Washington Mutual
Company
Five days that jolted Seattle...- remember those? - anywhere in the country. Now Boeing is headed south in more ways than one. Starbucks is selling instant coffee. Washington Mutual is history. Even Oklahoma City looked better than Seattle to the Sonics. Lorraine... In this article: Seattle, World Trade Organization, Seattle police, Boeing, and Oklahoma City |
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New York Daily News | 17 hours ago
Ex-Knick Latrell Sprewell faces foreclosure
Sprewell, 39, purchased the 3.3-acre property in Purchase in January 2000 for $2.3 million. The ex-NBA player took out a 30-year Washington Mutual Bank mortgage for $1,612,000 in 2004. He began missing payments in April 2008, the Journal...
In this article: Latrell Sprewell, Westchester County, Plaintiff, Washington Mutual Bank, NBA, Golden State Warriors, Knicks, and Milwaukee
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The Seattle Times | 3 days ago
McDonnell Boeing reminds us where we stand
...the huge blobs of transnational companies. In Seattle, a place much more fortunate than most, recent events have not been comforting. Washington Mutual was absorbed into the Borg, I mean JPMorgan Chase, and the July 4th fireworks sponsorship...
In this article: Boeing, Seattle, McDonnell Douglas, Seattle Times, Macy's, Jpmorgan Chase, and North Charleston
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Reuters | 3 days ago
US bank regulator hopeful in fight to save agency
...regulator, despite the agency's lack of experience in policing large corporations. The largest bank failure in the current crisis, Washington Mutual, was supervised by the OTS, as were other notable casualties, such as lenders IndyMac and...
In this article: U.S., Washington, Allegation, Paul Hastings, and Davis Polk & Wardwell
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AP Online | 4 days ago
OTS chief doesn't expect quick financial overhaul
...to the housing downturn. The agency oversaw some of the largest institutions to collapse during the financial crisis, including Washington Mutual, Countrywide and IndyMac. OTS also has taken a large share of the blame for the failure...
In this article: AIG, Office of the Comptroller of the Currency, Countrywide, Federal Reserve, and Christopher Dodd
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Reuters | 4 days ago
FEATURE-UPS driver delivers packages, economic analysis
...with workers now hold only rows of ghostly gray cubicles. Bank of America could not be reached to comment. "This used to be a Washington Mutual. This used to be a (Storehouse) furniture store. This used to be a pizza place," Plateroti...
In this article: UPS, Recession, Anxiety, Jpmorgan Chase & Co, and Bank of America Corp
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New York Post | 6 days ago
Polishing dimon
...the recession and being a go-to guy when Uncle Sam last year needed Wall Street's help during the collapses of Bear Stearns and Washington Mutual. Furthermore, while many bank chiefs are facing heat over outsize bonuses, Dimon has...
In this article: Jamie Dimon, Timothy Geithner, Jpmorgan Chase, Washington, Wall Street, United States, Recession, and Financial crisis
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Forbes.com News | 6 days ago
See No Evil Accounting
Other banks are asking appraisers to value properties without leaving their desks. That's the kind of shady behavior that marked Washington Mutual and other subprime home lenders for an untimely death not too long ago. Morford worries...
In this article: Wells Fargo, Bank of America, Balance sheet, and California
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Forbes.com News | November 20, 2009
Bernanke Saved Your Company
...( AMD - news - people ) on Monday. The financial crisis that pushed Lehman Brothers ( LEHMQ - news - people ), General Motors and Washington Mutual into bankruptcy made borrowing costs soar as creditors began to fear offering new loans.
In this article: The Fed, Inflation, Bankruptcy, Ben Bernanke, Barclays, HealthSouth, Advanced Micro Devices, Clearwire, and Jpmorgan Chase
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Reuters | November 18, 2009
FBR's Miller sees problems for JPM's WaMu deal
By Elinor Comlay JPMorgan Chase & Co's <JPM.N> acquisition of Washington Mutual Inc's <WAMUQ.PK> assets last year could still cause some headaches for Chief Executive Jamie Dimon, according to bank analyst Paul Miller at FBR Capital...
In this article: Jpmorgan, New York, Headache, Federal Deposit Insurance Corporation, Washington Mutual Inc, and Seattle
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Reuters | November 18, 2009
Some ex-bank execs want into FDIC auctions
...Corp CEO Charles Rinehart. And Miller said rumors persist that former Washington Mutual Chief Executive Kerry Killinger is raising a fund. Washington Mutual was the nation's largest thrift, but failed in 2008 as the biggest U.S. bank...
In this article: FDIC, Goldman Sachs Group Inc, United States, and Kerry Killinger
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Description from Wikipedia:
Washington Mutual, Inc. (abbreviated to WaMu) () is a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association.
On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.4 billion in deposits, during a 10-day bank run (amounting to 9% of the deposits it had held on June 30, 2008).
The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, which re-opened the bank the next day. The holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.
The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.
Washington Mutual Bank's closure and receivership is the largest bank failure in American financial history.
Before the receivership action, it was the sixth-largest bank in the United States.
According to Washington Mutual Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion.
- Name:
- Washington Mutual, Inc.
- Location:
- Seattle, Washington, United States
- Founded:
- September 25, 1889
- Industry:
- Finance and Insurance
- Key People:
- Alan H. Fishman, Chief Executive Officer
- Products:
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- Consumer Banking
- Financial Services
- No. of Employees:
- 49,403
- Parent Company:
- Washington Mutual Inc.
- Subsidiaries:
- WaMu Investments, Inc; Washington Mutual Insurance Services; Washington Mutual Card Services
- Market Cap:
- US$ 5.66 Billion (intraday)
- Status:
- Insolvency
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