Friday, September 26, 2008
5987: Whoo Hoo! We’re Screwed!
Depositing the news in a MultiCultClassics Monologue…
• Washington Mutual was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase & Co., making WaMu the biggest bank to fail in the nation’s history. “For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks,” said the FDIC Chairman. “For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning.” Whoo Hoo!
• HSBC Holding PLC, Europe’s biggest bank by market value, announced plans to cut 1,100 jobs worldwide. “We’ve taken the action because of the current market conditions, the economic environment and our cautious outlook of 2009,” said an HSBC spokesman. So that’s one less potential employer for any WaMu workers about to get axed.