JPMorgan snags WaMu
Is it me or it does it seem as if J.P. Morgan Chase is the Fed’s rescuer of choice for all bank failures? ;)
Washington Mutual finally caved in. Company reps have adamantly denied rumors of insolvency for quite some time but, the jig is up. Maybe the bank would have survived if customers had not withdrawn over $16 billion in deposits in the past nine days.
While it is possible that the initial buzz exaggerated WaMu’s condition, the bank was obviously in a vulnerable position.
WaMu is officially the largest bank failure in the history of the United States. The bank had over $300 billion in assets and was acquired by JPMorgan for $1.9 billion.
Tags: bank failure, Federal Reserve, JP Morgan, wamu, washington mutualRelated Stories
POSTED IN: Acquisitions, Corporate, Economy, Federal Reserve, Investment, Market, News
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