government intervention made sexy

[seperis]

Because if we cannot laugh at an economic death spiral, we cannot laugh at anything. Spoilers for the economic crisis! In case you were waiting for the coming movie.

Government Seizes WaMu and Sells Some AssetsThat'd be Washington Mutual, for those like me who said "Who the fuck is WaMu?" We have learned today that WaMu--okay, seriously, say

Comments

[svilleficrecs]

a) Scary as fuck, yes.
b) They're commonly known (even in their commercials) as WaMu, not WuMu.

[seperis]

Crap, miswrote. Fixing!

[seperis]

Fixed! WaMu. WaMu.

I have never heard them refered that way. Every time I say it, it makes me happy.

[thepouncer]

I love this post so much. Ruined womenbanks! Searching for virtue in a cruel, cruel world!

[seperis]

It is. I can't get over the way they frame all of this; it just makes me giggle inappropriately.

[blueraccoon]

...WaMu is my bank...

or should I say was?

[svmadelyn]

*tilts head* I'm gonna go with was.

But who can really say. *slides you popcorn bucket*

[blueraccoon]

*nibbles morosely* thanks.

[seperis]

JP Morgan is economically sexy?

[arboretum]

dying, no, I totally agree, that article is way more exciting than any article about the economy should ever be.

seized!
secretly dispatched!
private meetings behind their backs!

it is basically a big spy thriller blockbuster waiting to be made.

[seperis]

We need casting. I think the actors from Godfather are our best bet, personally.

I'm still getting over the board and CEO didn't even know they were sold! I mean, imagine waking up to that!

It's so freaking surreal. I'm hooked. It's must-see TV.

[arboretum]

OH I KNOW it is so tragic; how do they have so little agency in their lives, etc etc!

Godfather = excellent choice; I'm thinking some Infernal Affairs / The Departed would also not go amiss.

[seperis]

Oooh. You have excellent taste. Especially with The Departed. And something for Michael Douglas--after all, he was in the movie Wall Street.

[jade_dragoness]

*wibbles* But WaMu is my bank.

*eyes narrow* What have they been doing?!

[seperis]

....see, that's the sort of thing these articles should get around to telling us more about!

What has WaMu been doing?

[kiranovember]

Aside from making annoying commercials in which they call themselves WaMu and make fun of stuffy, conservative bankers?

Loaning money to people buying more house than they can really afford, or proving that Mortgages for the Complete Idiot should have been written for the banks, not the customers.

[libellen]

I knew they were having trouble when they started offering a CD for 12 month at 5.00% apy about 3-4 weeks ago. It was quite a bit higher than the rest of the market (in Chicagoland), which suggested that they were really trying to pull in cash quickly. Banks might do this if they are having difficulty meeting their obligations.

Then last week I read that they were looking for a buyer and I imagined that some customer would freak out. I was right: customers heard this news reacted by pulling over 16 billion dollars out of the bank. The articles I have read suggested that this ultimately caused the failure.