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Thursday, September 25, 2008

WaMu out! Will J'MorgMu offer free checking?

JPMorgan Chase to purchase Washington Mutual bank for $1.9 billion.

What should they call the new bank? Suggestions? I like the sound of J'MorgMu or Mu Goo Gai Bank.

WaMu was seized by the federal government, and some or most of its assets were sold to JPMorgan Chase. Chase recently was given the new ability to accept deposits and, therefore, become a traditional bank.

It is the largest U.S. bank to ever go-under.

Your deposits are safe; they're federally insured. But if you own WaMu shares, they're virtually worthless.

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21 Comments:

Anonymous Anonymous said:

Thanks Haikula! What's next in the world of Los Angeles politics?

September 25, 2008 7:16 PM  

Anonymous Anonymous said:

Wow, what a bunch of jerks L.A. City Council is! How dare they approve this! Where is Zuma Dogg?!

September 25, 2008 7:21 PM  

Blogger haikula said:

What should they call the new bank?

J'MorgMu?

Suggestions?

September 25, 2008 7:21 PM  

Anonymous Anonymous said:

Wah Wah WaMu!

September 25, 2008 7:22 PM  

Anonymous Anonymous said:

There's that unregulated free market that the goobers are so fond of
blowing up in their face!

September 25, 2008 7:51 PM  

Anonymous Anonymous said:

How about MorMU, MuChase, or just plain MUd?

September 25, 2008 7:54 PM  

Anonymous Anonymous said:

Outstanding stuff here, Haikula! You must have rushed over to your computer during the Nightly News commercial break. Thanks so much!

September 25, 2008 7:58 PM  

Blogger haikula said:

7:51, WaMu (like all of the others, made very bad choices in its mortgage purchases).

All of the banks were playing musical chairs/Russian Roulette, and the international finance world got caught up in it.

The guilty party is Barney Frank and (my treasured) Clinton Administration for force feeding homeownership on people who simply couldn't afford it.

Now please come up with a good name for the new entity!

September 25, 2008 7:59 PM  

Blogger haikula said:

Ah! How about Moo-Goo-Gai Bank?

September 25, 2008 8:00 PM  

Anonymous Anonymous said:

Wasn't hard to see that one coming. WaMu stock has been dropping from the $40 range for last 12 months.

Thankfully, we had John McCain and the White House assuring us that the economy was strong and that the free market system would save the day.

What's bound to happen next is that everybody with a cause will find someone to blame who they don't like.

Palin's rightwing fundamentalist preachers will blame gays and Barney Frank.

The animal extremists will blame Ed Bok.

Racists will blame Villaraigosa, Obama, and anyone who's a minority.

Al Gore will cite global warming.

Rush Limbaugh, Fox News, the New York Times, Jack Weiss .... you name it. There will be someone to blame nearly everyone in the public eye.

September 25, 2008 9:33 PM  

Anonymous Anonymous said:

On the bright side, JPMorgan Chase bought a bank with $310 billion in assets for just $1.9 billion. It feels that should be able to handle WaMu's $31 billion in bad loans even without the bailout. But if there's free money out there, you kind of feel that they'll try and get some.

This opens up new markets for JPMorgan which feels that it may only have to close 10% of its new stable of 4,500 branches.

September 25, 2008 9:45 PM  

Anonymous Anonymous said:

By my count, Haikula is responsible for not only the post, but 70% of the comments. At least she has her looks to fall back on. A pretty far fall, but all the same...

September 25, 2008 10:15 PM  

Anonymous Swizzle Stick said:

Hey, just be happy you don't have to look at the unshaven vagrant with the ski hat and shades.

Haikula, change the photo once in a while; nude or semi is permissible.

Swizzle stick

September 26, 2008 12:01 AM  

Anonymous Anonymous said:

How about: Chase the Moo Moo?

It is all Bull, anyway.

September 26, 2008 12:11 AM  

Anonymous Anonymous said:

It looks like Haikula, Don Quixote and Zuma Dogg all have something in common...............they are all attention whores.

Haikula post more comments that all other readers and is more concerned with site hits than the quality or substance of this blog.

I wonder if the blogging Burros are still under the illusion that anybody on the third floor takes this blog seriously. I read this blog for the same reason I listen to Howard Stern and watch Jerry Springer....stupid people sure are entertaining. hahahahaha hehehehehe

September 26, 2008 2:33 AM  

Blogger Rita Of Sunland/Wally Wharton said:

How 'bout "All-Washed-Up Mutual?" Think I'll put my $$ in my "Mira-Lux Mattress Mutual" from now on...

September 26, 2008 7:29 AM  

Blogger haikula said:

Hello 10:15,

I have some land to sell you. Just because someone writes something that sounds like me doesn't actually make it mine.

Does tinsel distract you, too? Look! Here's a pretty balloon!

Now go sit in the corner and let the rest of us brain-stemmed beings do the discussing.

September 26, 2008 8:11 AM  

Blogger haikula said:

Hi 2:33am,

You must be having a lot of fun reading my commentaries because you are UP AT 2:33AM READING THEM!

Are you just a Goober? Or do you have Raisinettes for brains, too?

Luv Yuh. Haikula

September 26, 2008 8:40 AM  

Blogger Michael Higby said:

Zuma Dogg said it would be like this:

http://ladailyblog.blogspot.com/2008/09/people-are-so-naive-and-stupid-ha-ha.html

September 26, 2008 8:46 AM  

Anonymous graveyard shift said:

Good Morning Haikula! Regarding your 7:21 question, perhaps you'll consider my suggestion:

J.P. Morgan-Washington.

September 27, 2008 2:28 AM  

Anonymous g said:

NOW I HAVE TO THROW OUT MY CHECKS AND BUY NEW CHECKS THIS SUCKS!! WHEN WILL THE CEO'S OF THESE COMPANIES GET BRAINS??? AT LEAST THEY AREN'T TAKING ALL MY MONEY WITH THEM. LOOK OUT!! AMERICA!!!

September 27, 2008 1:50 PM  

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