WAMUQ Washington Mutual Inc. featured news, full reports, and detailed charts
Washington Mutual Inc. (WAMUQ/WAMUQ.PK) Wrap Up:
Washington Mutual, Inc., together with its subsidiaries, operates as a consumer and small business banking company in the United States. It operates in four segments: Retail Banking Group, Card Services Group, Commercial Group, and Home Loans Group. The Retail Banking Group segment offers deposit and other retail banking products and services, which include checking and interest-bearing checking, personal checking, savings, money market deposit, and time deposit accounts to consumers and small businesses; loan products comprising home loans, home equity loans, home equity lines of credit, and mortgage loans; and investment advisory and brokerage services. The Card Services Group segment’s op...www.wamu.com
49,403 Employees
Founded in 1889
Washington Mutual Inc. (WAMUQ:OTC)
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WAMUQ Top Compensated Officers
No compensation data is available at this time for the top officers at this company.
Executives, Board Directors
Key developments for Washington Mutual Inc. (WAMUQ)
Thomas C. Leppert Resigns as Member of the Board of Directors of Washington Mutual Inc
10/13/2009
On October 7, 2009, Thomas C. Leppert resigned as a member of the Board of Directors of Washington Mutual Inc., effective immediately.
Part of Massive Securities-Fraud Lawsuit Against Washington Mutual to Survive
10/7/2009
Washington Mutual Inc. announced that at least part of a massive securities-fraud lawsuit stemming from 2008's collapse of the company appears set to move forward after a hearing in federal court in Seattle. The allegations include misrepresenting the company's financial results, undermining its risk-management policies, corrupting the appraisal process and abandoning appropriate underwriting standards. The plaintiffs claim that directors allowed Killinger and the other officers to make false and misleading statements about WaMu's financial condition and loan policies, and Deloitte would have uncovered the trouble had it been doing its job properly. And because the offering documents for the securities offerings contained false and misleading information, they claim, the underwriters also are liable. But the defendants argued that the 268-page suit failed to show that specific statements made by Killinger and others were false, or that the executives deliberately said things they knew to be untrue. In that case, which covers much of the same ground as the securities-fraud suit, Pechman dismissed all claims against Killinger and JPMorgan Chase, which bought WaMu's banking operations last fall, and some of the claims against WaMu officers and directors, letting the rest stand. Both suits are seeking class-action status.
California Woman Files Lawsuit against Washington Mutual Inc. and JPMorgan Chase & Co
06/10/2009
A California woman has filed a lawsuit against JPMorgan Chase and Washington Mutual Inc., alleging the two companies illegally reduced or froze customers' home equity credit lines. The 19-page suit, filed in federal court in Southern California, alleges that JPMorgan, the new owner of Washington Mutual, restricted its customers' access to 'hundreds of millions of dollars worth of credit at a critical time'. A jury trial is demanded. The size of the group involved in the lawsuit is unclear. According to the suit, JPMorgan recently sent letters to thousands of customers with home equity credit lines across the country, informing them that their accounts had been suspended because of the decline in value of the property securing those lines of credit. The lawsuit was filed by Michell Kimball, a San Diego-area resident who took out a $500,000 home equity credit line from Washington Mutual in the fall of 2007.
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WAMUQ transactions
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Bankruptcy
October 28, 2009 |
RHS Manufacturing, Inc. |
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October 21, 2009 |
TAJ Graphics Enterprises, LLC |
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October 8, 2009 |
Whitaker Express, Inc. |
More Recent News About Washington Mutual Inc.
More news for WAMUQ
A look at the top 10 US bankruptcies
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Judge delays ruling on WaMu turnover request
WILMINGTON, Del. (AP) -- The judge presiding over Washington Mutual Inc.'s bankruptcy protection case declined to issue an immediate ruling Thursday on the company's request that JPMorgan Chase & Co. be ordered to turn over some $4 billion in disputed assets. After hearing more than two hours of arguments, Judge Mary Walrath said she would take WMI's request to grant it summary judgment without a trial under advisement. Walrath gave no indication when she might issue a ruling.WMI, parent company of Washington Mutual Bank, filed for Chapter 11 reorganization along with its Washington Mutual Investment Corp. affiliate last year, one day after the Office of Thrift Supervision appointed the Federal Deposit Insurance Corp. as receiver for Washington Mutual Bank and its banking subsidiaries, including Washington Mutual Bank fsb in what was the largest bank failure in U.S. history.After being appointed receiver, the FDIC sold substantially all of WaMu's banking assets to JPMorgan Chase for $1.9 billion.In a lawsuit filed earlier this year, WMI claimed that JPMorgan has refused to turn over billions of dollars in deposit accounts at the WaMu banks that are part of its bankruptcy estate and needed to pay creditors.JPMorgan has suggested that the money was included in the assets sold to it by the FDIC, and that WMI's transfer of $3.67 billion from WaMu to WaMu fsb, a subsidiary, was a capital contribution, not a deposit transfer, and thus belongs to JPMorgan.JPMorgan also contends it has a right to hold onto the funds to compensate for other claims it might have against WMI.Attorneys for JPMorgan and the FDIC argued Thursday that a full evidentiary record and trial are needed before the court can determine the rightful owner of the assets.But David Elsberg, an attorney for WMI, asserted that there are no mater...Click here to read the whole Article (external link)
Washington Mutual argues JPMorgan owes it $4 billion
