WaMu: The latest bank failure

[PeppyGPhiB]

The only reason people pulled their money out of WaMu was because they knew the bank was going to be federalized or go bankrupt. And though we all know savings accounts are supposed to be insured, there's no telling what would happen in a total banking collapse in this country. If we don't have money, we don't have money.

This is very sad for those of us in Seattle that grew up with WaMu as the hometown, community-oriented bank, and major employer. It was taken over by greedy executives who only cared about expansion and sleek marketing, and now it's all gone. Most of the branches here will be converted to Chase branches, but the WaMu skyscraper in Seattle is going to have to find a new tenant. And the community organizations that have benefited from so much in WaMu corporate and employee contributions over the years are going to have to seek new partners. Sad day in Seattle.