Washington Mutual - Grösste Sparkasse der USA! Chancen & Risiken. (Seite 33262)
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| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 40,00 | +300,00 | |
| 0,6550 | +43,17 | |
| 1,4600 | +43,14 | |
| 4,5000 | +20,00 | |
| 2,0450 | +16,03 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 30,85 | -9,93 | |
| 14,750 | -14,14 | |
| 0,7200 | -14,29 | |
| 1.138,25 | -16,86 | |
| 1,0750 | -21,82 |
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Antwort auf Beitrag Nr.: 35.588.302 von Stimmungskanone am 16.10.08 07:02:06Moin, was sehe ich da 
WAMU GETS $4.4 BILLION
Darf man das genau so verstehen
WAMU GETS $4.4 BILLION
Darf man das genau so verstehen
Feds forschen Ausfall GENS JOHNSON des Washington-MutualBy nach | 15. Oktober 2008 | 10:05 P.M. UND Text-Größe SEATTLE - Bundesbehörden sagten Mittwoch, den sie eine Untersuchung in den Ausfall von Washington Mutual Inc. geöffnet haben, den größten Bankausfall in der US-Geschichte. U.S. Rechtsanwalt Jeff Sullivan sagte in einer Aussage dass sein Büro, der FBI, die Bundeseinlagensicherung Corp.' s-Oberinspektor, der Staatseinkünfte-Service und die Börsenaufsichtsbehörde stellten eine Task Force her, um das thrift' zu untersuchen; s-Ausfall. Er bat um jedermann mit Informationen, um mit Behörden durch eine Spitzelinie oder zur eMail in Verbindung zu treten das FBI' Büro s-Seattle. " Die bedeutenden Verluste gegeben den Investoren, Angestellte und unsere Gemeinschaft, ist es völlig angebracht, dass wir die Tätigkeiten der Bank, seiner Führer und der anderer nachforschen, um festzustellen, wenn irgendwelche Bundesgesetze verletzt wurden, " Sullivan sagte. Seattle-gegründetes WaMu lief in die Mühe, die den Leuten mit armen Gutschriftrückzahlunggeschichten Darlehen während der Gehäusehochkonjunktur gibt. Als Gespräch der 119 Einjahres thrift' s-Instabilitätverbreitung und seine Gutschrift wurden, Leute anfingen ihr, Lassen des Geldes - von WaMu ohne genügend Bargeld herauszuziehen, um seine Verpflichtungen nachzukommen degradiert. Es archivierte für Bankrottschutz und wurde letzter Monat in einem Verkauf des Feuers $1.9 Milliarde zum JPMorgan-Verfolgung & verkauft; Co., eine der größten US-Bankgsellschaften. Sullivan' s-Aussage sagte nicht, dass welchen Gesetzen glauben Forscher, kann defekt gewesen sein. Seine Sprecherin, Emily Langlie, sagte die US attorney' s-Büro würde keine weitere Anmerkung haben. Associated Press berichtete über letzten Monat, dem der FBI vier Haupt-US-Finanzinstitute nachforscht, deren Einsturz Auslöser ein Plan der Sicherheitsleistung $700 Milliarde durch die Bush-Administration half. Polizeibeamten erklärten dem AP, das der FBI möglichen Betrug durch Hypothekenfinanzriesen Fannie Mae und Freddie Mac betrachtete und Versicherer American International Group Inc. Zusätzlich sagte eine ältere Polizeibeamte, dass ausfallen Emissionsbank Lehman Brothers Holdings Inc. auch in Untersuchung ist. Brachten Sprecherinnen abseits WaMu nicht sofort Anrufe zurück, und JPMorgan-Sprecher Tom Kelly lehnte es ab zu kommentieren. Im Januar verkündete der FBI, dass es 14 Firmen für möglichen Buchhaltungbetrug, Insiderhandel oder andere Verletzungen in Zusammenhang mit den Wohnungsbaudarlehen nachforschte, die zu den riskanten Geldnehmern aufgenommen wurden. Agenturbeamte identifizierenten nicht, die Firmen in Untersuchung aber sagten die Prüfspitze mit einbezogenen Firmen über der Finanzdienstleistungsindustrie, von Hypothekengeldgeber zu Emissionsbanken, die Wohnungsbaudarlehen in die Sicherheiten zusammenrollen, die an