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Post by danreller on Sept 25, 2008 20:52:56 GMT -6
Washington Mutual has been added to the FDIC Failed Banks list.
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Post by agito on Sept 25, 2008 20:55:57 GMT -6
yeah...... we are almost to the point where a tree falls in an uninhabited forest plain
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Post by redwolf on Sept 25, 2008 20:56:26 GMT -6
WaMu is largest U.S. bank failure By Elinor Comlay and Jonathan Stempel NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news
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Post by graybeard on Sept 25, 2008 21:35:40 GMT -6
Is there a list somewhere of safe, prudent banks?
We have 4 modest-medium checking accounts at WaMu, and a bigger one I tend at National City Bank, another weak one.
Well Fargo claims to be solid, but I had a bad experience with them, and closed my account there.
GB
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Post by agito on Sept 25, 2008 22:07:17 GMT -6
yeah- i'm wondering the same thing myself- i've even checked around here a little bit, but couldn't find a good site. More-to-the-point, is there a methodology? Volume of shorts against? (oh wait- we don't have a shorts market for another 6 trading days) Stock price? Capitalization ratio in comparison to the banks that incorporated the failed banks?
the only 2 solid ones i can think of off the top of my head are ING and WF. but that's only because there's been so much focus on the ones that have failed.
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Post by agito on Sept 25, 2008 22:07:48 GMT -6
oh- and what's the ding to the FDIC assets from this one?
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Post by agito on Sept 25, 2008 22:12:40 GMT -6
ah- $24 billion more - thanks to UnLC in the other thread
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Post by danreller on Sept 26, 2008 1:15:30 GMT -6
Yes, there is a place that you can get an idea (on a scale of 1-5) of how the bank is doing. It also rates Thrifts and Credit Unions and is free to use. I can't vouch for the credibility of the ratings, but, the Co., BankRate.com seems to have an excellent reputation. Here's a link: www.bankrate.com/brm/safesound/ss_home.asp
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Post by unlawflcombatnt on Sept 26, 2008 2:07:17 GMT -6
ah- $24 billion more - thanks to UnLC in the other thread Good catch, agito. I hadn't noticed that myself. $24 billion is over 1/2 of the money remaining in the FDIC fund. This will leave something like $21 billion remaining in the FDIC fund to bail out ALL of the upcoming bank failures. The next bailout will require increased taxpayer-funding for the FDIC.
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Post by agito on Sept 26, 2008 2:09:09 GMT -6
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