Posted by ME/NJ on 9/26/08 12:00pm
Msg #265478

Scary week in our industry

Had a WAMU loan on the 23rd, and it was voided as of yesterday afternoon. Rumor is JP Morgan underwritting dept will layoff most of its staff today if agreement is not reached.

From people I know loans even for known business are at a stand still.

If it was me I would not give "any" company now more then 30 days of credit.

Reply by PAW on 9/26/08 1:41pm
Msg #265493

Doesn't make any sense

Why would JPMorgan Chase lay off its staff? Or do you mean the JPMorgan Chase will lay off the WaMu staff?

Reply by John_NorCal on 9/26/08 2:07pm
Msg #265498

Re: Doesn't make any sense

I read that JP Morgan will be injecting $8 billion dollars into WaMu. So laying off staff doesn't make any sense to me at this time. I noticed that they have their name on the WaMu site already. All in all I think this is a good move on their part. Too bad WaMu didn't accept the $8.00 a share offer that JP made earlier this year. A lot of investors that are out a lot of money especially that investment group, forgot their name, that injected $7.2 billion a few months ago ---- ouch! Big loss!

Reply by John_NorCal on 9/26/08 2:07pm
Msg #265499

Re: Doesn't make any sense

I read that JP Morgan will be injecting $8 billion dollars into WaMu. So laying off staff doesn't make any sense to me at this time. I noticed that they have their name on the WaMu site already. All in all I think this is a good move on their part. Too bad WaMu didn't accept the $8.00 a share offer that JP made earlier this year. A lot of investors that are out a lot of money especially that investment group, forgot their name, that injected $7.2 billion a few months ago ---- ouch! Big loss!

Reply by John_NorCal on 9/26/08 2:08pm
Msg #265500

Why am I getting a double post??? Hic cups maybe?? n/m