By Tom Hals WILMINGTON, Delaware (Reuters) - Washington Mutual Inc (Other OTC:WAMUQ.PK - News) told a federal judge on Thursday that JPMorgan should be forced to return more than $4 billion to the bankrupt holding company, whose bank was seized by regulators and sold to JPMorgan.Washington Mutual Inc attorneys argued in a bankruptcy court that records and depositions show the disputed money was on deposit at the holding company's banks when they were seized last year in the biggest bank failure in U.S. history.Attorneys for JPMorgan & Chase Co (NYSE:JPM - News) and federal regulators described Washington Mutual Inc's bookkeeping as a "shell game" that would require more evidence to determine if the money was a deposit or some other form of transaction, such as a capital contribution.The judge, Mary Walrath, said she would take the issue under advisement and issue a decision at a later date.The Federal Deposit Insurance Corp seized the banking operations of Seattle-based Washington Mutual in September 2008 and immediately sold them to JPMorgan for $1.9 billion. The thrift's holding company filed for bankruptcy protection the next day.At issue on Thursday and subject to hundreds...Click here to read the whole Article (external link)
Calif. bank becomes 99th in US to be shut in 2009
NEW YORK (AP) -- Regulators have shut down San Joaquin Bank in California, marking the 99th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of San Joaquin Bank, based in Bakersfield, Calif. It had $775 million in assets and $631 million in deposits as of Sept. 29.The FDIC said Friday the bank's deposits will be assumed by Citizens Business Bank, based in Ontario, Calif. Its five branches will reopen Monday as branches of Citizens Business Bank.San Joaquin Bank's failure is expected to cost the FDIC's insurance fund $103 million.Depositors' money is not in danger. The FDIC is backed by the government, and deposits are guaranteed up to $250,000 per account. But the deposit insurance fund has fallen into the red. The FDIC board recently proposed to have U.S. banks prepay about $45 billion of their insurance premiums -- three years' worth.That plan isn't a long-term remedy for the depleted fund. But it would spare ailing banks the immediate cost of an alternative idea: paying an emergency fee for the second time this year. And the FDIC still has billions in loss reserves apart from the insurance fund.The 99 bank failures this year compare with 25 last year and three in 2007. It's the highest number in a year since 1992 during the savings-and-loan crisis, when 120 institutions collapsed. Closures peaked during that crisis in 1989, when 534 banks were shuttered.The most severe financial crisis since the 1930s has hit banks large and small. With unemployment rising, consumer spending slack and businesses shuttered, experts say up to 400 more banks could fail in the next couple of years.The 99 failures may not fully reflect the depth of banks' travails. Many more banks -- perhaps hundreds -- are so weak they could have been shut down already, experts say....Click here to read the whole Article (external link)
Calif. bank becomes 99th in US to be shut in 2009
NEW YORK (AP) -- Regulators shut down San Joaquin Bank in California on Friday, marking the 99th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of San Joaquin Bank, based in Bakersfield, Calif. It had $775 million in assets and $631 million in deposits as of Sept. 29.The FDIC said the bank's deposits will be assumed by Citizens Business Bank, based in Ontario, Calif. Its five branches will reopen Monday as branches of Citizens Business Bank.San Joaquin Bank's failure is expected to cost the FDIC's insurance fund $103 million.Depositors' money is not in danger. The FDIC is backed by the government, and deposits are guaranteed up to $250,000 per account. But the deposit insurance fund has fallen into the red. The FDIC board recently proposed to have U.S. banks prepay about $45 billion of their insurance premiums -- three years' worth.That plan isn't a long-term remedy for the depleted fund. But it would spare ailing banks the immediate cost of an alternative idea: paying an emergency fee for the second time this year. And the FDIC still has billions in loss reserves apart from the insurance fund.The 99 bank failures this year compare with 25 last year and three in 2007. It's the highest number in a year since 1992 during the savings-and-loan crisis, when 120 institutions collapsed. Closures peaked during that crisis in 1989, when 534 banks were shuttered.The most severe financial crisis since the 1930s has hit banks large and small. With unemployment rising, consumer spending slack and businesses shuttered, experts say up to 400 more banks could fail in the next couple of years.The 99 failures may not fully reflect the depth of banks' travails. Many more banks -- perhaps hundreds -- are so weak they could have been shut down already, experts say. M...Click here to read the whole Article (external link)
JPMorgan earns $3.6B, but loan losses remain high
NEW YORK (AP) -- JPMorgan Chase & Co. reported strong third-quarter earnings Wednesday as its thriving investment banking business more than offset rising loan losses that the bank warned would continue for the foreseeable future. JPMorgan, the first of the big banks to report earnings for the July-September period, reported a $3.59 billion profit but also said it roughly doubled the amount of money it set aside for failed home and credit card loans in the quarter.The bank's stock rose on the news, helping to lift the overall market and send the Dow Jones industrials above 10,000 for the first time in a year. Still, JPMorgan's performance shouldn't be taken as a forecast for how well other banks did during the quarter. Many financial companies don't have such big investment banking operations, which includes trading of stocks and bonds and allowed JPMorgan, the nation's largest bank by assets, to overcome its loan losses.Bart Narter, a senior vice president at consulting firm Celent, said JPMorgan's results showed a clear trend that "Wall Street is picking up quite smartly, while Main Street continues to suffer."Banks including JPMorgan have predicted for some time that their loan losses would keep rising. And in JPMorgan's earnings statement, CEO Jamie Dimon confirmed that this trend continues."Credit costs remain high and are expected to stay elevated for the foreseeable future in the consumer lending and card services loan portfolios," Dimon said.In its earnings statement, the bank also described the economy's near-term path as uncertain.The company said for the second straight quarter there are some signs of stabilization in delinquencies among consumer loans that are only recently past due. But Chief Financial Officer Mike Cavanagh said during a conference call with reporters the bank "can't at the mom...Click here to read the whole Article (external link)
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