Comments on: Why Washington Mutual will go under

By: CHarlie

CHarlie — Fri, 14 Nov 2008 08:11:13 +0000

I work in an IT division, taken over by Chase in September. We are just waiting for the proverbial axe to fall on the good people at the combined companies trying to do the right thing, but it appears that old WaMu management still have control over the good staff. I believe the staff at the old WaMu could have run a better company that Kerry Killinger and Sr exec team, who whored the company to greed and pathetic mismanagement. So sad. Pathetic.

By: Sandy

Sandy — Thu, 13 Nov 2008 21:17:50 +0000

President elect Obama just announced the government will now pay off all credit card debt for Washington Mutual credit card holders because people of America deserve that after putting up with the complete idiots at WAMU. It’s only fair!!!!
Thanks President Obama …you’re the best!

By: Chris

Chris — Sat, 27 Sep 2008 02:01:54 +0000

Hey Jeff,

Like I said….”….unless of course there is a run on the bank….which may happen if enough people like you run around claiming that the sky is falling.”

Satisfied that enough people listened to people like you spreading fear that the nation’s largest thrift went under?…..Like I said before – smug. So many people were afraid, that it added up to a run of $16.7 billion. This wasn’t a bank that relied on the deposits of the highly wealthy (like your friends). This was a bank that offered free services to the average joe/jane.

I didn’t say it couldn’t happen. I just think that they were so huge, and not just any financial institution. This wasn’t the fall of one of those businesses that “come and go” as you but it. Heck yeah it mattered that they were around since 1889. This was historic. And this if very unfortunate – especially for the Seattle community and WaMu shareholders. I just don’t get pleasure in seeing a company go down that effects so many people, especially when it could have been prevented if news headlines and malicious people spreading fear didn’t blow them out of the water. If people just listened to the experts and read the entire article, they would know that their money is insured up to $100,00 and that everyone pulling their money out at once would make any bank go under.

However, having expressed my disappointment for the fall of a great bank with great products. I think their former customers and employees are sitting pretty good (except maybe for those with large amounts in stocks)

I kept calm, kept my money in, and I’m okay. I’m not going to paint the sidewalks red anytime soon. Sorry if that disappoints. Now my money is backed by JP Morgan and I feel pretty good about that. It’s business as usual for now. All the branches will be as if nothing has changed. It’ll take a while till they even change all of the branding, I just hope they don’t take away all of the great free products and smiles.

PS – I think you mean if history doesn’t teach us anything….it will happen again. It (I assume you are talking about the great depression) has to have happened more than once for history to teach us that it will happen again.

By: jeff

jeff — Fri, 26 Sep 2008 22:19:34 +0000

my one cent… Nothing is certain but death and taxes. Rip wamu. Chris, it wouldn’t have mattered if they were around since 1789. If you live putting your faith in the stability of long term business, there will be a lot of deep distraught when you see it fail. There were a lot of people who repainted the payvment with their bodies when they jumped during the first crash. The only difference between today and then will probably be the day of the week. Anything can crash anyone greedy enough will do it. And if history teaches us anything… It will happen again.

By: Michael

Michael — Thu, 25 Sep 2008 05:15:23 +0000

Just my 2 cents.

Everyone has an opinion, but I think that it is foolish to base whether a company will fail because you or others had a bad experience with customer service. I moved to WaMu from Wells Fargo and Bank of America for the exact customer service complaints you refer to here, yet they remained profitable and solvent because they did not drink the subprime KoolAid.

WaMu is in trouble because of the KoolAid, but BK … oh no. Come on. BofA bought Merril before it folded and WaMu will likely be bought by the likes of JP Morgan or Wells Fargo for a heck of a deal to them (not so great for the shareholders I’m sure) if it comes to that.

My last cent. If you are concerned about WaMu’s stability go invest in another bank you like better. You know, one that doesn’t offer free checking, free savings, free ATMs, or free anything for that matter. That’s why the other banks can afford great customer service … because YOU PAY FOR IT!

By: jeff

jeff — Mon, 15 Sep 2008 19:22:41 +0000

let’s meet here again in 30 days.

By: Chris

Chris — Mon, 15 Sep 2008 06:23:16 +0000

Umm, hey Jeff,

I don’t think Vince sounds angry at all. I just think you are coming off smug. I don’t really think that your “extremely wealthy friends” have as much of an impact as you may think – outside of your own world.

I have it on pretty good authority that the retail banking end of Wamu has maintained there deposit amounts despite all of the bad press and stock decline. I think that they have enough capital and diversity with the products that they offer to weather this storm….unless of course there is a run on the bank….which may happen if enough people like you run around claiming that the sky is falling.

Let’s be really clear, they’ve been around since 1889. They are the sole surviving Seattle based bank from the saving and loan crisis of the 80’s and 90’s. So to me, your description of a company that comes and goes does not apply here. If your interest is in research and not “fear mongering” than you should actually do some research before you “fear monger.”

By: Jeff

Jeff — Sun, 14 Sep 2008 22:59:34 +0000

Umm, wow.

In response to vince, I have a wide variety of friends. Some extremely wealthy, but most moderate and comfortable. There must be a lot of anger associated with that comment to compare my statement with “hot air”. All i’m doing is stating fact. Personally the type of work I do, I am involved with large financial institutions (one is WaMu)and my only interest in this was research and not “fear mongering.”

I must have hit pretty close to the mark for you to say that. In fact it’s a response closely linked with your own fears no doubt.

Lets be clear. ALL financial institutions are temporary. They come and go all the time. Large and small. The only individual survivors are those who have enough forethought and courage to make decisions about their own future. As far as shorting the stock, that’s happening on its own.

By: A. M.

A. M. — Sun, 14 Sep 2008 06:55:26 +0000

ok…Being a WaMu employee, I can understand where you would be upset, however, It is your responsibility to make sure your accounts are in good standings! You had the opportunity to look at the customer account regulations and disclosure booklet/link at the time of account opening, If you opened your account online, there is no reason why you should be hollering at an employee at any branch about OD/NSF charges, along with service charges. You should Have read the statement of fees. WaMu is a great Company to work for and deal with. In this case Sir/Ms, you missed out on a great Rate, and hopefully next time, you will keep better track of your accounts…

By: Vince

Vince — Sat, 13 Sep 2008 22:22:57 +0000

You must run in really rich circles then because most people can easily have several hundred thousand dollars insured at the same institution. Anybody who tells you different doesn’t know squat about FDIC. And if they are covered, then they’re just succumbing to the same fear mongering that you’re pushing here. Anybody heard of Indymac? Who wants to tell me whether people still have accounts there and whether their ATM cards still work? As for your financial advisor friend, you should tell them to put their money where their mouth is and short the stock then. All of these people going around and spreading rumors on hearsay and conjecture is just really irresponsible. Next thing you guys will want to tell people is that Lehman Brothers and Wamu are from the same family. As for your comment about ‘A lot’ of people pulling out money from Wamu, I’d only believe you if you didn’t have a job and were standing outside the bank all day for some reason. Otherwise you’re just blowing hot air again. Thank goodness the American public is not always that naive.