Another Bank Fails
Posted on September 26th, 2008 by ecthompson
Washington Mutual was bought out by JP Morgan Chase.
From the Washington Post:
Federal regulators last night seized the massive, troubled mortgage lender Washington Mutual in the largest bank failure in U.S. history, then immediately sold much of the company to J.P. Morgan Chase for $1.9 billion in a deal that will create the largest bank in the country.
The historic two-step was orchestrated by Sheila Bair, chairman of the Federal Deposit Insurance Corp., on terms that preserve Washington Mutual’s deposits and avoid what could have been a huge drain on the insurance fund that protects deposits of up to $100,000. (more… )
