WAMU????

I have my account with them. I hope it's not true. I was talking to my dad last night, and he said that even if something happens, it won't affect the 'people'...not sure what he meant by that...

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Posted by JBoothIn2008

I heard AIG was next to go down.

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Oh no not AIG, I have money with them!

AIG technically got saved bc the governor of Jersey is letting them take out loans against themselves. Maybe i didnt hear it properly but does that mean that they will use the money that people have invested to bail them out????
even with that i do not think they will pull out of this one.
If anyone else knows more about this please let us know.

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Posted by RadiantBride

AIG technically got saved bc the governor of Jersey is letting them take out loans against themselves. Maybe i didnt hear it properly but does that mean that they will use the money that people have invested to bail them out????
even with that i do not think they will pull out of this one.
If anyone else knows more about this please let us know.

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I just watched a segment this morning on CBS saying that investment firms CANNOT USE PEOPLE'S MONEY TO BAIL THEMSELVES OUT. There are tons of regulations about this. Not sure what a 'loan against themselves' would be then, but the financial advisor on CBS said they cannot use investor's money for anything except investing for their investors.

i heard they are being sold.

I also heard that there maybe layoffs at branches

But the economy is STRONG..so they keep saying

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Posted by ChristineAaron08

i heard they are being sold.

I also heard that there maybe layoffs at branches

But the economy is STRONG..so they keep saying

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Really? It's strong? Where do they live?

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Posted by JBoothIn2008

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Posted by RadiantBride

AIG technically got saved bc the governor of Jersey is letting them take out loans against themselves. Maybe i didnt hear it properly but does that mean that they will use the money that people have invested to bail them out????
even with that i do not think they will pull out of this one.
If anyone else knows more about this please let us know.

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I just watched a segment this morning on CBS saying that investment firms CANNOT USE PEOPLE'S MONEY TO BAIL THEMSELVES OUT. There are tons of regulations about this. Not sure what a 'loan against themselves' would be then, but the financial advisor on CBS said they cannot use investor's money for anything except investing for their investors.

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Thank you! that definitely makes me feel better.

WAMU's not in a good financial position and their stock has pretty much plummetted. I think there are talks of them being sold, but the question will be to who.

I think as long as you have less than $100K there then you have no need to run...even if they failed it's FDIC insured.

I think all banks are going through some exposure and risk so I'm not sure it's worth runnning from bank to bank.

These are just my thoughts.

It's an unfortunate economic climate we're in.

Saw this article on Reuter's and thought I would post for the WAMU ladies.

WAMU Article

As long as you have less than $100K in any bank you are insured and you have nothing to worry about. It is more complicated than that but that is the simple version.

If you pull your money out and I pull my money out, that causes a run on the bank and THEN the bank WILL go under.

You should never have all of your money in one bank in case it DOES go under and they freeze your account and your money is held up for a few days.

I learned all of this from LIF LOL but it is common sense not to put all of your eggs in one basket.

that is why the depression hit so bad - people ran to the banks pulled out their money and there were no laws in place to protect your money at the time. As people have said as long as you don't have 100,000 laying around in one account your fine, your money is insured.

they will be purchased by another bank, wamu used to be key bank.