Investoren verkauft werden. Im letzten Herbst sagte New- Yorkattorney general Andrew Cuomo, dass er Vorladungen zu Fannie Mae und zu Freddie Mac in seiner Untersuchung in mögliche Interessenkonflikte an der Hypothekenindustrie herausgab. Er sagte, dass er in Milliarden Dollar Wohnungsbaudarlehen, die sie von den Banken, kauften einschließlich WaMu auskennen wollte, und wie Schätzungen behandelt wurden. Jack Kirkwood, ein außerordentlicher Professor, der Gesellschaftsrecht an der Seattle-Hochschuljuristischen Fakultät unterrichtet, sagte, dass er kein aus erster Hand bezogenes Wissen hatte von, was die Task Force überprüfen würde, aber die dort waren einige Möglichkeiten. " Ich würde mich den besonders mit dem SEC' vorstellen; s-Miteinbeziehung, eine der Sachen, die sie betrachten würden, ist, ob ihre Finanzberichte oder ihre Aussagen zu den Analytikern falsch oder, dass Investoren irrtümlich geführt wurden, Vorrat zu halten oder Schuld im Spar- und Darlehens zu halten, als sie selbst seine Aussichten sah, wie weniger rosig als ihre Aussagen zur angezeigten Öffentlichkeit, " irreführend waren; er sagte. Ein anderer Bereich von besonderer Wichtigkeit könnte räuberischer Lending sein, dem mit schwalbt
Antwort auf Beitrag Nr.: 35.588.292 von Stimmungskanone am 16.10.08 06:54:11moin,
Der Satz wird für einige Fantasy sorgen. Nicht auszudenken wo der Kurs sein wird wenn das eintritt
Washington Mutual sagte sie untersucht, ob das Geld kann verwendet werden, um die Gläubiger zurückzuzahlen
Der Satz wird für einige Fantasy sorgen. Nicht auszudenken wo der Kurs sein wird wenn das eintritt
Washington Mutual sagte sie untersucht, ob das Geld kann verwendet werden, um die Gläubiger zurückzuzahlen
Guten morgen @all,
heute wird es sicher eine arge Drängelei vor dem Eingang geben, weil man noch WAMUQ shares schnappen möchte, bevor sie wesentlich teurer sind. Nur wird bei der Nachrichtenlage kaum einer bereit sein zu den Kursen zu verkaufen.
heute wird es sicher eine arge Drängelei vor dem Eingang geben, weil man noch WAMUQ shares schnappen möchte, bevor sie wesentlich teurer sind. Nur wird bei der Nachrichtenlage kaum einer bereit sein zu den Kursen zu verkaufen.
Antwort auf Beitrag Nr.: 35.588.280 von stavro am 16.10.08 06:33:50der dow ist ja gestern ganz schön abgeschmiert. über 7%- mal sehen ob dafür heute eine kleine gegenbewegung kommt. würden sicher auch weiter von profitieren. haben uns ja schon gesten gut gehalten.
hier ist noch alles drin. mal sehen was sich diese woche noch so tut.
hier ist noch alles drin. mal sehen was sich diese woche noch so tut.
Trading Spotlight
WAMU GETS $ 4,4 Milliarden (News & Link)
NEWS: Hier ist die 4.4b News
LINK: http://www.bloomberg.com/apps/news?pid=conewsstory&refer=con… 3AUS & sid = avZhJIjIwROU
Washington Mutual, JPMorgan End $ 4,4 Milliarden Dispute (Update1)
Von Steven Kirche
15. Oktober (Bloomberg) - Washington Mutual Inc., die Holding-Gesellschaft Konkurs der größten US-Bank zum Scheitern verurteilt, hat sich das Recht vor, 4,4 Milliarden Dollar statt von JPMorgan Chase & Co. nach einem Kompromiss zwischen den beiden Unternehmen.
Die Unternehmen haben vereinbart, dass Washington Mutual wird die Kontrolle über das Geld, wenn US Bankruptcy Court Judge Mary Walrath in Wilmington, Delaware, billigt eine Vereinbarung darüber, wie das Geld behandelt werden, je nach Gericht Papiere. Die Vereinbarung behält alle Rechte JPMorgan Mai müssen das Geld, was bedeutet, dass, wenn ein Gericht später Regeln, die Teil des Geldes gehört zu der Bank, das Geld verlangt werden kann, unabhängig davon, wo er gehalten wird.
