Reuters now reporting on bank shares sharp decline...

[Jubilee on Earth]

Specifically mentions WaMu and National City:

http://www.reuters.com/article/ousiv/idUSN1444517720080715 (http://www.reuters.com/article/ousiv/idUSN1444517720080715)

By Dan Wilchins

NEW YORK (Reuters) - The shares of major U.S. banks plunged on Monday amid fears about the sector's stability following Friday's seizure by regulators of IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research, Stock Buzz) as withdrawals by panicked depositors led to the third- largest U.S. banking failure.

"It's the cockroach theory. You don't just have one bank failure -- when you have a big bank go under, there's always more than one," said James Ellman, president of hedge fund Seacliff Capital, who is short some financial stocks, but also owns some shares of trust banks and asset managers.

The shares of Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz) and National City Corp (NCC.N: Quote, Profile, Research, Stock Buzz), which have significant exposure to mortgages, plummeted, leading both to issue statements intended to reassure investors and depositors.

Also hurting Washington Mutual shares, Lehman Brothers Inc analyst Bruce Harting wrote that the largest U.S. savings and loan could face $26 billion in losses, with $21 billion from mortgages.

If that's not a clue to what's in store in the near future, I don't know what is. If you've got money in either of those banks, get it out of there now.

[HSmomto4]

WM is down in pre-market trading.

[ALS6347]

I have my checking at National City Bank, is that the same as National City Corp?

[cbressler1976]

I def would take my money out of wamu.....

[Pendragon]

I am hearing reports now of Bank Of America is also going down the tubes with some huge losses

[HSmomto4]

I have my checking at National City Bank, is that the same as National City Corp?

:nod

[Jennifleur]

Well, my money is in a local bank, not a national chain. But the economy here in Florida is suffering, so it might be a good idea for me to go get my funds out before it falls too far, and leave just enough from paychecks to cover my car loan (which is automatically withdrawn).

[cbressler1976]

I am hearing reports now of Bank Of America is also going down the tubes with some huge losses

:doh:fear I didn't want to hear this news....but I guess most banks are going down....

[Pendragon]

:doh:fear I didn't want to hear this news....but I guess most banks are going down....

this is a link to thier own stock chart over the last year from almost 55 to below 20 now

http://phx.corporate-ir.net/phoenix.zhtml?c=71595&p=irol-stockchart


Also a commentary about thier losses and it looks like City Bank is going down hard too

http://seekingalpha.com/article/85047-city-bank-of-america-losses-rest-of-u-s-banks-value?

[Pendragon]

They are showing the Bank ZRuns on Fox news now No link yet but the lines are HUGE!!!!!