WaMu in Conservatorship (FDIC seizure)!

Driven1 · September 25, 2008, 11:00:02 PM

all deposits and branches go to JPM.

the message board is getting about 25 posts a minute right now...a lot lost a lot here.
http://messages.finance.yahoo.com/mb/WM

i lost on this one as well!!

Good grief. i don't know WHAT the answer is in this mess. i don't think anyone does.

my greatest fear right now (financially-speaking, of course)? that the bailout passes (i'm confident that it will) and then the markets still tank.

what THEN?

Driven1 · September 25, 2008, 11:07:05 PM

the gov't is screwing around with our lives here. had the bailout passed today, i guarantee you WM would still be alive. ridiculous. the gov't is deciding who lives and dies here right now.

makes me actually think about "change".

chipwich · September 25, 2008, 11:07:10 PM

hate to say I told you so....

Driven1 · September 25, 2008, 11:07:30 PM

Quote from: chipwich on September 25, 2008, 11:07:10 PM
hate to say I told you so....

why do you hate to say it?

chipwich · September 25, 2008, 11:14:24 PM

Well, I feel bad that such a large bank failed.

Many including yourself bought stock in the company. I hope that their stock weathers the buyout and you don't loose money from it.

It's pretty much the reason that I do not like buying financial stocks right now

Driven1 · September 25, 2008, 11:16:35 PM

stock dropped 25% today...before the market closed. dropped 75% to 45 cents/share by 8pm after-market trading. not only that, but it appears the senior debt (bonds), which are usually pretty safe even in a bankruptcy, are wiped out. WM shareholders/bondholders getting screwed royally.

Driven1 · September 25, 2008, 11:17:57 PM

my strategy was to buy 6 financial institutions. 1 has failed (i expected it, but just not so friggin quickly!!). i expect 1 to give me a tenfold return. and the rest to fall somewhere between there. (fingers crossed)

chipwich · September 25, 2008, 11:23:24 PM

I hope so. I'l keep my fingers crossed for you.

I am just very weary about financial in the near term.

Let's take comfort in knowing that the bailout will now certainly happen and that should lift financial stocks enough to recoup your loss on WAMU.

Just a suggestion though, once you make enough money from the bailout wave, get out and get out fast. The bailout will not save us from this crisis. We still have some time to go.

I'm taking my Goldman stock out by next week after it rides the bailout wave.