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Forums - General - My bank (WaMu) was closed by the U.S. government!! (panic)

Great, just what the US needs, a run on a bank!!



Had another account, Lost it though.. sniff

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Ok, now I am confused. We already have an Office of Thrift Supervision (http://www.ots.treas.gov) who's Mission Statement reads:

"To supervise savings associations and their holding companies in order to maintain their safety and soundness and compliance with consumer laws, and to encourage a competitive industry that meets America's financial services needs."

How come they didn't keep us out of this problem in the first place? Everyone wants oversight, but it looks like we have oversight now, and it didn't do anything.