----- Original Message -----
From: Thomas Watts
To:
Sent: Friday, September 26, 2008 8:33 AM
Subject: [RonPaulforPresident] WaMu becomes biggest bank to fail in US history
- Ready for some truth?
Would you really like to know what's going on? Do you think you can
handle some truth? Are you finally ready to listen?
These banks are not failing. They are being picked up by hostile take
overs from other, more powerful, banks. A hostile take over occures when a firm
is near bankruptcy and the sell out price is dirt cheap. Bigger firms come in
and offer them just enough money for them to cover their debts. Their bills get
paid and bankruptcy has been avoided. Hostile as in "Sell us the bank or live
in poverty the rest of your life"!
But who on earth could afford this kind of money? Well duh! Who's name's
have been all over my post for the last few years now? Do these names ring a
bell? Rothschild, Rockefeller, JP Morgan, Chase Manhattan, Chertoff, Elizabeth
II, Kissinger, bla, bla, bla.
And what do all of these people have in common? Oh, comon now. Surly Ron
Paul told you allll about these guys. They all either belong to The Council on
Foreign Relations or they run The Council on Foreign Relations. You know. The
NWO guys. Guess which over seas private firm is manipulating these buy outs.
Yer good ol buddies at the Federal Reserve. Ta Daaa! What you say? You didn't
know the FR was privately owned? Why not? Didn't your good ol' politician
buddies tell you about this? What about your TV? Didn't Fox News tell you about
this?
Oh! By the way. Guess how much all these Zion Jews are worth. Ready? Ten
quadrillion dollars!!! This is no typo. This is no mistake. In fact, it's a
very conservative estimate.
$10,000,000,000,000,000.00 and groooowing!
Pissed off yet?
Pol'i.ti'cian n. One addicted to, or actively engaged in, politics as
managed by parties; often one primarily interested in political offices or the
profits from them as a source of private gain.
Webster's New Collegiate Dictionary.
Let me issue and control a Nation's currency and I care not who makes its
Laws
- Amselm Meyer Rothschild
The difference between the Jewish soul ... and the soul of all the
Gentiles ... is greater and deeper than the difference between the soul of a
man and the soul of an animal.
Rabbi Avraham Yitzhak HaCohen Kook (1865-1935)
"We are on the verge of a global transformation. All we need is the right
major crisis and the nations will accept the New World Order. "
- David Rockefeller
"Oil is much too important a commodity to be left in the hands of the
Arabs."
- Henry Kissinger
We will have a world government whether you like it or not. The only
question is whether that government will be achieved by conquest or consent."
Jewish Banker Paul Warburg, February 17, 1950, as he testified before the U.S.
Senate
"Don't worry about congress. We can take care of congress."
- David Rothschild
Have a nice day,
Terrible Tommy
WaMu becomes biggest bank to fail in US history
By MADLEN READ, AP Business Writer 23 minutes ago
NEW YORK - As the debate over a $700 billion bank bailout rages on in
Washington, one of the nation's largest banks - Washington Mutual Inc. - has
collapsed under the weight of its enormous bad bets on the mortgage market.
The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then
sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.
Seattle-based WaMu, which was founded in 1889, is the largest bank to
fail by far in the country's history. Its $307 billion in assets eclipse the
$40 billion of Continental Illinois National Bank, which failed in 1984, and
the $32 billion of IndyMac, which the government seized in July.
One positive is that the sale of WaMu's assets to JPMorgan Chase prevents
the thrift's collapse from depleting the FDIC's insurance fund. But that detail
is likely to give only marginal solace to Americans facing tighter lending and
watching their stock portfolios plunge in the wake of the nation's most
momentous financial crisis since the Great Depression.
Because of WaMu's souring mortgages and other risky debt, JPMorgan plans
to write down WaMu's loan portfolio by about $31 billion - a figure that could
change if the government goes through with its bailout plan and JPMorgan
decides to take advantage of it.
"We're in favor of what the government is doing, but we're not relying on
what the government is doing. We would've done it anyway," JPMorgan's Chief
Executive Jamie Dimon said in a conference call Thursday night, referring to
the acquisition. Dimon said he does not know if JPMorgan will take advantage of
the bailout.
WaMu is JPMorgan Chase's second acquisition this year of a major
financial institution hobbled by losing bets on mortgages. In March, JPMorgan
bought the investment bank Bear Stearns Cos. for about $1.4 billion, plus
another $900 million in stock ahead of the deal to secure it.
JPMorgan Chase is now the second-largest bank in the United States after
Bank of America Corp., which recently bought Merrill Lynch in a flurry of
events that included Lehman Brothers Holdings Inc. going bankrupt and American
International Group Inc., the world's largest insurer, getting taken over by
the government.
JPMorgan also said Thursday it plans to sell $8 billion in common stock
to raise capital.
The downfall of WaMu has been widely anticipated for some time because of
the company's heavy mortgage-related losses. As investors grew nervous about
the bank's health, its stock price plummeted 95 percent from a 52-week high of
$36.47 to its close of $1.69 Thursday. On Wednesday, it suffered a ratings
downgrade by Standard & Poor's that put it in danger of collapse.
