Slog - Comments on Inside WaMu http://slog.thestranger.com/2008/09/inside_wamu Philip1, who works in the Washington Mutual tower downtown, says his first instant message of the day came from a co-worker: Woo-hoo? All the Washington Mutual employees received an email announcing the buyout last night2, giving people time to freak out in the privacy of their own homes before coming to work. "Most everybody's been resigned for weeks that something like this would happen," Philip says. "Some people are working, others are slacking off, people taking extra-long coffee breaks together, joking around." The most popular jokes in the Washington Mutual tower this morning: As people arrived: "Welcome to J.P.... Copyright 2008 Fri, 26 Sep 2008 11:27:24 -0800 Sat, 27 Sep 2008 02:41:04 -0800 http://www.movabletype.org/?v=3.34 http://blogs.law.harvard.edu/tech/rss Comment by Jeremy from Seattle See, even the employees knew it was "Woo-Hoo" not "Whoo-Hoo"

The misspelled slogan brought down the consumers' confidence and killed the company.

]]> Jeremy from Seattle http://slog.thestranger.com/2008/09/inside_wamu#c1151312 http://slog.thestranger.com/2008/09/inside_wamu#c1151312 Money Fri, 26 Sep 2008 11:35:59 -0800 Comment by Billiard As a former WaMulian near the marketing department, I can tell you that the slogan was purposely misspelled due to trademark issues.

They thought no one would notice. Of course, everyone noticed :)

]]> Billiard http://slog.thestranger.com/2008/09/inside_wamu#c1151336 http://slog.thestranger.com/2008/09/inside_wamu#c1151336 Money Fri, 26 Sep 2008 11:51:32 -0800 Comment by chops The WaMu home page already says "Welcome to JPMorgan Chase"... that was quick.

At least the Web guys have been working today.

]]> chops http://slog.thestranger.com/2008/09/inside_wamu#c1151342 http://slog.thestranger.com/2008/09/inside_wamu#c1151342 Money Fri, 26 Sep 2008 11:53:15 -0800 Comment by Non Ugh I feel sorry for the tellers who have to deal with street level ZOMG WHATS HAPPENING CAN I STAND HERE AND TALK ABOUT IT FOR 20 MIN

]]> Non http://slog.thestranger.com/2008/09/inside_wamu#c1151353 http://slog.thestranger.com/2008/09/inside_wamu#c1151353 Money Fri, 26 Sep 2008 11:58:44 -0800 Comment by chirpy The combination of our two companies creates the nation’s second-largest branch network, greatly expanding banking convenience for customers.

Oh, fantastic! When banks get "too big to fail," solve the problem by combining them into bigger banks. I know I'll sleep better tonight!

]]> chirpy http://slog.thestranger.com/2008/09/inside_wamu#c1151358 http://slog.thestranger.com/2008/09/inside_wamu#c1151358 Money Fri, 26 Sep 2008 12:02:03 -0800 Comment by elswinger Can someone recommend a bank based out of Seattle? I switched from Seafirst, when it became the Bank of America, to WAMU, and want to keep my money close.

Maybe it's time to join a credit union.

]]> elswinger http://slog.thestranger.com/2008/09/inside_wamu#c1151365 http://slog.thestranger.com/2008/09/inside_wamu#c1151365 Money Fri, 26 Sep 2008 12:05:43 -0800 Comment by --MC #6 -- we're hashing over that question here. Some good insights.
http://community.livejournal.com/seattle/5449281.html

]]> --MC http://slog.thestranger.com/2008/09/inside_wamu#c1151384 http://slog.thestranger.com/2008/09/inside_wamu#c1151384 Money Fri, 26 Sep 2008 12:15:11 -0800 Comment by Gomez elswinger... Nearly everyone in town that I know loves BECU. They're not a bad place to start.

]]> Gomez http://slog.thestranger.com/2008/09/inside_wamu#c1151388 http://slog.thestranger.com/2008/09/inside_wamu#c1151388 Money Fri, 26 Sep 2008 12:19:21 -0800 Comment by keshmeshi @6,

I like HomeStreet, but they don't have many branches so it's not that convenient. But they might give you a free gift. Do you have any use for a popcorn popper?

