Yes I just heard. And the market is down like 300 points. God help us all. This bank is being acquired by citigroup. Who my aunt says will probably be not to far behind from these other banks due to the fact that they lend to 3rd world countries that can't pay back their debts. She said her bank is just waiting and they will probably acquire them soon.

 

On top of that the 700 is no longer coming to wall street in a lump sum. it is going to start out as 250 1st given to off set some of the bad debt and purchase some of it. The next set of funds the President is said to have to ask for. And then the final set of funds have to  be approved by congress and/or Senate. This is said to be one of the ways to ensure that the Golden Paraschutes are gone and to limit execs from the former bonuses and fringe benefits. Yes finally someone will go to work and do the job they are paid to do b/c they WANT and HAVE TO, not b/c their looking to raid the company's pockets every which way.

 

The Exec from WaMu should be ashamed of himself if he took that 28Mil. The bank went under which is cause for laying off. It's not as if the company set out to get rid of him purposely. Shame shame Mr.CEO! You should have just grabed your 3Mil sign on bonus and been happy with that.