The largest bank in history to fail, Washington Mutual was seized by the Feds yesterday. JP Morgan / Chase has bought a large portion for $1.9 billion right after the seizure. This is good news for tax payers as we would have absorbed this debt. WAMU was America’s sixth largest bank, but don’t worry if you bank there. Your money is safe (up to 100,000) but if you were a stock holder, well that is a whole other story. I believe you will see the WAMU logo slowly disappear and the JP Morgan name take over.
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