www.foxnews.com/story/0,2933,428264,00.html

The largest bank failure in U.S. history. It just gets worse and worse.

im surprised this happened, even when you give them money they still fail.

I am confident my bank won't fail considering it only gives accounts to the military.  People with a military background usually always are more financially responsible.

I used to have a Navy Federal account, it was super easy to get loans through them. The catch is, they will garnish your wages very quickly if you dont pay, which is really a good thing I suppose.

Originally posted by CleffyII

People with a military background usually always are more financially responsible.

lol

Originally posted by CleffyII

People with a military background usually always are more financially responsible.

Err...what?

Originally posted by CleffyII

People with a military background usually always are more financially responsible.

*crickets chirp*

*crickets chirp some more*

Yeah, dude.

Yeah.

Edit: Anybody remember how you get told not to buy a damn car after boot, but there are always like three or four guys out of the dozen or so that ship with you that do it anyway?

And it's always one of those sick compact sports cars.  Not the super expensive ones, but not the cheapo ones either.  And you're like, "Shit, I want one too."  And you're tempted to go out and do it, even though you have absolutely no idea of how you'll get it to your next posting aside from, "I'll drive it there."

You just hope you don't get based in Okinawa (or insert an overseas Division HQ for your branch here).

Originally posted by CleffyII

I am confident my bank won't fail considering it only gives accounts to the military.  People with a military background usually always are more financially responsible.

Funny. i'll mention that the next time I see an active duty soldiers' family standing in the food bank line.

Originally posted by Dekron

Originally posted by CleffyII

People with a military background usually always are more financially responsible.

Err...what?

 

lol i thought the same exact thing. I was in the military.

http://www.coloradoconfidential.com/upload/CS%20Gazette%2010-11-06.pdf

Originally posted by CleffyII

I am confident my bank won't fail considering it only gives accounts to the military.  People with a military background usually always are more financially responsible.

Wow..just wow. If this was true, maybe I should have joined the marines and gone to Iraq, maybe then I wouldn't spend so much.

looks like the President of 17 days is having  a blast with it lol

********************************************************************8

That's just what one Alan H. Fishman might have thought when he woke up Friday morning.

Fishman was the new chief executive officer for Washingon Mutual — WaMu — the nation's largest savings and loan, which was taken over Thursday night by federal bank regulators and quickly dumped in a fire sale to JPMorgan Chase for the Wal-Mart-like price of $1.9 billion.

But don't cry for Fishman, who reportedly was sky-high — literally — last night, on a flight from New York to Seattle, when WaMu collapsed. Even though he's only been on the job for less than three weeks, he's bailing out with parachute worth close to $20 million, according to an executive compensation analysis conducted for the New York Times by James F. Reda Associates.

That's right, $20 million for 17 days on the job ... and his company failed.

Fishman, who formerly was chairman of Meridian Capital Group, apparently was much coveted by WaMu, which was counting on him to lead the failing thrift out of mortgage troubles that pushed the bank to a $3.3 billion second-quarter loss.

According to filings with the Securities and Exchange Commission, WaMu threw a $7.5 million bonus at Fishman when it hired him on Sept. 8, and guaranteed him an immediate cash severence of $11.6 million — both of which he gets to keep.

He also was eligible for annual bonuses of up to 365 percent of his annual base pay — set at $1 million — to go with millions of shares of company stock.

Fishman does lose out on a big bonus that would have kicked in had he remained on the job through 2009.

Documents show WaMu was going to pay their new boss $8 million to simply not screw up and get fired — all negotiated as the Seattle-based banking giant's loses climbed to an estimated $20 billion.

Originally posted by Slythe

Originally posted by CleffyII

I am confident my bank won't fail considering it only gives accounts to the military.  People with a military background usually always are more financially responsible.

Wow..just wow. If this was true, maybe I should have joined the marines and gone to Iraq, maybe then I wouldn't spend so much.

If your spending habits are fucked-up now, believe me when I say that joining the Marines as a grunt would be a vast downgrade in discipline.  People who are smart with money get smarter in the service.  People who are dumb with money get way dumber.

When you train as a grunt, unless you're on a rest period after a deployment, you are out in the field for most of the week.  You get back and have 30 days worth of paycheck to burn in the four three (sometimes four) day weekends you get.

After a deployment, it's not any better.  It's worse after you actually hit the sandbox.  Pay plus all your added bonus pay just starts piling up.  You get back and no fucking idea what to do with it.  A lot of times people just blow through their money stupidly to keep their mind occupied rather than confront their shit, and the end up empty-handed in a year or two after building up a ton of shit.

So yeah.

Originally posted by damond5031

www.foxnews.com/story/0,2933,428264,00.html

 

The largest bank failure in U.S. history. It just gets worse and worse.

This is not even news, also.  This has been a 100% certainty for weeks, and a 90% certainty for months.  WaMu has been in serious trouble for a long, long time.  Everybody was just counting the days.

Originally posted by Enigma 

That's right, $20 million for 17 days on the job ... and his company failed. 

My god that is sickening.  It's also a staple of what's just completely wrong with our country, that guy should get nothing and that 20 million should be divided amongst the people who actually spent some time at the company, or put into some kind of severance package for other employees. Something. Anything.

You just gotta love private business practices.

Originally posted by Kurush 

If your spending habits are fucked-up now, believe me when I say that joining the Marines as a grunt would be a vast downgrade in discipline.  People who are smart with money get smarter in the service.  People who are dumb with money get way dumber.

When you train as a grunt, unless you're on a rest period after a deployment, you are out in the field for most of the week.  You get back and have 30 days worth of paycheck to burn in the four three (sometimes four) day weekends you get.