`` Es handelt sich um eine Zulassung durch JPMorgan, dass das Geld ist uns,''Washington Mutual Anwalt Marcia Goldstein sagte heute in einem Interview.
Die Holding-Gesellschaft gesucht Gericht Schutz nach seiner Bank-Tochtergesellschaften, darunter Washington Mutual Bank, beschlagnahmt wurden durch die US-Regierung Regulierungsbehörden und verkauft nach New York-based JPMorgan für 1,9 Milliarden Dollar. Die 4,4 Milliarden Dollar in bar wird von Washington Mutual Bank, die nicht in Konkurs. Die Banken sind verjährt durch Bundesgesetz vom Gericht Konkurs der Suche nach Schutz.
Brian Marchiony, ein Sprecher für JPMorgan, nicht sofort einen Anruf sucht Kommentar.
Washington Mutual sagte sie untersucht, ob das Geld kann verwendet werden, um die Gläubiger zurückzuzahlen, je nach Gericht Papiere eingereicht gestern.
Mögliche Forderungen
Anwälte für Washington Mutual die Anleihegläubiger und die Vertreter der Gläubiger seine ehemalige Bank haben gesagt, sie können versuchen, sich auf die Bargeld.
Getrennt, die US-Treuhänder, der Arm des US-Department of Justice, dass Monitore Konkurse, bestellt fünf Mitglieder auf einen Ausschuss zur Vertretung der Interessen der ungesicherten Gläubiger von Washington Mutual. Diese Mitglieder sind: Bank of New York Mellon, Recht Anleihegläubiger Trust Co., New York, Wells Fargo Bank NA und Wilmington Trust Co., alle indenture als Treuhänder für Anleihegläubiger, und Verizon Services Corp
Der Fall ist in Re Washington Mutual Inc., 08-12229, US Bankruptcy Court für den District of Delaware (Wilmington).
Um Kontakt mit dem Reporter über diese Geschichte: Steven Kirche in US Bankruptcy Court in Wilmington, Delaware, auf schurch3@bloomberg.net.
Englisch » Deutsch Übersetzen
NEWS: Hier ist die 4.4b News
LINK: http://www.bloomberg.com/apps/news?pid=conewsstory&refer=con… 3AUS & sid = avZhJIjIwROU
Washington Mutual, JPMorgan End $ 4,4 Milliarden Dispute (Update1)
Von Steven Kirche
15. Oktober (Bloomberg) - Washington Mutual Inc., die Holding-Gesellschaft Konkurs der größten US-Bank zum Scheitern verurteilt, hat sich das Recht vor, 4,4 Milliarden Dollar statt von JPMorgan Chase & Co. nach einem Kompromiss zwischen den beiden Unternehmen.
Die Unternehmen haben vereinbart, dass Washington Mutual wird die Kontrolle über das Geld, wenn US Bankruptcy Court Judge Mary Walrath in Wilmington, Delaware, billigt eine Vereinbarung darüber, wie das Geld behandelt werden, je nach Gericht Papiere. Die Vereinbarung behält alle Rechte JPMorgan Mai müssen das Geld, was bedeutet, dass, wenn ein Gericht später Regeln, die Teil des Geldes gehört zu der Bank, das Geld verlangt werden kann, unabhängig davon, wo er gehalten wird.
`` Es handelt sich um eine Zulassung durch JPMorgan, dass das Geld ist uns,''Washington Mutual Anwalt Marcia Goldstein sagte heute in einem Interview.
Die Holding-Gesellschaft gesucht Gericht Schutz nach seiner Bank-Tochtergesellschaften, darunter Washington Mutual Bank, beschlagnahmt wurden durch die US-Regierung Regulierungsbehörden und verkauft nach New York-based JPMorgan für 1,9 Milliarden Dollar. Die 4,4 Milliarden Dollar in bar wird von Washington Mutual Bank, die nicht in Konkurs. Die Banken sind verjährt durch Bundesgesetz vom Gericht Konkurs der Suche nach Schutz.
