FLASH: HERE'S A PHOTO OF THE LINE OF PANICKED SAVERS OUTSIDE INDYMAC. THIS SCENE WILL BE REPEATED AT WAMU IN THE NEXT FEW DAYS. DON'T LET THIS BE YOU

And then Northern Rock came to America. In waves.

In my personal first-amendment protected opinion, WaMu will fail in the next few days. I have no financial interest in WaMu. I just want to make sure my readers, and their friends and family, know what's coming.

Do your own research. Come to your own conclusions.

The bank failures are here. Starting with the toxic lenders who fell in love with mortgage fraud and liar's loans.

Deal with it.

The bank failures are here.

IndyMac depositors line up for cash after seizure

PASADENA, California (Reuters) - Hundreds of worried IndyMac Bancorp Inc customers descended on the company's branches on Monday to withdraw their money, after regulators seized what was once one of the largest mortgage lenders in the United States.

Washington Mutual says its capital position is strong

SEATTLE (AP) -- Responding to a sharp plunge in its share price and investor worry about continued problems in the mortgage market, Washington Mutual says it has enough spare cash and strong capital ratios to handle the downturn.

Corrupt toxic lender Washington Mutual lays off another 1,200. 15,000 down, only 44,683 to go.

Working for these ENRON2008 candidates has to kinda suck.

I feel for the people losing their jobs, but WaMu should serve as a message to future generations - when you find yourself working for an unethical, corrupt, dirty company like WaMu, get your ass in gear and go find a new job.

Life's too short to work for WaMu. Or Countrywide. Or Indymac. Life's too short to knowingly enable rampant crime. Life's too short to lose your life savings on your corrupt company's crummy stock.

What we need now is a wave of whistle-blowers. Time for some heroes.

Washington Mutual cuts 1,200 jobs after big losses

Washington Mutual Inc (NYSE:WM - News) said on Thursday it eliminated 1,200 jobs, following mortgage losses that some analysts have said will keep the largest U.S. savings and loan from turning a profit before 2010.

The cuts affect roughly 3 percent of the thrift's employee base. Washington Mutual has said it ended March with 45,883 employees, down from 49,403 at year-end.

In an e-mail, Washington Mutual said it was cutting jobs that support its home lending unit, centralizing some support functions, and focusing on "mission-critical activities." It said the cuts were meant to boost efficiency and restore profitability.

At the end of 2005, well before the housing crisis began to take hold, the thrift had employed more than 60,000 people.

FLASH: Toxic lender Washington Mutual closes its entire network of mortgage shops, records a $1.1 billion loss, gets emergency bailout, lays off 3,000

Just one step closer to the grave...

If you have money in WaMu - GET IT OUT NOW, GET IT OUT TODAY AND DON'T LOOK BACK. In my personal opinion, this bank will fail, and it's not worth the risk. And no, it's not too big to fail. WaMu will not be bailed out by Benny and the Inkjets. Depositers stand to lose everything beyond their FDIC limits. And shareholders will be wiped out.

They called them "liar's loans" for a reason. Get ready for the lawsuits and criminal charges next.

NEW YORK (Reuters) - Washington Mutual Inc (NYSE:WM - News), the largest U.S. savings and loan, said on Tuesday it obtained a $7 billion capital injection from private equity firm TPG Inc and other investors, but that mortgage problems will lead to a $1.1 billion quarterly loss and the elimination of 3,000 jobs.

Jim Cramer says if bond insurers MBIA and Ambac aren't bailed out, the banks will fail. Quick - someone call the Arabs!

So yes, they'll get bailed out, even if that means wiping out their shareholders. That will stop the banks from having to mark to market their CDO cancer for another few weeks or months.

But eventually, as sure as night turns into day, some of the banks will have a come-to-jesus moment (auditors anyone? SEC anyone? Sarbanes Oxley anyone?), and they will fail or be taken over for a song. And the most toxic of the toxic lenders - Countrywide, IndyMac, WaMu and First Fed - will be amongst the first. (I'm short WaMu and should be short a lot more of these houses of mortgage fraud).

Here's Cramer's highlights. Love him or hate him, he knows what's going on out there, and he's using his platform to try to influence the bail-out-players now (like he did with his Fed rant).

Bottom line - watch for the Saudis, Kuwaitis and hell any old Arab with coin to come riding in on a pale horse to bail out these turds.

ABK, MBI Need -- and Will Find -- Capital

So let's go find some bailout money for the monolines, for the Ambacs and the MBIAs. Let's just get it. Let's hold hands and make sure these don't collapse because they could take us with them.

That's the tenor right now of the banks and brokers as these two institutions threaten to bring down the whole CDO house of cards.

Yet, still, they are in the "too big to fail" category. If you capitalize these companies, then you can maintain the AAA ratings on the higher CDO tranches and not have to take the hit to capital that would force banks to collapse.

These are the epicenter of ground zero. If you had to save one or two institutions to rescue the system, these two are actually more important than WaMu or Countrywide.

That's saying something.