I was with JP Morgan when they took over WaMu. The problem with that deal is the market didn't set the price. The FDIC and JP Morgan did. Other banks weren't allowed to bid on WaMu's assets. WaMu was handed over to JP Morgan on a silver platter. Why? Because they said they could do paperwork over the weekend, and have it done by Monday morning. The FDIC didn't want there to be a public panic, of a bank so large going under, so it was set up as just another merger, not a large bank collapse. JP Morgan is DEEP within the globalist system, which is why I left in 2011, and found Bitcoin. Now, I'm on the right side of history, and never looked back. My future's so bright, I gotta wear shades!
This isn't even the worst part. In bankruptcy, Wamu (the parent company) was eligible for a large multiple billion dollar tax return. This tax return belonged to the shareholders but JPM and the FDIC argued they should get this money. Instead, they had to settle by splitting the tax return 3 ways. The cash deposits wamu had got used to pay off bond holders. JPM said we want our cut otherwise we aren't releasing the cash deposits from WAMU's bank accounts. The bond holders of course got upset because they bought 1000 face value bonds for pennies on a dollar. They got paid in full plus interest. The preferred shareholders like me got hosed in the deal and only got new shares in a worthless shell company with only a reinsurance business.
You would think that people being reckless should cost them but government and the people in it have too much of personal interest to not allow this to happen. They don't care about you or me, just themselves and their legitimacy
@Lucas Asselmeier if the banks failed yes they would, this specific bank was bought but if it failed like svb it would have been backed by the US government.
@@Jakrr1346 Just based off the $1,200 and 2K stimulus checks most of us got for being out of work, it's worth a wonder how much stimulus money got handed out in corporate welfare during that time.
Wamu was my first real bank account when I was like a teenager.. They used to let you overdraft $500 if you had like $2 in your account 😂 maybe why they folded?
Still recall getting a Washington Mutual credit card in 2000 as a 19 year old kid that had a $10k limit when I barely had $9k. Washington Mutual literally handed out borrowed money to people who had no collateral to back it up.
I remember this. I was at BofA and they were nervous about this. Was indirectly the reason BofA bought Country Wide and Lynch. Don’t forget, this also caused Wells to buy Wachovia less than a year later. Domino effect
my parents banked with WaMu when we lived in Sacramento, CA. the last commercial I saw a week before WaMu collapsed was a big guy surrounded by puppies. then one day, I went with my dad to go withdraw money, I saw a Chase plastic band covering WaMu, I was 13 at the time and didn't know what happened.
Everyone inside knows the fact that WAMU had enough capital to operate yet was shut out of going to the FED Window like the other banks, why? Due to Chase was going BK so they fed WAMU to Chase to keep them alive. WAMU wasn't part of the Ivy league banks so not part of the club.Unfortunately this video is no different then the rest, all stating the Fed/Chase party line.
I was. with Washington Mutual from 1978 until Chase bought them. It was a great bank and treated the customers very well. I didn't get a loan from them, just regular accounts. I still have a Chase account but they suck like all the other banks.
100% how it should work, but we need laws preventing foreign investors buying key institutions such as banks and major companies in the US. What should happen, is the government, in very specific situations (2008 collapse and automobile companies failing for instance, a few years later Chrysler failed and sold out to Fiat) there should be legislation helping aid American ownership of business as crucial to our economies and gdp as these types of businesses to protect our country and way of life.
I love your content Brother, but you got this one all wrong. And if you think what happened between Wamu and JPM was capitalism, you're perpetrating the corruption in this country between government and banks. I doubt you are trying to do that. Please do some reach on what really happened. If people really understood what happened during that time, there would have been a revolution in this country. JPM, Citi Bank, Goldman Sachs had over 100 Trillion in derivatives exposure. They had to be feed banks to keep them propped up or the whole system would have came down. Which it should have, it needed a reset. Instead, they started freezing smaller banks' credit lines and seizing them, feeding them to the big banks. They had an emergency meeting to give Goldman Sachs a banking charter so they could get backed by tax dollars from the fed to keep them propped up from their toxic assets as well . Wamu was two banks wamu bank and wamu FSB. A year before the crisis, Jamie Dimon tried to buy Wamu for $7 a share. the CEO Killinger told him to kick rocks, Jamie Dimon told him he was going to regret his decision. A year later, Jamie Dimon ends up on the federal reserve board and starts getting feed free banks with any losses being backup by the tax payer. Wamu FSB was down streaming 16 billion in funds to support the bank during the run, the FDIC came in and seized the bank a day before the transfer and gifted it to JPM....JPM needed the assets, the deposit, and the WEST COAST BANKING CHARTER.....
I was with JP Morgan when they took over WaMu. The problem with that deal is the market didn't set the price. The FDIC and JP Morgan did. Other banks weren't allowed to bid on WaMu's assets. WaMu was handed over to JP Morgan on a silver platter.
Why? Because they said they could do paperwork over the weekend, and have it done by Monday morning. The FDIC didn't want there to be a public panic, of a bank so large going under, so it was set up as just another merger, not a large bank collapse.
JP Morgan is DEEP within the globalist system, which is why I left in 2011, and found Bitcoin. Now, I'm on the right side of history, and never looked back.
My future's so bright, I gotta wear shades!