WaMu "was under severe liquidity pressure," FDIC Chairman Sheila Bair
told reporters in a conference call.
"For all depositors and other customers of Washington Mutual Bank, this
is simply a combination of two banks," Bair said in a statement. "For bank
customers, it will be a seamless transition. There will be no interruption in
services and bank customers should expect business as usual come Friday
morning."
Besides JPMorgan Chase, Wells Fargo & Co., Citigroup Inc., HSBC, Spain's
Banco Santander and Toronto-Dominion Bank of Canada were also reportedly
possible suitors. WaMu was believed to be talking to private equity firms as
well.
The seizure by the government means shareholders' equity in WaMu was
wiped out. The deal leaves private equity investors including the firm TPG
Capital, which led a $7 billion cash infusion in the bank this spring, on the
sidelines empty handed.
WaMu ran into trouble after it got caught up in the once-booming subprime
mortgage business. Troubles then spread to other parts of WaMu's home loan
portfolio, namely its "option" adjustable-rate mortgage loans. Option ARM loans
offer very low introductory payments and let borrowers defer some interest
payments until later years. The bank stopped originating those loans in June.
Problems in WaMu's home loan business began to surface in 2006, when the
bank reported that the division lost $48 million, compared with net income of
about $1 billion in 2005.
At the start of 2007, following the release of the company's annual
financial report, then-CEO Kerry Killinger said the bank had prepared for a
slowdown in its housing business by sharply reducing its subprime mortgage
lending and servicing of loans. Alan H. Fishman, the former president and chief
operating officer of Sovereign Bank and president and CEO of Independence
Community Bank, replaced Killinger earlier this month.
As more borrowers became delinquent on their mortgages, WaMu worked to
help troubled customers refinance their loans as a way to avoid default and
foreclosure, committing $2 billion to the effort last April. But that proved to
be too little, too late.
At the same time, fears of growing credit problems kept investors from
purchasing debt backed by those loans, drying up a source of cash flow for
banks that made subprime loans.
In December, WaMu said it would shutter its subprime lending business and
reduce expenses with layoffs and a dividend cut.
The bank in July reported a $3 billion second-quarter loss - the biggest
in its history - as it boosted its reserves to more than $8 billion to cover
losses on bad loans. Over the last three quarters, it added $10.9 billion to
its loan-loss provisions.
JPMorgan Chase said it was not acquiring any senior unsecured debt,
subordinated debt, and preferred stock of WaMu's banks, or any assets or
liabilities of the holding company, Washington Mutual Inc. JPMorgan also said
it will not take on the lawsuits facing the holding company.
JPMorgan Chase said the acquisition will give it 5,400 branches in 23
states, and that it plans to close less than 10 percent of the two companies'
branches.
The WaMu acquisition would add 50 cents per share to JPMorgan's earnings
in 2009, the bank said, adding that it expects to have pretax merger costs of
approximately $1.5 billion while achieving pretax savings of approximately $1.5
billion by 2010.
"This is a definite win for JPMorgan," said Sebastian Hindman, an analyst
at SNL Financial, who said JPMorgan should be able to shoulder the $31 billion
writedown to WaMu's portfolio.
KILL THE BEST GENTILES
Tob Shebbe Goyim Harog
James W. Von Brunn
440 pg Down Loadable
$10
Inquire within
__._,_.___
Messages in this topic (1) Reply (via web post) | Start a new topic
Messages | Files | Photos | Links | Database | Polls | Calendar
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to
Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe Recent Activity
a.. 6New Members
b.. 1New Links
Visit Your Group
Yahoo! News
Get it all here
Breaking news to
entertainment news
Special K Group
on Yahoo! Groups
Join the challenge
and lose weight.
Find helpful tips
for Moderators
on the Yahoo!
Groups team blog.
.
__,_._,___
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"APFN" group.
To post to this group, send email to [email protected]
For more options, visit this group at
http://groups.google.com/group/APFN?hl=en
APFN-1 YahooGroups:
Subscribe: http://groups.yahoo.com/group/apfn-1/join
Unsubscribe: [EMAIL PROTECTED]
APFN MSG BOARD:
`In a time of universal deceit, telling the truth is a revolutionary act.'
http://disc.server.com/Indices/234999.html
APFN CONTENTS PAGE:
http://www.apfn.org/old/apfncont.htm
"RADIO YOUR WAY" APFN POGO NETWORK (( WOW!! ))
"All tyranny needs to gain a foothold is for people of
good conscience to remain silent" -- Thomas Jefferson
http://www.apfn.net/POGO.HTM
Find elected officials, including the president, members of
Congress, governors, state legislators, local officials, and more.
http://congress.org/congressorg/dbq/officials/
APFN,
PMB 207, 6640 W. CACTUS RD. #A111, GLENDALE, AZ 85304
-~----------~----~----~----~------~----~------~--~---
