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Member Since: 2/2006Last Seen: 11/25/2009

WaMu seized by Feds. Largest Bank Failure in US History

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JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to acquire Washington Mutual Inc.'s deposits and branches for $1.9 billion after regulators seized the thrift in the biggest bank failure in U.S. history.

Customers withdrew $16.7 billion from WaMu accounts since Sept. 16, leaving the Seattle-based bank ``unsound,'' the Office of Thrift Supervision said today. WaMu's branches will open tomorrow and customers will have full access to all their accounts, Sheila Bair, chairman of the Federal Deposit Insurance Corp., said on a conference call.

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{"commentId":3137858,"authorDomain":"killfile"}

What's terrifying is that the largest bank failure in US history just happened and it's not even front page news.

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    Reply#1 - Fri Sep 26, 2008 7:34 AM EDT
    {"commentId":3141477,"authorDomain":"rascal2pt0"}

    Was it a run on the banks sort of deal?

    {"commentId":3141477,"threadId":"369011","contentId":"1915997","authorDomain":"rascal2pt0"}
    • 1 vote
    #1.1 - Fri Sep 26, 2008 10:53 AM EDT
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