After a deployment, it's not any better.  It's worse after you actually hit the sandbox.  Pay plus all your added bonus pay just starts piling up.  You get back and no fucking idea what to do with it.  A lot of times people just blow through their money stupidly to keep their mind occupied rather than confront their shit, and the end up empty-handed in a year or two after building up a ton of shit.

So yeah.

Yeah I hear you, and in case you were wondering I was in no way making fun of Marines or anything. I have 2 Marine buddies stationed at 29 Palms. Just wanted to clarify that.

But you know what, they actually are very good with money compared to other people I know. Maybe there is some truth in what Cleffy said, to some extent.

Originally posted by Slythe

Originally posted by Kurush 

If your spending habits are fucked-up now, believe me when I say that joining the Marines as a grunt would be a vast downgrade in discipline.  People who are smart with money get smarter in the service.  People who are dumb with money get way dumber.

When you train as a grunt, unless you're on a rest period after a deployment, you are out in the field for most of the week.  You get back and have 30 days worth of paycheck to burn in the four three (sometimes four) day weekends you get.

After a deployment, it's not any better.  It's worse after you actually hit the sandbox.  Pay plus all your added bonus pay just starts piling up.  You get back and no fucking idea what to do with it.  A lot of times people just blow through their money stupidly to keep their mind occupied rather than confront their shit, and the end up empty-handed in a year or two after building up a ton of shit.

So yeah.

Yeah I hear you, and in case you were wondering I was in no way making fun of Marines or anything. I have 2 Marine buddies stationed at 29 Palms. Just wanted to clarify that.

But you know what, they actually are very good with money compared to other people I know. Maybe there is some truth in what Cleffy said, to some extent.

Most people have some common sense.  Like I said, if you're smart with money, you'll get smarter in the service, and this happens to most people.  Why?  First of all, there are real consequences.  If your CO gets wind of some mounting credit card debt or collectors hounding you or shit like that, you can look forward to some counseling plus a severe chewing-out from a half-dozen people with more bars and rockers than you'll ever see on your own shoulder.  That's best case scenario, mind you.  NJP isn't out of the question.  Second, you learn discipline in a lot of small shit that people take for granted.  Once you get fucked up for the fiftieth time for touching your face in boot, you stop doing it.  That small discipline eventually carries over into big discipline.

However, if you don't have any common sense, you can very quickly get yourself fucked-up.  You have way too much discretionary income for some people to handle, since essentially all of your expenses are paid for if you have no family.  Some people just can't handle it.  It's that simple.  Of the people with no common sense, only a small fraction actually learn it from being counseled.  Most just keep making the same mistakes.

I've always said that the service only really brings out the best and worst and you.  In a way, it exemplifies your true potential.  You will see the best parts of yourself, and if you see combat, you will also see the worst parts of yourself.  If you parents didn't teach you right as a kid, you won't suddenly learn those values.

Originally posted by Kurush

Originally posted by Slythe

Originally posted by Kurush 

If your spending habits are fucked-up now, believe me when I say that joining the Marines as a grunt would be a vast downgrade in discipline.  People who are smart with money get smarter in the service.  People who are dumb with money get way dumber.

When you train as a grunt, unless you're on a rest period after a deployment, you are out in the field for most of the week.  You get back and have 30 days worth of paycheck to burn in the four three (sometimes four) day weekends you get.

After a deployment, it's not any better.  It's worse after you actually hit the sandbox.  Pay plus all your added bonus pay just starts piling up.  You get back and no fucking idea what to do with it.  A lot of times people just blow through their money stupidly to keep their mind occupied rather than confront their shit, and the end up empty-handed in a year or two after building up a ton of shit.

So yeah.

Yeah I hear you, and in case you were wondering I was in no way making fun of Marines or anything. I have 2 Marine buddies stationed at 29 Palms. Just wanted to clarify that.

But you know what, they actually are very good with money compared to other people I know. Maybe there is some truth in what Cleffy said, to some extent.

 

Most people have some common sense.  Like I said, if you're smart with money, you'll get smarter in the service, and this happens to most people.  Why?  First of all, there are real consequences.  If your CO gets wind of some mounting credit card debt or collectors hounding you or shit like that, you can look forward to some counseling plus a severe chewing-out from a half-dozen people with more bars and rockers than you'll ever see on your own shoulder.  That's best case scenario, mind you.  NJP isn't out of the question.  Second, you learn discipline in a lot of small shit that people take for granted.  Once you get fucked up for the fiftieth time for touching your face in boot, you stop doing it.  That small discipline eventually carries over into big discipline.

However, if you don't have any common sense, you can very quickly get yourself fucked-up.  You have way too much discretionary income for some people to handle, since essentially all of your expenses are paid for if you have no family.  Some people just can't handle it.  It's that simple.  Of the people with no common sense, only a small fraction actually learn it from being counseled.  Most just keep making the same mistakes.

I've always said that the service only really brings out the best and worst and you.  In a way, it exemplifies your true potential.  You will see the best parts of yourself, and if you see combat, you will also see the worst parts of yourself.  If you parents didn't teach you right as a kid, you won't suddenly learn those values.

Great post sir, your right on with this one. I think anyone that has been in the service has observed the same.

Originally posted by Kurush

Originally posted by damond5031

www.foxnews.com/story/0,2933,428264,00.html

 

The largest bank failure in U.S. history. It just gets worse and worse.

 

This is not even news, also.  This has been a 100% certainty for weeks, and a 90% certainty for months.  WaMu has been in serious trouble for a long, long time.  Everybody was just counting the days.

Next countdown....Wachovia.