Brian Marchiony, ein Sprecher für JPMorgan, nicht sofort einen Anruf sucht Kommentar.
Washington Mutual sagte sie untersucht, ob das Geld kann verwendet werden, um die Gläubiger zurückzuzahlen, je nach Gericht Papiere eingereicht gestern.
Mögliche Forderungen
Anwälte für Washington Mutual die Anleihegläubiger und die Vertreter der Gläubiger seine ehemalige Bank haben gesagt, sie können versuchen, sich auf die Bargeld.
Getrennt, die US-Treuhänder, der Arm des US-Department of Justice, dass Monitore Konkurse, bestellt fünf Mitglieder auf einen Ausschuss zur Vertretung der Interessen der ungesicherten Gläubiger von Washington Mutual. Diese Mitglieder sind: Bank of New York Mellon, Recht Anleihegläubiger Trust Co., New York, Wells Fargo Bank NA und Wilmington Trust Co., alle indenture als Treuhänder für Anleihegläubiger, und Verizon Services Corp
Der Fall ist in Re Washington Mutual Inc., 08-12229, US Bankruptcy Court für den District of Delaware (Wilmington).
Um Kontakt mit dem Reporter über diese Geschichte: Steven Kirche in US Bankruptcy Court in Wilmington, Delaware, auf schurch3@bloomberg.net.
Englisch » Deutsch Übersetzen
was soll das nun beteuden???
lg stisa
lg stisa
WAMU GETS $4.4 BILLION (News & Link)
NEWS: Here is the 4.4B News
LINK: http://www.bloomberg.com/apps/news?pid=conewsstory&refer=con…
Washington Mutual, JPMorgan End $4.4 Billion Dispute (Update1)
By Steven Church
Oct. 15 (Bloomberg) -- Washington Mutual Inc., the bankrupt holding company of the biggest U.S. bank to fail, has the right to withdraw $4.4 billion being held by JPMorgan Chase & Co. under a compromise between the two companies.
The companies have agreed that Washington Mutual will have control of the money if U.S. Bankruptcy Court Judge Mary Walrath in Wilmington, Delaware, approves an agreement over how the cash will be handled, according to court papers. The agreement preserves any rights JPMorgan may have to the money, which means that if a court later rules that some of the money belongs to the bank, the cash can be recovered no matter where it is held.
``It is an admission by JPMorgan that the money is ours,'' Washington Mutual attorney Marcia Goldstein said today in an interview.
The holding company sought court protection after its banking subsidiaries, including Washington Mutual Bank, were seized by U.S. government regulators and sold to New York-based JPMorgan for $1.9 billion. The $4.4 billion in cash is being held by Washington Mutual Bank, which isn't in bankruptcy. Banks are barred by federal law from seeking bankruptcy court protection.
Brian Marchiony, a spokesman for JPMorgan, didn't immediately return a call seeking comment.
Washington Mutual said it is investigating whether the money can be used to repay creditors, according to court papers filed yesterday.
Possible Claims
Lawyers for Washington Mutual's bondholders and those representing creditors of its former bank have said they may try to claim the cash.
Separately, the U.S. Trustee, the arm of the U.S. Department of Justice that monitors bankruptcies, appointed five members to a committee to represent the interests of unsecured creditors of Washington Mutual. Those members are: Bank of New York Mellon, Law Debenture Trust Co. of New York, Wells Fargo Bank N.A. and Wilmington Trust Co., all as indenture trustees for bondholders, and Verizon Services Corp.
The case is In Re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court for the District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch3@bloomberg.net.
NEWS: Here is the 4.4B News
LINK: http://www.bloomberg.com/apps/news?pid=conewsstory&refer=con…
Washington Mutual, JPMorgan End $4.4 Billion Dispute (Update1)
By Steven Church
Oct. 15 (Bloomberg) -- Washington Mutual Inc., the bankrupt holding company of the biggest U.S. bank to fail, has the right to withdraw $4.4 billion being held by JPMorgan Chase & Co. under a compromise between the two companies.
The companies have agreed that Washington Mutual will have control of the money if U.S. Bankruptcy Court Judge Mary Walrath in Wilmington, Delaware, approves an agreement over how the cash will be handled, according to court papers. The agreement preserves any rights JPMorgan may have to the money, which means that if a court later rules that some of the money belongs to the bank, the cash can be recovered no matter where it is held.
