Biggest U.S. bank failure ever: Washington Mutual, which struggled to find a buyer, was closed by the federal Office of Thrift Supervision and the FDIC , for "insufficient liquidity" and being "unsound." The government orchestrated JPMorgan Chase's purchase of WaMu deposits for just $1.9 billion. WaMu's is the country's biggest savings and loan and has $310 billion in assets, but was affected by the mortgage crisis . Also, while shareholders and bondholds will be wiped out, the NY Times says Wamu customers "are unlikely to be affected." (Also, the FDIC insures deposits up to $100,000). Earlier this year, WaMu rejected JPMorgan's takeover at $4/share--an analyst told Bloomberg News, " JPMorgan is getting a steal compared with what they were going to pay. It's very tragic .'' ...
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Biggest U.S. bank failure ever: Washington Mutual, which struggled to find a buyer, was closed by the federal Office of Thrift Supervision and the FDIC , for "insufficient liquidity" and being "unsound." The government orchestrated JPMorgan Chase's purchase of WaMu deposits for just $1.9 billion. WaMu's is the country's biggest savings and loan and has $310 billion in assets, but was affected by the mortgage crisis . Also, while shareholders and bondholds will be wiped out, the NY Times says Wamu customers "are unlikely to be affected." (Also, the FDIC insures deposits up to $100,000). Earlier this year, WaMu rejected JPMorgan's takeover at $4/share--an analyst told Bloomberg News, " JPMorgan is getting a steal compared with what they were going to pay. It's very tragic .'' ...