Largest US Bank Failure....was also my employer.

Chickenwing

Chickenwing

[10] Knight
This isn't a thread of sympathy or anything of the sort. But i really don't like the way things are going right now.

I guess it's because it's my bad habit of being so naive and optimistic about everything right now, that i was oblivious that the inevitable was coming...*sigh*

Anywho, let's discuss on this issue as well as the economy itself. As an employee of the company, one can not help but to be a little concerned of his/her, job. especially with the way the economy is right now. I mean, i was employed @ cingular before AT&T bought them out. And i was fine...hell i continued to work for the company for another 2 years since the merger. But i guess i can say that i am a little more uneasy because w/o this job, i REALLY don't know how long i can last w/o a steady paycheck coming in...

EDIT: yes i am still employed with the company...just to answer that question.
 
let me know whatever the next company you work for is because its like 99% sure to get bought out, and theres no reason not to make some money off that

Otherwise, i hope you dont get your retirement stolen by the government. Good luck sir.
 
Well, from what i understand there are good reasons why we've been bought (yes it's official)

1. WaMu was bought...we didn't close. If we did...FDIC couldn't cover us. We have over $100 Billion that's eligible for insurance. FDIC only has $42.5 Billion

2. Chase will become the 2nd largest bank in the US.

3. Everyone panicked and withdrew 10.6 Billion in a 10-day run. (actually surprised me when i read that.)

Those are the KEY reasons why we couldn't close and why we were bought....other than the OBVIOUS mortgage failure in the US.
 
The mortatge problem is very common in Spain too and is the main cause of the economical problems we are facing.

A few years ago, mortatges very more limited, a bit more exclusive, only to 20 years, etc. But with the boost of the building business, banks saw their chance to make money, so they started to create 40 years old mortatges for poorer people, making them available for everybody. What happens? That people can't pay, the building companies don't sell a damn and banks don't get the money.

Important banks can never die or the entire system will crumble. As simple as that.

The government keeps some money for a possible bank bankrupt. That money is to give each person that had money in that bank their money back...but only to a max (20000€ right now). Think what would happen if a big company only gets 20000€ back from their thousands or millions of euros. Bankrupt. Another bank would stop getting their money back from that company and they would suffer too. And many companies wouldn't get paid by that company, obviously, so they die too.

It's all bank's fault and their greed, at least here. They gave money without control and now we are all paying the consequences.
 
Sorry to hear that. You can fight to keep a job at Chase. Don't give up. They need some people for the transition, so you can fight for the job first, and then look for another one in the meantime.
 
I don't know if this is true or not, but my coworker was telling me that the CEO for WaMu was on the job for 17 days and got a $20 million severance. WTF?

When I heard that WaMu was the largest thrift bank in the world, I knew it was just a matter of time before they were taken over. Didn't think it would be this soon though.

I'm in the housing sector and things have not been good all because companies were giving out shady mortgages to people who they knew damn well couldn't afford them. I'm fortunate I still have a job because I don't feel like going out to search for a new job.
 
I work 3rd shift at a grocery store(I hate it, but thankful as fuck I have it), prices on ALOT of shit has fucking skyrocketed.

Any "sales" we've had recently was practically the old price. The people that come up to me and complain (hey, I just put it on the shelf)

I've noticed alot of usually "busy" nights have had less people, I'd say it'll crank up Thanksgiving and Christmas (not new years, dry county. no alcohol here) and then it'll go back to how it is now, unless some bad winter storm blows through, as people will decide to stock up.

Grocery is a good place to be in these times really(until there is no money), my dad said it best:
"People gotta eat."
 
I work in real estate and the last few years have obviously not been good but good agents/companies can survive in down markets The news through in last couple weeks though, has been very distressing.

There is a major difference between keeping our company alive in a soft market as opposed to an economic collapse/depression. Now obviously that is worse case scenario but with what is going on right now it is something that needs to be entertained as a possibility when we have our planning meetings.
 
I work in tech and I just quit today to go back to school. When i gave my boss the 2 weeks she told me they were planning on moving my department to china.