``It is an admission by JPMorgan that the money is ours,'' Washington Mutual attorney Marcia Goldstein said today in an interview.
The holding company sought court protection after its banking subsidiaries, including Washington Mutual Bank, were seized by U.S. government regulators and sold to New York-based JPMorgan for $1.9 billion. The $4.4 billion in cash is being held by Washington Mutual Bank, which isn't in bankruptcy. Banks are barred by federal law from seeking bankruptcy court protection.
Brian Marchiony, a spokesman for JPMorgan, didn't immediately return a call seeking comment.
Washington Mutual said it is investigating whether the money can be used to repay creditors, according to court papers filed yesterday.
Possible Claims
Lawyers for Washington Mutual's bondholders and those representing creditors of its former bank have said they may try to claim the cash.
Separately, the U.S. Trustee, the arm of the U.S. Department of Justice that monitors bankruptcies, appointed five members to a committee to represent the interests of unsecured creditors of Washington Mutual. Those members are: Bank of New York Mellon, Law Debenture Trust Co. of New York, Wells Fargo Bank N.A. and Wilmington Trust Co., all as indenture trustees for bondholders, and Verizon Services Corp.
The case is In Re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court for the District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch3@bloomberg.net.
Washington Mutual Inc
Washington Mutual, JPMorgan End $4.4 Billion Dispute (Update1)
By Steven Church
Oct. 15 (Bloomberg) -- Washington Mutual Inc., the bankrupt holding company of the biggest U.S. bank to fail, has the right to withdraw $4.4 billion being held by JPMorgan Chase & Co. under a compromise between the two companies.
The companies have agreed that Washington Mutual will have control of the money if U.S. Bankruptcy Court Judge Mary Walrath in Wilmington, Delaware, approves an agreement over how the cash will be handled, according to court papers. The agreement preserves any rights JPMorgan may have to the money, which means that if a court later rules that some of the money belongs to the bank, the cash can be recovered no matter where it is held.
``It is an admission by JPMorgan that the money is ours,'' Washington Mutual attorney Marcia Goldstein said today in an interview.
The holding company sought court protection after its banking subsidiaries, including Washington Mutual Bank, were seized by U.S. government regulators and sold to New York-based JPMorgan for $1.9 billion. The $4.4 billion in cash is being held by Washington Mutual Bank, which isn't in bankruptcy. Banks are barred by federal law from seeking bankruptcy court protection.
Brian Marchiony, a spokesman for JPMorgan, didn't immediately return a call seeking comment.
Washington Mutual said it is investigating whether the money can be used to repay creditors, according to court papers filed yesterday.
Possible Claims
Lawyers for Washington Mutual's bondholders and those representing creditors of its former bank have said they may try to claim the cash.
Separately, the U.S. Trustee, the arm of the U.S. Department of Justice that monitors bankruptcies, appointed five members to a committee to represent the interests of unsecured creditors of Washington Mutual. Those members are: Bank of New York Mellon, Law Debenture Trust Co. of New York, Wells Fargo Bank N.A. and Wilmington Trust Co., all as indenture trustees for bondholders, and Verizon Services Corp.
The case is In Re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court for the District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch3@bloomberg.net.
Last Updated: October 15, 2008 21:09 EDT
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Washington Mutual, JPMorgan End $4.4 Billion Dispute (Update1)
By Steven Church
Oct. 15 (Bloomberg) -- Washington Mutual Inc., the bankrupt holding company of the biggest U.S. bank to fail, has the right to withdraw $4.4 billion being held by JPMorgan Chase & Co. under a compromise between the two companies.
The companies have agreed that Washington Mutual will have control of the money if U.S. Bankruptcy Court Judge Mary Walrath in Wilmington, Delaware, approves an agreement over how the cash will be handled, according to court papers. The agreement preserves any rights JPMorgan may have to the money, which means that if a court later rules that some of the money belongs to the bank, the cash can be recovered no matter where it is held.
``It is an admission by JPMorgan that the money is ours,'' Washington Mutual attorney Marcia Goldstein said today in an interview.