This isn't even the worst part. In bankruptcy, Wamu (the parent company) was eligible for a large multiple billion dollar tax return. This tax return belonged to the shareholders but JPM and the FDIC argued they should get this money. Instead, they had to settle by splitting the tax return 3 ways. The cash deposits wamu had got used to pay off bond holders. JPM said we want our cut otherwise we aren't releasing the cash deposits from WAMU's bank accounts. The bond holders of course got upset because they bought 1000 face value bonds for pennies on a dollar. They got paid in full plus interest. The preferred shareholders like me got hosed in the deal and only got new shares in a worthless shell company with only a reinsurance business.
Badass
Learn something new every day!
That's like with Wachovia they almost did fail but were gobbled up by Wells Fargo for peanuts right before they would have failed
You would think that people being reckless should cost them but government and the people in it have too much of personal interest to not allow this to happen. They don't care about you or me, just themselves and their legitimacy
The gov didn’t pay for it, they were bought by private company chade
@Lucas Asselmeier if the banks failed yes they would, this specific bank was bought but if it failed like svb it would have been backed by the US government.
Remember how the banks were "too big to fail"?
@@gregoryporch8395 imagine that protection extended to companies during the next one. Which is most likely going to happen very soon
@@Jakrr1346 Just based off the $1,200 and 2K stimulus checks most of us got for being out of work, it's worth a wonder how much stimulus money got handed out in corporate welfare during that time.
Wamu was my first real bank account when I was like a teenager.. They used to let you overdraft $500 if you had like $2 in your account 😂 maybe why they folded?
Still recall getting a Washington Mutual credit card in 2000 as a 19 year old kid that had a $10k limit when I barely had $9k.
Washington Mutual literally handed out borrowed money to people who had no collateral to back it up.
I remember this. I was at BofA and they were nervous about this. Was indirectly the reason BofA bought Country Wide and Lynch. Don’t forget, this also caused Wells to buy Wachovia less than a year later. Domino effect
my parents banked with WaMu when we lived in Sacramento, CA. the last commercial I saw a week before WaMu collapsed was a big guy surrounded by puppies. then one day, I went with my dad to go withdraw money, I saw a Chase plastic band covering WaMu, I was 13 at the time and didn't know what happened.
Yup...I had my 1st checking account out of college there...
Wasn’t reckless. Same people and two names. Unimaginable money was made.
Everyone inside knows the fact that WAMU had enough capital to operate yet was shut out of going to the FED Window like the other banks, why? Due to Chase was going BK so they fed WAMU to Chase to keep them alive. WAMU wasn't part of the Ivy league banks so not part of the club.Unfortunately this video is no different then the rest, all stating the Fed/Chase party line.
They all offered NINA programs. Move was done by big players.
99% discount as SVB, Signature gets gobbled up in the same fashion.
low income and high risk comes from hedge fund lending,,Hedge fund lending was started by Chase,,, think about that one
I was. with Washington Mutual from 1978 until Chase bought them. It was a great bank and treated the customers very well. I didn't get a loan from them, just regular accounts. I still have a Chase account but they suck like all the other banks.
Pat need to tell and explain this to Bill Maher
100% how it should work, but we need laws preventing foreign investors buying key institutions such as banks and major companies in the US.
What should happen, is the government, in very specific situations (2008 collapse and automobile companies failing for instance, a few years later Chrysler failed and sold out to Fiat) there should be legislation helping aid American ownership of business as crucial to our economies and gdp as these types of businesses to protect our country and way of life.
I still have WaMu checks
What do you know....JPM getting fed more banks, this whole system is f'd
THE GOLD STANDARD WAS SO MUCH BETTER…
FIAT CURRENCY, GOLD, AND SILVER…
Isn't chase bankrupt ? And all of Canada? Didn't they have to forgive everyone in candas credit debit debt a dew years ago ? 😊
Thumbs up for having a chat with the man in montage.
they were the nice guys finish last of banking.
I love your content Brother, but you got this one all wrong. And if you think what happened between Wamu and JPM was capitalism, you're perpetrating the corruption in this country between government and banks. I doubt you are trying to do that. Please do some reach on what really happened. If people really understood what happened during that time, there would have been a revolution in this country. JPM, Citi Bank, Goldman Sachs had over 100 Trillion in derivatives exposure. They had to be feed banks to keep them propped up or the whole system would have came down. Which it should have, it needed a reset. Instead, they started freezing smaller banks' credit lines and seizing them, feeding them to the big banks. They had an emergency meeting to give Goldman Sachs a banking charter so they could get backed by tax dollars from the fed to keep them propped up from their toxic assets as well . Wamu was two banks wamu bank and wamu FSB. A year before the crisis, Jamie Dimon tried to buy Wamu for $7 a share. the CEO Killinger told him to kick rocks, Jamie Dimon told him he was going to regret his decision. A year later, Jamie Dimon ends up on the federal reserve board and starts getting feed free banks with any losses being backup by the tax payer. Wamu FSB was down streaming 16 billion in funds to support the bank during the run, the FDIC came in and seized the bank a day before the transfer and gifted it to JPM....JPM needed the assets, the deposit, and the WEST COAST BANKING CHARTER.....
It's all corrupt and setup Patrick, CORRUPT!! Don't waste your time on this crap, unless you're grifting us. ;)
That's a dumb take.. they don't "fail" they still rich and the tax payers end up paying the interest
But yet they tell you to risk it all to own a business
In business calculated ethical risks are not the same as careless high leveraged risks
Taking the risk of starting a company isnt the same as taking the risk of fucking thousands of people
Don’t matter the CEO still made Hella money