]]> keshmeshi http://slog.thestranger.com/2008/09/inside_wamu#c1151397 http://slog.thestranger.com/2008/09/inside_wamu#c1151397 Money Fri, 26 Sep 2008 12:23:04 -0800 Comment by tomasyalba Fella I know used to work in compliance at WAMU, not low level, but traveled around the branch network trying to get loan officers and underwriters to play by WAMU's own (federally mandated) rules, to no avail.

Two years ago he got fed up at participating in a fraudulent system, quit and moved to Sydney to work with Macquarie (and be closer to Mardi Gras every year).

Two years ago.

]]> tomasyalba http://slog.thestranger.com/2008/09/inside_wamu#c1151438 http://slog.thestranger.com/2008/09/inside_wamu#c1151438 Money Fri, 26 Sep 2008 12:51:33 -0800 Comment by slackers People *started* slacking off? The stories I've heard from people who worked at WAMU include lots of extra-extra-long lunches that might include taking off to a bar or the movies in the afternoon, with no one noticing or caring. I don't mean once in a while, but a regular thing.

]]> slackers http://slog.thestranger.com/2008/09/inside_wamu#c1151495 http://slog.thestranger.com/2008/09/inside_wamu#c1151495 Money Fri, 26 Sep 2008 13:27:40 -0800 Comment by infrequent Simply put, WaMu was victimized by a classic "run on the bank." Customers withdrew $16.7 billion in a 10-day period following the bankruptcy of Lehman Brothers, leaving WaMu "with insufficient liquidity to meet its obligations," its regulators determined.

A longer explanation is WaMu was victimized by mismanagement and misguided bets on exotic (and toxic) instruments such as option adjustable-rate mortgages.

-yahoo: wamu run

]]> infrequent http://slog.thestranger.com/2008/09/inside_wamu#c1151503 http://slog.thestranger.com/2008/09/inside_wamu#c1151503 Money Fri, 26 Sep 2008 13:34:11 -0800 Comment by NapoleonXIV I always wondered what Jaye P. Morgan did after The Gong Show.

I guess now I know.

]]> NapoleonXIV http://slog.thestranger.com/2008/09/inside_wamu#c1151511 http://slog.thestranger.com/2008/09/inside_wamu#c1151511 Money Fri, 26 Sep 2008 13:35:51 -0800 Comment by Non Gomez didn't you say that you weren't going to comment anymore?

go away

]]> Non http://slog.thestranger.com/2008/09/inside_wamu#c1151535 http://slog.thestranger.com/2008/09/inside_wamu#c1151535 Money Fri, 26 Sep 2008 14:03:35 -0800 Comment by Jubilation T. Cornball Home Street is the best locally owned bank.

]]> Jubilation T. Cornball http://slog.thestranger.com/2008/09/inside_wamu#c1151542 http://slog.thestranger.com/2008/09/inside_wamu#c1151542 Money Fri, 26 Sep 2008 14:09:56 -0800 Comment by Gomez I'd like to consider this a special occasion, Non. You're welcome to go the cupboard and bring us your finest 'fat faggot Asian' insults.

]]> Gomez http://slog.thestranger.com/2008/09/inside_wamu#c1151604 http://slog.thestranger.com/2008/09/inside_wamu#c1151604 Money Fri, 26 Sep 2008 14:39:41 -0800 Comment by Diane I left my money in WaMu. Why not? It's insured up to $100,000 and I don't even have a 10th of that amt. in there. A rare advantage of being broke now; I don't own a home and never will, so mortgage rates will never be an issue for me personally; I don't have investments so don't worry about losing money that way. I will be decreasing my savings at WaMu however, just opened a savings acct at BECU because the interest rate is good; I was planning this before WaMu was sold, so it's nothing to do w/their current issues.

]]> Diane http://slog.thestranger.com/2008/09/inside_wamu#c1151787 http://slog.thestranger.com/2008/09/inside_wamu#c1151787 Money Fri, 26 Sep 2008 16:36:08 -0800 Comment by Andrii OUR FURRY FRIENDS. HELP REDUCE THE OVERPOPULATION OF HOMELESS CATS AND KITTENS. Give homeless animals a chance to become pets!
Our furry friends are counting on YOU!
account in LIBERTY RESERVE: U9022457

]]> Andrii http://slog.thestranger.com/2008/09/inside_wamu#c1151967 http://slog.thestranger.com/2008/09/inside_wamu#c1151967 Money Sat, 27 Sep 2008 02:41:04 -0800