The holding company sought court protection after its banking subsidiaries, including Washington Mutual Bank, were seized by U.S. government regulators and sold to New York-based JPMorgan for $1.9 billion. The $4.4 billion in cash is being held by Washington Mutual Bank, which isn't in bankruptcy. Banks are barred by federal law from seeking bankruptcy court protection.
Brian Marchiony, a spokesman for JPMorgan, didn't immediately return a call seeking comment.
Washington Mutual said it is investigating whether the money can be used to repay creditors, according to court papers filed yesterday.
Possible Claims
Lawyers for Washington Mutual's bondholders and those representing creditors of its former bank have said they may try to claim the cash.
Separately, the U.S. Trustee, the arm of the U.S. Department of Justice that monitors bankruptcies, appointed five members to a committee to represent the interests of unsecured creditors of Washington Mutual. Those members are: Bank of New York Mellon, Law Debenture Trust Co. of New York, Wells Fargo Bank N.A. and Wilmington Trust Co., all as indenture trustees for bondholders, and Verizon Services Corp.
The case is In Re Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court for the District of Delaware (Wilmington).
To contact the reporter on this story: Steven Church in U.S. Bankruptcy Court in Wilmington, Delaware, at schurch3@bloomberg.net.
Last Updated: October 15, 2008 21:09 EDT
Email this article Printer friendly format
Last updated October 15, 2008 5:46 p.m. PT
Earnings: New owner sees earnings drop, feds investigate WaMu's demise
By BILL VIRGIN
P-I REPORTER
The new owner of Washington Mutual's banking operations, JPMorgan Chase & Co., reported sharply lower earnings for the third quarter Wednesday, in part because of huge additions to loan loss reserves to cover bad loans it inherited from the Seattle bank.
Meanwhile, the U.S. Attorney's Office in Seattle confirmed that it and other federal agencies are looking into Washington Mutual and what contributed to its demise as an independent company.
JPMorgan Chase said it booked a one-time $581 million after-tax gain on the purchase of WaMu from the Federal Deposit Insurance Corp., a number that takes into account what it paid to FDIC, the net value of WaMu's assets and liabilities and merger costs.
But it also recorded an after-tax expense of $1.2 billion to increase reserves, set aside for possible losses on home, commercial, credit card and other loans, to JPMorgan Chase's standards.
And JPMorgan Chase executives, in reviewing the economic conditions that pushed WaMu into red ink and eventually a federal takeover, warned that conditions in such sectors as home lending and credit cards continue to deteriorate.
"We are getting braced for increased loan loss reserves," said Chief Executive Jamie Dimon.
JPMorgan Chase earned $527 million, or 11 cents a share, down from $3.4 billion, or 97 cents a share, in the third quarter of 2007.
The New York banking giant paid $1.9 billion for taking WaMu bank assets and liabilities off the hands off federal regulators, who took over the bank Sept. 25. JPMorgan Chase said it expects to spend $1.5 billion on employee severance, combining computer systems and real-estate costs, with another $500 million in merger costs by 2011.
But it also expects to save $1.5 billion a year, about 15 percent to 20 percent of WaMu's noninterest expense. JPMorgan Chase hopes to complete branch combinations in markets in which both companies operated by the end of 2010. It hasn't said how many of WaMu's 43,000 employees it will keep or cut, although it has said it will let employees know by Dec. 1.
WaMu's banking operations could wind up contributing $2.5 billion, or 50 cents a share, to JPMorgan Chase's earnings next year.
That's good news considering the economic weakness JPMorgan Chase is seeing in multiple business lines. While it got out of some of the dicier types of lending that WaMu loaded up on, including adjustable-rate mortgages on which borrowers set their own repayment amounts, the company is seeing weakening in prime mortgages, considered the least risky of home loans. Loan charge-offs were $177 million in the third quarter, compared with just $9 million a year ago. JPMorgan Chase warned that quarterly losses in prime mortgages could reach as high as $300 million next year.
California and Florida -- two states in which WaMu did a lot of business -- accounted for 80 percent of the losses in the prime-loan portfolio, despite being just 37 percent of the total loans.
Aside from its loan portfolio, a major concern about WaMu was deposits. Federal regulators said they moved in on WaMu after customers, nervous about the bank's stability, pulled nearly $17 billion in deposits out in 10 days.
