Friday, September 26, 2008

Feel the Whoo hoo

Bloomberg: “JP Morgan Chase & Co., the third-biggest U.S. bank by assets, agreed to acquire Washington Mutual Inc.’s deposits and branches for $1.9 billion...”

I’m sorry, they agreed to “acquire” whose fucking deposits? Because I’m pretty sure some of that is my fucking money you’re talking about.

Some people would blame over-expansion, or its increasingly risky mortgages in an increasingly shaky housing market. Still more say it was doomed the moment it started calling itself WaMu (actual slogan, up on its website right now: “Feel the Whoo hoo!™”)(“feeling the Whoo hoo” is actually illegal in many states). Me, I’d go further back, to this moment.

I simply must quote the WaPo about WaMu: in their story on this, they bury this at the very end: “The Washington Mutual-J.P. Morgan deal is not subject to any of the reviews that normally attend a major bank merger. ‘When you have a failing institution, you don’t have time for that,’ [FDIC chair] Bair said.” How very reassuring.

Incidentally, a lot of people have been bringing up McCain’s membership in the Keating Five lately, but let’s also remember Bush’s brother Neil’s adventures in the savings and loan field.

The Sarah Silverman “Great Schlep” video, in case you’ve somehow missed it.

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