I'm not making a prediciton here, but...

[solarbird]

If you're reading this today (a bit before 9am PST on 10 September 2008) then check out the Washington Mutual 1-minute daily chart right now. (Or better, this one, which shows volumes.) I think somebody has decided this game is over. Maybe a bunch of somebodies. (Price context: five-year chart.)

Comments

[solarbird]

I note for historical purposes that at the time I posted this, it was trading just a bit over $2.30 a share, down well over 25% from open.

[daspatrick.livejournal.com]

My office shares a bathroom with a Washington Mutual branch. In an unprecedented move, they've posted fliers over the urinals advertising appealing rates for consumer savings accounts. Is this code for begging people to put some cash in the bank so that they have enough to cover their collective rears?

[solarbird]

That kind of thing (atypically high rates, wide-net advertising) is often an indicator of cash desperation, yes.

[llachglin.livejournal.com]

I don't have $100K in the bank, and FDIC appears to still be functional, or otherwise I would have moved my money from WaMu to a credit union weeks ago.

[solarbird]

Yep.

However, this will drain the FDIC's reserves, if it happens.

Interestingly, an FDIC rule requiring one staffer in every branch implies that they can't shut down WaMu! At least, not and keep all branches open. Apparently (I have not verified this) they don't have as many field staff as WaMu has branches. So I don't know how that is going to work.

[krellan.livejournal.com]

I have my money in WaMu.

Nothing remotely approaching the FDIC's $100K limit, though, unfortunately :)

So, I should be safe. I like WaMu simply because their branches and ATM's are everywhere. I used to have my money in KeyPoint Credit Union (formerly AEACU) and liked them, but they kept screwing up my ATM card, and after I changed jobs, I was no longer near a branch during business hours.

I like credit unions because they're smaller and thus friendlier, and their fees are much less. Can anyone recommend a decent bank or credit union that I should move my money to? Might as well beat the rush.