JPMorgan Chase said the run appears to have ceased, with deposits exceeding withdrawals seven out of nine days through early October.
But WaMu's deteriorating financial condition over the past 12 months, allegations of mismanagement and its subsequent takeover have prompted calls for formal investigations.
In response, U.S. Attorney Jeffrey Sullivan issued a statement Wednesday, saying that "due to the intense public interest in the failure of Washington Mutual," a task force including representatives of the FBI, FDIC, the Securities and Exchange Commission and the Internal Revenue Service are "examining activities at the bank to determine if any federal laws were violated."
"For more than 100 years Washington Mutual was a highly regarded financial institution headquartered in Seattle," the statement said. "Given the significant losses to investors, employees, and our community, it is fully appropriate that we scrutinize the activities of the bank, its leaders, and others to determine if any federal laws were violated."
The statement asked anyone with information to contact the task force at 1-866-915-8299 , or at fbise@leo.gov.
But neither the statement nor a spokeswoman for the U.S. Attorney's Office elaborated on what areas the task force might be looking at. The SEC and the Office of Thrift Supervision earlier this year opened an inquiry into allegations, first raised by New York's attorney general, that WaMu pressured appraisers to give inflated values for homes to justify making loans.
Shareholders of WaMu common stock are upset with prior management over their strategic decisions, disclosures and compensation. But they're also mad at federal regulators for taking over WaMu and engineering what they contend was a sweetheart sale to JPMorgan Chase, rather than giving the bank time to work out a rescue plan or benefit from a federal bailout. The seizure and sale of the banking operations, and subsequent Chapter 11 bankruptcy by the holding company, are likely to wipe out what little remained of their investment, since any remaining assets will go to more senior creditors. They want federal authorities to investigate how and why the WaMu deal was structured as it was.
While JPMorgan Chase proceeds with merging WaMu's banking operations into its own, the remnants of the holding company Washington Mutual Inc. continues in federal bankruptcy court in Delaware to sort out what assets it still holds, who it owes money to and how much.
In a bankruptcy court filing Tuesday, Washington Mutual said it had reached agreement with JPMorgan Chase granting it access to $4.4 billion it had on deposit at its subsidiary bank before the seizure and sale. Washington Mutual said the settlement will help "maximize recovery for the debtor's creditors," calling the deposits "the largest asset of the estate available for distribution" to those creditors.
JPMorgan Chase stock dropped $2.22 a share in trading Wednesday to $38.49; a year ago it closed at $46.27.
WaMu stock has been delisted and now trades in the pink sheets, currently at about 10 cents a share. A year ago it closed at $34.27.
P-I reporter Bill Virgin can be reached at 206-448-8319 or billvirgin@seattlepi.com.
http://seattlepi.nwsource.com/business/383469_chaseearns16.h…
Earnings: New owner sees earnings drop, feds investigate WaMu's demise
By BILL VIRGIN
P-I REPORTER
The new owner of Washington Mutual's banking operations, JPMorgan Chase & Co., reported sharply lower earnings for the third quarter Wednesday, in part because of huge additions to loan loss reserves to cover bad loans it inherited from the Seattle bank.
Meanwhile, the U.S. Attorney's Office in Seattle confirmed that it and other federal agencies are looking into Washington Mutual and what contributed to its demise as an independent company.
JPMorgan Chase said it booked a one-time $581 million after-tax gain on the purchase of WaMu from the Federal Deposit Insurance Corp., a number that takes into account what it paid to FDIC, the net value of WaMu's assets and liabilities and merger costs.
But it also recorded an after-tax expense of $1.2 billion to increase reserves, set aside for possible losses on home, commercial, credit card and other loans, to JPMorgan Chase's standards.
And JPMorgan Chase executives, in reviewing the economic conditions that pushed WaMu into red ink and eventually a federal takeover, warned that conditions in such sectors as home lending and credit cards continue to deteriorate.
"We are getting braced for increased loan loss reserves," said Chief Executive Jamie Dimon.
JPMorgan Chase earned $527 million, or 11 cents a share, down from $3.4 billion, or 97 cents a share, in the third quarter of 2007.
