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WaMu becomes biggest bank to fail in US history

Friday September 26, 8:56 am ET
By Madlen Read, AP Business Writer
JPMorgan Chase buying Washington Mutual''s assets for $1.9 billion after FDIC seizes bank


NEW YORK (AP) -- 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.

AP Business Writers Marcy Gordon in Washington and Sara Lepro in New York contributed to this report.

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Trên Yahoo có bài báo rất hay bằng tiếng Anh tựa là : How to Cope with the Financial Crisis /Chống chọi với khủng hoảng tài chính

Bác nào tiếng Anh giỏi dịch hộ với?

The bubble has exploded. Now the pain begins.

There''''s plenty to go around -- from the investors near or in retirement who placed large bets on a handful of stocks; to the "Rage of the Previously Rich," as New York Magazine dubbed a laid-off Lehman Brothers trader; to the ordinary Americans who saved their cash, shunned debt, and never participated in the upside of the bubble -- and are now being dragged into a massive investment in toxic financial instruments by their government.

Lifelines in a Flood

What do you do when financial catastrophe leaves you bitter, angry, guilty, or scared out of your mind?

Start by realistically assessing the damage, says Stephen Pollan, a New York attorney and consultant and co-author of "Lifelines for Money Misfortunes: How to Overcome Life''''s Greatest Challenges." "Take inventory -- often we don''''t recognize where we are financially because we don''''t know what we''''re spending and never measure that against what we''''re making," says Pollan, who faced his own personal trauma after contracting tuberculosis in his 40s and spending a year out of work.

Get a handle on your net worth, tally your spending and debt, and assess your investment risks -- but don''''t waste time ruminating on your mistakes, suggests Pollan. "That''''s like an alcoholic who wants to give up drinking but first wants to find out why he drank," he says. "Get out from between your ears and look at things as they actually are. Sit down and verbalize your fears. The big thing behind procrastination is fear -- and once you take action, the fear goes away."

Fight, Flee, or Play Possum

Get objective help to review that plan of action, says Dr. Brad Klontz, a financial psychologist in Hawaii and co-author of "The Financial Wisdom of Ebenezer Scrooge: 5 Principles to Transform Your Relationship with Money." "We are biologically programmed to respond to stress in three different ways: we fight, we run away, or we freeze," he notes. "They can have dire consequences to our financial health."

Those who fight will blame an unfair system, predatory lending practices, short sellers, and the like, says Klontz. "Some will call their financial planners and complain or threaten to sue, others will gamble on the next big market trend." Those who choose flight might pull all their money out of the market, which is rarely a good idea, since it locks in losses and forces you to arbitrarily choose when to re-enter the market.

"Many others will feel overwhelmed and take no action whatsoever," says Klontz. "They go into denial about the problem and freeze -- they ?~play possum.'''' They avoid opening their investment reports or bank statements. They avoid watching the news and disregard or ignore recommendations from financial advisors."

Conventional Wisdom Remains Wise

Instead of fight, flight, or freeze, find a fee-only financial planner or other professional you trust to help you review your goals, time frames, asset allocation, and appetite for risk, and set up some financial rules of the road going forward.

(I know this advice is so often repeated that it sounds like a cliche, but it works, and bears repeating -- because if everyone did it we wouldn''''t be in this mess. When things go south, a diversified portfolio leaves you significantly better off than market timing, putting all your assets in commodities, or gambling on the market sector of the month.)

"There''''s great catharsis in saying ?~look at those jerks on Wall Street'''' -- but no hope for change if you''''re not acknowledging the choices you made and asking yourself why you did what you did, and what you were hoping to gain," says Klontz. "That''''s where the opportunity is."

Building Character a Dollar at a Time

Jaimie, a married mother of two in the Midwest, writes about the changes she''''s made in both her finances and her attitude on her blog I''''ve Paid For This Twice Already. When she launched the blog in June 2007, she and her spouse had about $36,450 in debt -- student loans, car loans, and credit cards they relied on to survive when his employer went belly up. They had to relocate for his new job, which paid 20 percent less than the old one. (Jaimie, who has a Ph.D. in genetics, works part-time.)

Over the last 15 months, she and her spouse have whittled the total debt down to $15,000, and expect to be debt-free (except for their mortgage) by 2010. The episode has been painful, but valuable. "Paying off debt has been character-building in that it''''s made us more self-reliant," she says.

"For a long time it just felt like things happened and you kind of dealt with it and moved on, but now we actually have a lot more control of our destiny," Jaimie continues. "I''''m more confident about being able to live within our means, manage money, and save money."

Attitude Matters

If you''''re confronting significant losses, think about what you really need and the purpose of money in your life. This is the advice of Rabbi Benjamin Blech, a professor at Yeshiva University in New York and author of "Taking Stock: A Spiritual Guide to Rising Above Life''''s Financial Ups and Downs."

Blech, 75, wrote his book after he turned his $50,000 nest egg into $7 million by investing in technology stocks during the last boom -- and then lost it all. "It was total devastation," he says. "I had to deal with it by studying what philosophers said and incorporating it into my life as therapy because I couldn''''t afford a therapist. I found great courage and understanding from what I went through."

Blech says surviving financial catastrophe starts with regaining faith in yourself. "You are what you are, not what you own," he says. "People invest their entire personality and self-worth into their possessions. I''''m not someone who says you shouldn''''t strive for money; you can accomplish wonderful things with it. But self-worth is not the same as net worth."

Don''''t wallow in remorse or shame, he adds. "The most expensive trip in the world is a guilt trip," says Blech. "I had to say to myself, ?~I''''m human, I can make a mistake -- that doesn''''t mean I''''m a failure.'''' One of the ways we mature is to overcome difficult times. There''''s all the difference in the world between saying ?~I failed'''' and ?~I am a failure.'''' What defines success is our attitude -- how we respond to where we are."

Bad Things, Good People

And what about the people who did the right thing financially during the recent orgy of debt, who didn''''t cash out their home equity and live it up -- and feel betrayed by the bailout? Obviously, they can email their representatives and senators and tell them how they feel about a $700 billion bailout. But what do they do with their anger and frustration, with their feeling that no good deed goes unpunished?

"The response should be the recognition that life is not fair," says Blech. "That''''s reality. I am not a sucker if I do the right thing and in the end I get screwed. I did [the right thing] to be the real me, the person I wanted to be. It certainly is better than to allow the world to turn me into something I don''''t want to be."

NONAME thử dịch 1 câu:

Ảo tưởng đã tan vỡ và giờ đây là nỗi đau bắt đầu.

Dow 10,890.65 -131.41 -1.19%

Nasdaq 2,139.82 -46.75 -2.14%

S&P 500 1,191.51 -17.67 -1.46%

10 Yr Bond 3.8120% -0.0500



Được noname123 sửa chữa / chuyển vào 20:33 ngày 26/09/2008

hu hu, chết em rồi, em lo quá, cầm 1 đống cp đây, 2 ngày nghỉ này nhiều biến động là chết cả lũ, không chạy kip mất

sáng nay bán là đúng bài rồi bác vẫn chưa bán à?

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