Financial Crisis News Update – Thursday Late Night

Deal Now Stalled on Capitol Hill

• Tentative Accord Fails at White House Meeting – New York Times
• News Analysis: McCain’s Peril in Wading In – New York Times

  Senator John McCain had intended to ride back into Washington on Thursday as a leader who had put aside presidential politics to help broker a solution to the financial crisis. Instead he found himself in the midst of a remarkable partisan showdown, lacking a clear public message for how to bring it to an end.

• Leaders Wrangle over Bailout Terms – Wall Street Journal
• Wrangling holds up U.S. bailout – Financial Times
• Fed keeps banks afloat as money market crisis deepens – Reuters
• White House meeting fails to yield bailout deal – Washington Post

WaMu Fails

• JP Morgan to acquire WaMu deposits – Financial Times
• WaMu is largest U.S. bank failure – Reuters
• JP Morgan Chase purchases WaMu – Washington Post