- 漫天奇光异彩,有如圣灵逞威,只有一千个太阳,才能与其争辉。 英语原文
Washington Mutual (I)
As of September 2008, this financial institution underwent the following change in status:Bankruptcy.
Washington Mutual(abbreviated190 to WaMu)(NYSE:WM)was a chain of savings and loans owned and operated by parent company JP Morgan Chase. Prior to September 2008"WaMu", as it was known, was a holding company and was owner of the United States' largest savings and loan association until its closure and placement into receivership, during the subprime mortgage crisis. Despite its name, it ceased being a mutual company in 1983 when it began to trade publicly on the New York Stock Exchange.
On September 25, 2008(the 119th anniversary of WaMu's founding)the United States Office of Thrift Supervision(OTS)announced that it had closed the bank,and had placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC announced that it had sold most of the bank's assets and liabilities, including covered bonds and other secured debt to JP Morgan Chase for $1.9 billion. Claims of equity holders, senior and subordinated debt holders were not acquired by JP Morgan Chase. Washington Mutual's government takeover is the largest bank failure in American financial history. Before the collapse, it was the sixth-largest bank in the United States. According to Washington Mutual's 2007 SEC filing, it held assets valued at $327.9 billion.
The company's stock declined from a high of $45 per share in 2007 to 16 cents per share on September 25, 2008, when it went into receivership.
Washington Mutual was founded as the Washington National Building Loan and Investment Association on September 25, 1889, after a fire nearly destroyed the city of Seattle. The newly formed company made its first home mortgage loan191 on the West Coast on February 10, 1890. Its name was changed to Washington Savings and Loan Association on June25, 1908.
By 1930, it was operating under the name Washington Mutual Savings bank. The company purchased its first company, Continental Mutual Savings Bank, on July25, 1930.
Its marketing slogan for much of its history was "The Friend of the Family". At the time of its demise, the slogan was "Simpler Banking, More Smiles."
In 1983, Washington Mutual bought the brokerage firm Murphey Favre and demutualized. By 1989, its assets had doubled.
In October 2005, Washington Mutual purchased the "subprime"credit card issuer Providian for approximately $6.5 billion.
In March 2006, Washington Mutual began moving into its new headquarters, WaMu Center, located in downtown Seattle.The company's previous192 headquarters, Washington Mutual Tower, still stands about a block away from the new building on Second Avenue.
In August 2006, Washington Mutual began using the official abbreviation of WaMu in all but legal situations.
On September 25, 2008, federal regulators seized Washington Mutual, selling the bulk of the company's assets to JP Morgan Chase&Co.,for $1.9 billion.
In the future, all Washington Mutual branches will be renamed to Chase. WaMu credit and debit cards will also be renamed to Chase. Chase ATMs will be freely accessible for WaMu customers, and eventually WaMu customers will be able to bank at any Chase branch.However, WaMu customers will be able to continue banking at WaMu branches193 until the merger with JP Morgan Chase&Co. is complete.
Since acquisition of Murphey Favre, WaMu made numerous acquisitions with the aim of expanding the corporation. By acquiring companies including PNC Mortgage, Fleet Mortgage and Homeside Lending, WaMu became the third-largest mortgage lender in the U.S. With the acquisition of Providian Financial Corporation in October 25, WaMu also became the nation's 9th-largest credit-card company.
A list of WaMu acquisitions since demutualization195 follows:
Commercial Capital Bancorp, California, 2006
Providian Financial Corporation California, 2005
Homeside Lending. Inc., Florida, a unit of National Australia Bank,2002
Dime Bancorp, Inc., New York, 2002
Fleet Mortgage Corp., South Carolina,2001
Bank United Corp., Texas,2001
PNC Mortgage, Illinois,2001
Alta Residential Mortgage Trust, California, 2000
Long Beach Financial Corp., California,1999
Industrial Bank, California, 1998
H.F. Ahmanson & Co. (Home savings of America), California, 1998
Great Western Bank, 1997
United Western Financial Group, Inc., Utah, 1997
Keystone Holdings, Inc. (American Savings Bank), California, 1996
Utah Federal Savings Bank, 1996
Western Bank, Oregon, 1996
Enterprise Bank, Washington, 1995
Olympus Bank FSB, Utah, 1995
Summit Savings Bank, Washington, 1994
Far West Federal Savings Bank, Oregon, 1994
Pacific First Bank, Ontario, 1993
Pioneer Savings Bank, Washington, 1993
Great Northwest Bank, Washington, 1992
Sounding Savings & Loan Association, Washington, 1991
CrossLand Savings FSB, Utah, 1991
Vancouver Federal Savings Bank, Washington, 1991
Williamsburg Federal Savings Association, Utah, 1990
Frontier Federal Savings Association, Washington, 1990
Old stone Bank of Washington, FSB, Rhode Island, 1990
Washington Mutual (II)
In December 2007, WaMu reorganized its home-loan division, closing 160 of its 336 home-loan offices and removing 2,600 positions in its home-loan staff (a 22% reduction).
