Friday, September 26, 2008

WaMu largest U.S. bank failure

Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.Washington Mutual, the largest U.S. savings and loan, has been one of the lenders hardest hit by the nation's housing bust and credit crisis, and had already suffered from soaring mortgage losses.

1 comment:

Kavita (luvikavi) said...

lol and just to think I started an account with them on a survey site. I hadn't put any money in there, so I guess its good that I didn't. I read that a lot of people have been taking their money out of the banks. This was one of the things that caused the Depression. People started panicing, took out their money, and banks lost their business.

Don't you just love when history repeats itself?