Thursday, September 25, 2008

Breaking News: Washington Mutual (WaMu) Seized

Image from source, MSNBC

And the big banks keep on failing. I think Washington Mutual is the very definition of "too big to fail." Amazing. . .


Government seizes WaMu, sells some assets

Largest bank failure in U.S. history; JPMorgan buys $1.9B in WaMu assets

JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. This is the second time in six months that JPMorgan Chase has taken over a major financial institution crippled by bad bets in the mortgage market. . .

Read more at: MSNBC

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