In April 2008, WaMu, responding to losses and difficulties sustained as a result of the 2007-2008 subprime mortgage crisis, announced a $7 billion infusion of new capital by new outside investors led by TPG Capital. TPG agreed to pump $2 billion into WaMu;other investors, including some of WaMu's current institutional holders, agreed to buy an additional $5 billion in newly issued stock. The bank announced that 3,000 people companywide would lose their jobs, and the company stated its intent to close its approximately 186 remaining stand-alone, home-loan offices, including 23 in Washington States and a loan-processing center in Bellevue, Washington. It stopped buying loans from outside mortgage brokers--known in the trade as "wholesale lending".
In June,2008, Kerry Killinger stepped down as the Chairman, though remaining the Chief Executive Officer. On September 8,2008, under pressure from investors WaMu's board of directors ousted196 Kerry Killinger as the CEO. Alen H. Fishman,chairman of mortgage broker Meridian Capital Group, and a former chief operating officer of Sovereign Bank, was named the new CEO.
By mid-September 2008, WaMu's share price had closed as low as $2,00, whereas a year pervious it was worth over $30,00. While WaMu publicly insisted it could stay independent, earlier in the mouth it had secretly hired Goldman Sachs to facilitate an auction of the bank. However,there were no takers. At the same time, customers were pulling out their deposits in large numbers. Fearing that this could lead to a massive run, the Federal Reserve and the Treasury Department stepped up pressure on WaMu to sell itself, as a takeover by the FDIC insurance fund. At one point, it actually went behind the backs of WaMu's management to broker a deal. Finally, on the morning of Thursday, September 25, regulators informed JP Morgan Chase that it was the winner.
That night (shortly after the close of business on the West Coast), the Office of Thrift Supervision seized WaMu and placed it into receivership with the FDIC as receiver. The FDIC then sold virtually all of WaMu-including its deposits and branch network-to JP MorganChase for $1.9 billion. The transaction, arranged197 by the FDIC, dose not require drawing from the FDIC insurance fund. Normally, bank seizure198 take place after the close of business on Fridays, but WaMu was in such dire straits that regulators felt compelled199 to act a day early.
WaMu's management was kept completely in the dark by the regulators; indeed, Fishman was on the way to Seattle when the deal closed. JP Morgan Chase didn't acquire any of WaMu's equity(though it plans to issue $8 billion in common stock to pay for the deal), and it is believed that the company's shareholders and some bondholders will be wiped out. However, WaMu's stock was practically worthless in any case; by the close of the week's trading its stock had dropped to only $0.16 a share.
Fishman was only in the position 17 days. He received a $7.5 million sign on bonus, then received his cash severence of $11.6 million.
WaMu's seizure resulted in the largest bank failure in American financial history, far exceeding200 the failure of Continental Illinois in 1984.
On September 26, 2008, Washington Mutual, Inc., the bank holding company of the thrift, and its remaining subsidiary201, WMI Investment Corp., filed for Chapter 11 bankruptcy.
《比一千个太阳还亮》的作者是奥地利记者Robert Jungk，原书是用德文写的，1956年出版，题为Heller als tausend Sonnen，后来在1958年首次被翻译成英文Brighter Than A Thousand Suns出版。在德文原版中，这句诗被写成：
“Wenn das Licht von tausend Sonnen
am Himmel plötzlich bräch' hervor,
Zu gleicher Zeit – das wäre
gleich dem Glanze dieses Herrlichen.”
“If the radiance of a thousand suns
were to burst into the sky,
that would be like
the splendor of the Mighty One.”
Divi sooryasahasrasya bhavedyugapadutthitaa;
Yadi bhaah sadrishee saa syaadbhaasastasya mahaatmanah.
“Were the splendour of a thousand suns to shoot forth all at once in the sky,
that might perchance resemble the splendour of that Mighty One.”
“If the splendour of a thousand suns were to blaze out at once in the sky,
that would be the splendour of that mighty Being.”