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Biggest U.S. bank failure ever: Washington Mutual, which struggled to find a buyer, was closed by the federal Office of Thrift Supervision and the FDIC, for "insufficient liquidity" and being "unsound." The government orchestrated JPMorgan Chase's purchase of WaMu deposits for just $1.9 billion. WaMu's is the country's biggest savings and loan and has $310 billion in assets, but was affected by the mortgage crisis. Also, while shareholders and bondholds will be wiped out, the NY Times says Wamu customers "are unlikely to be affected." (Also, the FDIC insures deposits up to $100,000). Earlier this year, WaMu rejected JPMorgan's takeover at $4/share--an analyst told Bloomberg News, "JPMorgan is getting a steal compared with what they were going to pay. It's very tragic.''
Washington Mutual Seized by Feds, Assets Bought by JPMorgan
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Whoo hoo?
Wah!Mu.
I think now would be a good time to sell your shares in any bank. Tomorrow is going to get rough...
^ Why? Everyone knew this was coming.
thank god. It was a chore taking out 200k from them. I still had 2 accounts left with ~30k and was going to get it out later but i was too lazy. My bank was Dime but Wamu bought them, and now it's gonna be chase. Remember when banking was an industry too be respected? that was just last month. Now it's reviled too hell. Sucks for finance majors. no soup for you.
Time for you Wall Street scumbags to finally get a real job. Like Digging graves for Wall Street scumbags
mr. fukuyama, you were so wrong as to be right: it's the end of history!
It was going to happen. No surprise. The government shut down WaMu to give it to a holder (JPMorgan). Certainly now the $700b will find its way to Wall street. Tomorrow will be all hype.
I had twelve kajillion semolians in my WaMu checking account, but I think it will just about fit inside my mattress, though it may be a bit lumpy. I would ask you all to please disregard any clues I may have left about my address on these comment boards.
True EastRiver, but this combined with the news about the bailout will still hammer the markets.
I'm so glad I ditched Wamu a while ago.
"It's very tragic." wrong. slaughtering children in an immoral oil war in Iraq and Afghanistan is tragic.
I feel like the shit is just pelting the fan.
"mr. fukuyama, you were so wrong as to be right: it's the end of history!"
It was the end of history. It was the year everything changed. The year is 2261.
WaMu certainly doesn't help things but the bailout is the big news. And RIMM certainly isn't helping the tech sector.
These things tend to happen to banks that lend money to people who can't pay it back. Time to get back to time honored lending practices based on economic reality, not multiculturalist dogma.
i guess all those white bankers they held in the basement escaped & ruined everything.
epic fail
I thought Francis Fukuyama predicted history ending after Regan...
Will the government prosecute the wrongdoers. This tragedy just didn't happen, it was orchestrated, it was fraud that could bring the country down, worse than any terrorist could. Jail time is the answer, the threat of doing hard time can sometimes bring out the truth.