. Bankrupt retailers: Sharper Image, Levitz, Fortunoff, Lillian Vernon, Linens ‘n’ Things, Wickes, Harvey Electronics, Bombay, Domain. Wobbly retailers: Best Buy, J.C. Penney, Lane Bryant, Lowe’s, Office Depot, Foot Locker, Zales, Ann Taylor. Some of …

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And Next, They’ll Fix It So The Door To Your House Won’t Open

Here’s a sign of the times. A California company is selling car dealers a device that disables your car when your payment is late. A Riverside County company is cashing in on the subprime credit crunch. Murrieta-based, Sekurus, sells a device that will disable a driver’s car if a payment is missed. The so-called ‘On-Time’ device is actually a little …

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