Welcome to JPMorgan Chase
WAMU was siezed by the OTS September 26, 2008. The largest bank failure ever. On it’s last day the stock drop 90%, from $1.69 to 16 cents. It’s 52 week range was $36.47-0.15. The sale of WAMU to JPMorgan Chase was so quick it felt like WAMU was euthinized. If you bank with WAMU, you have nothing to worry about. All of your deposits (checking, savings, CDs) was bought by JPMorgan and is fully insured up to $100,000 per depositor. You can be more insured if you title the accounts correctly. I, myself, was never worried about my money at WAMU. I was sure if the bank did falter it would be fully insured by the FDIC. The financial market shakedown is not over. It is rumored that Wachovia is next. It’s stock is down to $8.50 from a 52-week high $52. If Wachovia can not find a suitor soon it’s fate might be the same as WAMU. If anyone is thinking about investing this might be a great time to put some money in the market. However, believe me, it’s better to buy an index fund or an ETF than to buy individual stocks. Let’s see how next week turns out for Wachovia and it’s stockholders.
October 1, 2008 at 5:03 pm |
I heard Citigroup bought Wachovia? IDK if it’s official yet though – how scary! I wonder who’s next!?
October 1, 2008 at 9:41 pm |
LOL thanks! I’ll try to save you one
hahaa
October 6, 2008 at 11:55 am |
The market is going crazy! The market dropped a lot this morning. You would think the bailout of $700B would stimulate the market but it continues to keep dropping.