WAWho? WAMU..Another Bank Failure
FailureThe high stakes game of dominoes on Wall Street continues as the nation's largest savings bank, Washington Mutual, collapsed Thursday. As lawmakers in Washington wrangle over how to save Wall Street, the nation's financial crisis has taken down another bank, and not just any bank: the latest victim is the biggest yet.
Federal regulators seized the Seattle-based bank and sold its assets to J.P. Morgan Chase and Company for $1.9 billion. This is the second time in six months that Chase has taken over a bank crippled by bad bets on the mortgage market: in March, Chase acquired Bear Stearns
That makes 13 banks this year if you're counting.