Cramer fan

On WaMu's Birthday, JPMorgan Takes the Cake

Hey user, i'm truly sorry to hear you lose a large portion of your life savings. To have such a large portion of your investments with your employer, which i am assuming you worked for wamu, is definitely not the approach i would ever take myself. Most places have a stock purchasing discount, i've always taken advantage of them but sold them off typically after the required time. If you want to blame somebody, trust me the government is not the place you want to point the finger to. Everything points to the old ceo kerry killinger! He's the selfish fat cat that could have sold the company for 8 dollars a share to Chase then, but no. He insisted on keeping the bank independent. Why? It never had enough capital to sustain these loans with no chance of ever selling them on the secondary market. And with speculation building about the banks soundness, he leaves with his 23 million dollar golden parachute. Alan Fishman, gets hired to broker a deal to another institution. Mulitple ratings downgrades, turned all the attention of the media towards the wamu which compelled the customer base to cause a 16.7 billion dollar run. Leaving the shareholders with nothing. I believe in the government no matter how crooked they are to keep us safe. If they had to fork over the bill for wamu's imminent demise, it could have depleted FDIC's funds. I approve of the governments actions, and realize that the bailout is absolutely necessary for us to avoid GD2. AIG's take over is more of a dire situation than conspiracy theories regarding wamu. We are already engulfed as a nation in this mess, and if we can use our funds to purchase 700B+ mortgage loans for pennies on the dollar, re-write the loans to keep the homeowners in their houses, and more than likely turn a profit its a no brainer. Nobody wants to lose their house, and if the banks are not willing or even able to negotiate payments for homeowners to be able to afford their payments then let the government make it happen.

How Does the WaMu Failure Compare?

Take your money out of wamu now? You stupid idiot, the bank was just taken over by the most stable bank in the nation. If its not safe under JP Morgan, why dont you just take all your money out of every institution out there. That's even smarter.