I had a co-worker who used to send an email out every Friday with "Friday Funnies" in the subject line and it
usually a was a pretty raunchy joke or something completely hilarious but totally not appropriate for a Fed Bank. Her last one was "Learn Chinese" and I 'm guessing that if the
OTS hadn't been conducting their visit then she may have been able to retain her job for a bit longer.
We have visitors for the next few months down at the
main branch and I would love to be able to ask them a few questions off the top of my head like:
"Last year you were concerned with the fact that the board missed a meeting because the Chairman had emergency quintuple bypass surgery... do you really give a shit about that kind of nonsense now?" or "Do you feel responsible that you kinda missed some big red flags that were waving in your face the last few years at some of the larger institutions?" or "If you all keep closing down banks don't you think they'll reduce the number of auditor / examiners needed?"
I wouldn't have access to them anyway... We are normally asked to walk around like Benedictine Monks when the Feds are in the house and basically have to divert our eyes if we were to encounter one in the hall. A couple of years ago I was working late and heard a little rap on my door. One of
them needed something from
me.... a "sleeve" of staples as she had run out... It was probably the most
uncomfortable 30 seconds of my life as I slowly opened up my drawer and removed the needed supplies and silently handed them to her. 2 quick nods between us and
whoosh she was gone.
WaMu getting snatched up by JP Morgan wasn't a shock at all. I had dealt with
WaMu as an end investor for mortgages up to about 2 years ago when they announced that they were ceasing their correspondent lending channel and going solely Alt-A and Sub-Prime Bulk. I also was aware that they were the very end investor for other risky 125% mortgages and only stopped purchasing them late last year. The major question I have is does JP Morgan Chase also acquire those crappy loans in
WaMu's portfolio or did they only purchase portions of the company's holdings?

Anyway... Tonight we're still going to a Debate Watch Party whether it's to see the 2 of them discuss some things or just to watch
Obama get 2 hours of free advertising. Either way I guess it's a win-win for us,
LOL.
And then tomorrow it's an
Obama-
Biden rally.