Comments on: Breaking News: Washington Mutual to be Acquired by JPMorgan Chase (Update1)

By: Kev

Kev — Fri, 26 Sep 2008 12:38:23 +0000

Damn… I actually liked WaMu, where as I pretty much hate Chase as a company.

My last credit card is with WaMu and I have a 0% balance transfer deal the lasts until July. I have a feeling that offer is going to go away a lot sooner than July now.

By: Crandall

Crandall — Fri, 26 Sep 2008 12:12:12 +0000

…so now it’s obvious why Washington Mutual was offering that ‘great’ 4.0% interest rate — they were bankrupt and desperate for cash just to survive one more week.

Now, today — we have the largest bank failure in U.S. history.

Luckily, no one was fooled by that interest rate offer; wise depositors & financial advice-givers avoided unsound banks… no matter what the “advertised” interest rate {?}

There will be hundreds more bank failures.

Who do you trust with your money ?

By: Frank Miller

Frank Miller — Fri, 26 Sep 2008 06:17:27 +0000

This is unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection.

Best,
Frank Miller

By: Paul

Paul — Fri, 26 Sep 2008 03:19:03 +0000

There is no doubt in my mind that this is an illegal transaction conducted on the premise that the big bail out bill is coming. If the big bailout bill doesn’t pass then all hell may break loose.

By: kitty

kitty — Fri, 26 Sep 2008 01:22:32 +0000

From what I just heard on cnbc, they’ll be acquiring assets – deposits and such, but not the stock. Those who own stock and bonds in WaMu will lose the money. At least this is what I heard. There probably will be more details and all of that could be wrong….

Nope, I don’t own either WM or its bonds, but I think all of us own it in our mutual funds and in 401K. Probably some bond funds own their debt too. They specifically said all this money will be lost.

They might say something different now…