Friday, September 26, 2008

WaMu Fails, No One Blinks: Largest Bank Failure Ever

You know it's rough times when Washington Mutual is seized by the FDIC and it's not even close to the top story out there. This is the largest bank failure ever! I guess maybe because they knew it was coming after the stock dropped from $36.47 to its 52-week low close of $1.69.

And right on cue, in tough times, the bigger company, JP Morgan, steps in and buys WaMu's assets on the cheap. More consolidation of wealth.

Read on

No comments: