WaMu Seized by Government – Some Assets Sold: NYT
The New York Times is reporting tonight that Washington Mutual is now the largest bank in U.S. history to fail. J.P. Morgan Chase has purchased some assets and the more than 2000 branches across the country will be run by them on Friday a.m. The Federal Deposit Insurance Corporation will keep depositers whole up to $100,000, but the Times reports shareholders and some bondholders “will be wiped out.”
