Is your bank on this list?

drew · Posted: Fri Jul 18, 2008 10:14 am Post subject: Re: Is your bank on this list?

NO.......

However, I am playing the volatility in the sector. Sadly my timing and balls are slightly off, despite being in the money.

Bought CIBC (CM-T) at 57 last week and promptly watched it slide to 49 this wednesday.

Didn't have the cahones to buy more.

It is at 59 today!

Drew

Serial_Worrier · Heavy Crude Joined: Jun 05, 2008 Posts: 285

Irrelevant! FDIC covers up to $100K deposits. Now I'd be bummed if I owned shares in WaMu.

wisconsin_cur · Posted: Fri Jul 18, 2008 1:27 pm Post subject: Re: Is your bank on this list?

Bank Rate.Com

Another place where you can find a rating on your institution.

My Bank= 4/5 stars

My Employer's= 4/5 stars

BigTex · Posted: Fri Jul 18, 2008 1:34 pm Post subject: Re: Is your bank on this list?

xarkz · Posted: Fri Jul 18, 2008 1:51 pm Post subject: Re: Is your bank on this list?

Ferretlover · Posted: Fri Sep 26, 2008 8:21 am Post subject: Re: Is your bank on this list?

Bump: Cur lists a good link ( Bankrate.com )
_________________
"RRrrruuuunnnn!!!" ~Apocalypto

ROCKMAN · Posted: Fri Sep 26, 2008 11:03 am Post subject: Re: Is your bank on this list?

Tex et al,

I respect our little group here and would like to hear comments on my post from another thread:

Repost:

Exactly how did WAMU get "bailed out"??? The bank was seized by the Feds and sold at a big discount to JPM. No depositors lost a penny and thus no FDIC funds were needed. JPM now has a much bigger base to expand lending. Given the apparent big discount JPM paid they'll likely make a nice profit on WAMU mortgage biz. WAMU still functions as a retail bank just fine (I know first hand...it's my bank and nothing has changed).

Of course, the WAMU shareholders were slaughtered (including that fund manager who put $8 billion onto WAMU last spring). But that's how it’s supposed to work, isn't it: you invest in a risky enterprise looking for big returns but the plan fails and you loose your investment. That's the same rule I accepted with every investment I've ever made.

Now WAMU failure is off the table. So how does this add pressure to Congress to bail out any banks??? The depositors lost no money, the mortgages are still in place and JPM now has a much bigger lending base and thus brings money to the market. And biz goes on as usually. The WAMU situation seems to argue against any bail outs. The only folks hurt were the shareholders. As I see it the US banking system is in better shape today due to WAMU's failure.