Largest US Bank Failure....was also my employer.

Chickenwing

Chickenwing

[10] Knight
This isn't a thread of sympathy or anything of the sort. But i really don't like the way things are going right now.

I guess it's because it's my bad habit of being so naive and optimistic about everything right now, that i was oblivious that the inevitable was coming...*sigh*

Anywho, let's discuss on this issue as well as the economy itself. As an employee of the company, one can not help but to be a little concerned of his/her, job. especially with the way the economy is right now. I mean, i was employed @ cingular before AT&T bought them out. And i was fine...hell i continued to work for the company for another 2 years since the merger. But i guess i can say that i am a little more uneasy because w/o this job, i REALLY don't know how long i can last w/o a steady paycheck coming in...

EDIT: yes i am still employed with the company...just to answer that question.
 
let me know whatever the next company you work for is because its like 99% sure to get bought out, and theres no reason not to make some money off that

Otherwise, i hope you dont get your retirement stolen by the government. Good luck sir.
 
Well, from what i understand there are good reasons why we've been bought (yes it's official)

1. WaMu was bought...we didn't close. If we did...FDIC couldn't cover us. We have over $100 Billion that's eligible for insurance. FDIC only has $42.5 Billion

2. Chase will become the 2nd largest bank in the US.

3. Everyone panicked and withdrew 10.6 Billion in a 10-day run. (actually surprised me when i read that.)

Those are the KEY reasons why we couldn't close and why we were bought....other than the OBVIOUS mortgage failure in the US.
 
The mortatge problem is very common in Spain too and is the main cause of the economical problems we are facing.

A few years ago, mortatges very more limited, a bit more exclusive, only to 20 years, etc. But with the boost of the building business, banks saw their chance to make money, so they started to create 40 years old mortatges for poorer people, making them available for everybody. What happens? That people can't pay, the building companies don't sell a damn and banks don't get the money.

Important banks can never die or the entire system will crumble. As simple as that.

The government keeps some money for a possible bank bankrupt. That money is to give each person that had money in that bank their money back...but only to a max (20000€ right now). Think what would happen if a big company only gets 20000€ back from their thousands or millions of euros. Bankrupt. Another bank would stop getting their money back from that company and they would suffer too. And many companies wouldn't get paid by that company, obviously, so they die too.

It's all bank's fault and their greed, at least here. They gave money without control and now we are all paying the consequences.
 
Sorry to hear that. You can fight to keep a job at Chase. Don't give up. They need some people for the transition, so you can fight for the job first, and then look for another one in the meantime.
 
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