The Biggest Bank Failure, Is My Bank!

I just read an article by Charles Herman and Daniel Arnall from September 25, 2008, FDIC: 'WaMu the Largest Bank Failure Ever'. What a surprise. WaMu, short for Washington Mutual, just happens to be my bank. You can bet that it took me by surprise to read it. Especially since I was never given any indications at all that there were any problems. JP Morgan Chase & Co. has bought up the working assets of Washington Mutual. It is the largest Savings and Loan bought for 1.9billion. What a bargain? Considering that it costs American Taxpayers 700 billion to bail out Wall Street. Too bad, we could bail out WaMu for 1.9 billion instead.

There was no impact on the customers and depositors of WaMu. The name will remain the same for now. Washington Mutual did have 307 billion dollars worth of Assets, which made the it possible to save the bank.

Why is this story so important? This story comes at a time when we are already dealing with our government Bailing out the companies, Financial Corporations and Banks of Wall Street for the 4th time within a 7 month period. But this fourth time bail out is using 700 billion dollars of Federal Taxpayer's money.

It makes me very angry and sick. I am especially confused. I always believed, as did most Americans, that our tax dollars paid for our Government and the Services they provide. But how can any of the Services they provide exist if the money is going for Bail out of the CEO's, Financial corporations and the Banks who all made Devious Financial Business Transactions.

We were told that the government passed the Bail out with Oversight attached. I hope there are some strong regulations and ethical restrictions prohibiting the same type of Deceitful Business transactions from ever occurring again.