WaMu is largest U.S. bank failure

WaMu is largest U.S. bank failure

news.yahoo.com

NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.


Thursday's seizure and sale is the latest historic step in U.S. government attempts to clean up a banking industry littered with toxic mortgage debt. Negotiations over a $700 billion bailout of the entire financial system stalled in Washington on Thursday.

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More signs of the times. This headline got my attention. Maybe this is leverage for the bailout.

They needed to scare us into a 700 billion dollar submission. It will probably work!

I was hoping that some of our financial pros here on ATS might explain the ramifications of this failure and the buyout by JPMorgan.

news.yahoo.com
(visit the link for the full news article)

It's funny, I feel like a lot of us on this board have been waiting for this to happen, but, not that it has, the situation is unbelievably surreal. That is, the collapse of WaMu.

I envision the world we are flying towards as one with only one bank, that needs to be bailed out by our respective socialist governments about every five years.

On a side note: I will miss their cute commercials.

Another bank stolen by J P Morgan.

First Bear Stearns, now WaMu.

Im beginning to think that JP Morgan are responsible for the recent bear attacks on the stock market. Theyre looking to pick up massive banks at fire sale prices.

WaMu had assets of about 300bn... sold to morgan for 2bn?! Makes no sense financially.

JP Morgan was also the architect of the creation of the Fed, after probably engineering the 1930s depression. His descendents are now finishing off what he started...

That company isn't even in the hands of the Morgans anymore. The Rockefellers have closer ties to JP Morgan than the descendents of JP Morgan themselves.

I guess there is something about JP Morgan. Also - are not the main share-holders of JP Morgan the same share-holders of the federal reserve and the Bank of England?

what a scam... i say change all the money system! Money should represent more than a number created from nothing by the rich..

The only people that actually create the wealth are those in factories , on the fields and so on. Politicians, bankers and speculants are just the manipulators/users of wealth , the work of the many for the benefit of the few..

[edit on 26-9-2008 by sty]