The New York banking giant paid $1.9 billion for taking WaMu bank assets and liabilities off the hands off federal regulators, who took over the bank Sept. 25. JPMorgan Chase said it expects to spend $1.5 billion on employee severance, combining computer systems and real-estate costs, with another $500 million in merger costs by 2011.
But it also expects to save $1.5 billion a year, about 15 percent to 20 percent of WaMu's noninterest expense. JPMorgan Chase hopes to complete branch combinations in markets in which both companies operated by the end of 2010. It hasn't said how many of WaMu's 43,000 employees it will keep or cut, although it has said it will let employees know by Dec. 1.
WaMu's banking operations could wind up contributing $2.5 billion, or 50 cents a share, to JPMorgan Chase's earnings next year.
That's good news considering the economic weakness JPMorgan Chase is seeing in multiple business lines. While it got out of some of the dicier types of lending that WaMu loaded up on, including adjustable-rate mortgages on which borrowers set their own repayment amounts, the company is seeing weakening in prime mortgages, considered the least risky of home loans. Loan charge-offs were $177 million in the third quarter, compared with just $9 million a year ago. JPMorgan Chase warned that quarterly losses in prime mortgages could reach as high as $300 million next year.
California and Florida -- two states in which WaMu did a lot of business -- accounted for 80 percent of the losses in the prime-loan portfolio, despite being just 37 percent of the total loans.
Aside from its loan portfolio, a major concern about WaMu was deposits. Federal regulators said they moved in on WaMu after customers, nervous about the bank's stability, pulled nearly $17 billion in deposits out in 10 days.
JPMorgan Chase said the run appears to have ceased, with deposits exceeding withdrawals seven out of nine days through early October.
But WaMu's deteriorating financial condition over the past 12 months, allegations of mismanagement and its subsequent takeover have prompted calls for formal investigations.
In response, U.S. Attorney Jeffrey Sullivan issued a statement Wednesday, saying that "due to the intense public interest in the failure of Washington Mutual," a task force including representatives of the FBI, FDIC, the Securities and Exchange Commission and the Internal Revenue Service are "examining activities at the bank to determine if any federal laws were violated."
"For more than 100 years Washington Mutual was a highly regarded financial institution headquartered in Seattle," the statement said. "Given the significant losses to investors, employees, and our community, it is fully appropriate that we scrutinize the activities of the bank, its leaders, and others to determine if any federal laws were violated."
The statement asked anyone with information to contact the task force at 1-866-915-8299 , or at fbise@leo.gov.
But neither the statement nor a spokeswoman for the U.S. Attorney's Office elaborated on what areas the task force might be looking at. The SEC and the Office of Thrift Supervision earlier this year opened an inquiry into allegations, first raised by New York's attorney general, that WaMu pressured appraisers to give inflated values for homes to justify making loans.
Shareholders of WaMu common stock are upset with prior management over their strategic decisions, disclosures and compensation. But they're also mad at federal regulators for taking over WaMu and engineering what they contend was a sweetheart sale to JPMorgan Chase, rather than giving the bank time to work out a rescue plan or benefit from a federal bailout. The seizure and sale of the banking operations, and subsequent Chapter 11 bankruptcy by the holding company, are likely to wipe out what little remained of their investment, since any remaining assets will go to more senior creditors. They want federal authorities to investigate how and why the WaMu deal was structured as it was.
While JPMorgan Chase proceeds with merging WaMu's banking operations into its own, the remnants of the holding company Washington Mutual Inc. continues in federal bankruptcy court in Delaware to sort out what assets it still holds, who it owes money to and how much.
In a bankruptcy court filing Tuesday, Washington Mutual said it had reached agreement with JPMorgan Chase granting it access to $4.4 billion it had on deposit at its subsidiary bank before the seizure and sale. Washington Mutual said the settlement will help "maximize recovery for the debtor's creditors," calling the deposits "the largest asset of the estate available for distribution" to those creditors.
JPMorgan Chase stock dropped $2.22 a share in trading Wednesday to $38.49; a year ago it closed at $46.27.
WaMu stock has been delisted and now trades in the pink sheets, currently at about 10 cents a share. A year ago it closed at $34.27.
P-I reporter Bill Virgin can be reached at 206-448-8319 or billvirgin@seattlepi.com.
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