Our financial system is crumbling this week.

[sighyoung]

Freaking Washington Mutual Failed.....

WOW, this is getting better by the day

Do you really believe they "failed" or do you just think they wanted part of the 700 billion dollar pie so they said they "failed" to get their fair share? I am going with the latter.

It's been rumored this might happen for a few weeks. Maybe this tipped the scale, but they were in trouble already. Of course, the extent of the bailout hasn't been agreed upon yet either.

Plus, depositors had been pulling their money out of Washington Mutual for weeks, so it's not surprising.

[AWvsCBsteeeerike3]

Plus, depositors had been pulling their money out of Washington Mutual for weeks, so it's not surprising.

How come "the Fund" (American Beacon Select Money Market Fund) was able to regulate how often and how much stock you could sell, but WaMu wasn't?

[sighyoung]

I don't know about this concerning American Beacon--I haven't been able to keep up with all the news.

I do know that banks and mutual funds have the right to require a seven-day notice of withdrawal or transfer of funds, but most waive this requirement. Did American Beacon invoke this right?

As for Washington Mutual, I don't think there was a run on the bank--I think depositors had known for some time that the bank was in trouble, and gradually shifted money out of the bank over many months.

[ghostrunner]

Looks like lawmakers are getting a lot of pressure from constituents not to approve the bailout.

http://www.latimes.com/business/la-fi-v ... 6836.story

This is one of those times where I think constituents should be ignored, even if I sympathize with the complaint.

I agree with Obama that McCain and he do more to cloud the issue rather than helping to solve it. It's hard at this point to know who's genuinely against or for it, and who's trying to posture or work out some advantage.

[AWvsCBsteeeerike3]

I don't know about this concerning American Beacon--I haven't been able to keep up with all the news.

I do know that banks and mutual funds have the right to require a seven-day notice of withdrawal or transfer of funds, but most waive this requirement. Did American Beacon invoke this right?

As for Washington Mutual, I don't think there was a run on the bank--I think depositors had known for some time that the bank was in trouble, and gradually shifted money out of the bank over many months.

Here's an email I got yesterday from out 401 K guru.

Dear Participant:



American Beacon Advisors, manager of the American Beacon Select Money Market Fund (the “Fund”), has temporarily limited the amount and timing of withdrawals from the Fund. American Beacon's decision has been made to prevent large withdrawals, forcing the sale of securities at heavily discounted prices, which would have an adverse impact on the Fund and its remaining shareholders.



What this means to You – You do not currently have the American Beacon Select Money Market Fund as part of your 401(k) portfolio, but I wanted you to be aware of this change. There are only x participants in the plan with balances over $10,000 in the Fund. These participants are being contacted directly by phone. You are being notified in the event you should choose to change your investment election or transfer existing balances to include the American Beacon Select Money Market Fund. :



· Quality of the Investments in the Fund is Very High –American Beacon Select Money Market Fund has NO HOLDINGS in:



Ø Lehman Brothers Holdings, Inc. (Lehman)

Ø American International Group (AIG)

Ø Washington Mutual, Inc.

Ø Wachovia Corporation



The Fund is invested in high quality short term fixed income investments and the Fund has maintained its stable value at $1.00 per share

[planet planet]

Looks like we've found the next domino to fall.

Announcement on Wachovia this afternoon?

Not to be selfish, but yippee, another blow to St. Louis.

[ghostrunner]

Looks like we've found the next domino to fall.

Announcement on Wachovia this afternoon?

Not to be selfish, but yippee, another blow to St. Louis.

That's a North Carolina bank. Do they have a big presence there?

[TimeForGuinness]

Looks like we've found the next domino to fall.

Announcement on Wachovia this afternoon?

Not to be selfish, but yippee, another blow to St. Louis.

That's a North Carolina bank. Do they have a big presence there?

Wachovia bought AG Edwards...I don't know which part of the bank is having problems, but I know the state of Missouri was investigating them earlier this year.

[planet planet]

Looks like we've found the next domino to fall.

Announcement on Wachovia this afternoon?

Not to be selfish, but yippee, another blow to St. Louis.

That's a North Carolina bank. Do they have a big presence there?

Wachovia bought AG Edwards...I don't know which part of the bank is having problems, but I know the state of Missouri was investigating them earlier this year.

As a result, Wachovia Securities' headquarters was moved to St. Louis from Richmond, VA.

[omaha_red]

sorry if this is already on here..

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