Thursday, September 25, 2008

Washington Mutual Collapses, is Siezed by the OTS and Sold to JP Morgan-Chase

"The bailout came after the thrift suffered deposit outflows of $16.7 billion since September 15, the [Office of Thrift Supervision] said."

Holy fuck.

I worked for Washington mutual for 5 years, after they acquired my previous employer, Fleet Mortgage. They shut their Milwaukee site down last year after they dumped their entire government-backed mortgage portfolio on Wells Fargo. They kept the ARMs and other weird loan products.


In the past couple of weeks, I've fielded several calls from my old employers, who were feeling me out to see if I'd be willing to come back on. Apparently, the people they hired to replace me at the new site weren't exactly working out as planned (not my fault: I trained them as well as I could in the time I was given). I told them I'd be happy to help out, but only if I could work from Milwaukee: I wasn't going to move to Florence, SC to work for a struggling company in a struggling industry, with no job security, for the same money I could make by staying where I am. It also only made sense for them: they'd save money by having me telecommute.

They were curiously reluctant to agree to my suggestion. I wonder if this didn't have something to do with that.

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