If you're a fan of found humor as strange juxtapositions, FailBlog.org definitely belongs in your RSS feed. But it's rare that the site contains brilliant -- and unintentional -- commentary on the state of the economy.FailBlog posted this picture of the neon sign at a Washington Mutual branch office. All that's left is "Was." Before it collapsed in the largest bank failure in history, Washington Mutual was a leader in banking and home loans. It was picked up off the scrap heap by JPMorgan Chase (NYSE: JPM).
More gallows humors: Andy Kessler has suggested that after Bank of America (NYSE: BAC) completes its acquisition of Merrill Lynch (NYSE: MER), the combined company should rename itself "Lynch America Countrywide."
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Reader Comments (Page 1 of 1)
10-21-2008 @ 7:02PM
bob said...
When that bank first came on the scene and started calling itself "wa mu", I knew right then where I "wouldn't" put any money. Glitz and glamour,-- and financial institutions, bad,bad connection.
10-21-2008 @ 9:16PM
dyncln said...
I'm closing my account with Washington Mutual due to the take over by Chase they are the worse bank in this country they over charge the working man with large fee but not the rich man they just crooks I hope someday Chase will go just like wama did.
10-24-2008 @ 4:09PM
JOHN STELLMAR said...
A follow up to the article above, what a joke trying to get thru to WAMU by e-mail, I gave up. I didn't have all day to waste trying to get thru.
10-26-2008 @ 3:22AM
tihsllub said...
Quote, "Before it collapsed in the largest bank failure in history, Washington Mutual was a leader in banking and home loans. It was picked up off the scrap heap by JPMorgan Chase ".
FYI - you are ill informed my friend. Wamu was stolen from its owners. All current evidence says it kept its side of the deal with OTS. Even the 'run' was only on accounts over 100,000 and then onl 5%. They claims of WaMu of ample liquidity through to 2010 were accurate.
The only reason WaMu failed was because the FDIC wanted it to. JP Morgan did not pick it up from the "scrap heap". It got a great deal and only had to take the 'best bits'. And that is what we might expect when you act as the FDIC's fence.
I just wanted to comment on those poorly chosen words as it perpetuates a false version of events.