One problem though about the issues with the US banks going down is that we're affecting the world economy.....I hope that we can re-establish our trust with the world. According to Ron Paul's book the fall of the Roman empire started with their currency turning to crap.
 
yeah restaurantand entertainment industry is hurting as well. i'm freaking out a bit. in a few months when i get my exec certification...up until like two years ago it would have been guaranteed that i could get a job easily at pretty much any resort anywhere. the advisers at the school now though are telling us to be ready for a job search...people aren't going on vacation as much anymore.

fuck you W. i saw this coming. i'm going to throw up.

also, you can't turn this around and blame initiatives put into place by clinton because if the economy had remained as he left it...or been better, as he was directing it...then those initiatives would have worked out and been good. this is ALL W's FAULT...well...i guess it's the people who were thick enough to vote him in in 04's fault. 2000...ok we all make mistakes...but face it...shame on us as a nation of idiots. this is ALL because of bullshit debts, corporate bullying, aborted diplomacy, and a general complacency about it by a large voting portion of the american people. we all watched it...step by step...we smelled this shit-cake cooking for the last 7 years and we all held our noses and opened the windows and lit up a stick of nag but nobody turned off the fucking oven. now we all have to grab a plate and a fork.
 
the 700b buyout bill failed......i dunno, from what i gathered it seemed like we would have been less screwed if it passed. The dollar would have inflated like a mofo if it passed but now without the bill alot of banks are gonna go down. Then agian if the bill did pass the gov would have had a lot of contorll over the banks and what not, making our economy fascist.

either way....we're royally screwed.
 
I work at a bank too. Luckily, not a big one. We are in pretty good shape. We were always conservative about who we lend money to which now seems to have been a great thing to do. My bank actually has no houses up for foreclosure.
 
barry said:
At time like this I'd just like to say it's good to be Canadian.
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you guys aren't being affected by this in any way? I mean obviously you dont have a housing bubble that bursted, but the US buys alot of Canadian oil and other such goods. If we're poor Canadians will loose a huge customer. Its not like you guys are way out in the UK or something.

but one import that wont go down is Canadian beer. Molson Canadian is awesome this time of year, best way to beat the post summer NJ humidity :D
 
A lot of banks made a lot of irresponsible decisions to give out loans to really irresponsible people at ridiculous rates, and then they wonder why they lost money and end up with worthless foreclosures?

I blame all the people making really poor decisions that didn't expect there to be consequences. I'm glad as hell that the bill did not pass.

The mortgage market failed this month because it was making poor economic choices. If we had invested a trillion dollars into it, knowing that it was making poor choices, we were pretty much guaranteeing ourselves that we would lose that money too. It's retarded.

Would you buy a stock that could guarantee you would lose 30%? No, that's a bad decision. The same is true on the global scale. Throwing money at people who make bad choices is retarded. People who do so deserve to lose their money.

Listen, ya'll: Make sure you don't just give your money to any old bank. You need to look into what kinds of decisions these banks are making and only give your money to good ones.
 
I work for a major bank in Holland. We just had one almost topple over, but the governments of Holland, Belgium and Luxembourg saved it. The one I work for is privately owned and not dependent on share holders. It also didn't get that much lashback from the current crisis. I am not too worried, but I realise that when the economy really goes down the drain we will feel it as well and anyone's job could be in jeopardy.

Anyone thinking they aren't affected need to take a lesson on economics. This is global. The USA will get the hardest hits first, but don't think for a second any other country will go unscathed. China and Japan have over USD 1.000.000.000.000 worth of obligations. What will happen if they lose this money? What will happen when countries like my own mostly depending on export have less or no business partners anymore? Banks in the UK have fallen as well.

I know the news in the USA is mainly about the USA, but this is a global situation and I don't think any of us can oversee the potential impact.
 
whitey said:
the 700b buyout bill failed......i dunno, from what i gathered it seemed like we would have been less screwed if it passed. The dollar would have inflated like a mofo if it passed but now without the bill alot of banks are gonna go down. Then agian if the bill did pass the gov would have had a lot of contorll over the banks and what not, making our economy fascist.

either way....we're royally screwed.
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I personally wanted to see it passed. I normally don't like that kind of idea, but then again fascism has existed in the US before. That depends also on whether or not we trust the government to let go of that control...

At least 57 other countries will be somewhat effected by this. I think China has a great deal to lose from this. We are in no position to pay them for their investments in US bonds at the moment.
 
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