Biggest Bank Failure in History

Tonight Washington Mutual was seized by the FDIC. Due in part to the fact that the FDIC did not have the funds to cover the insured deposits, "basically JPMorgan - in an asset only acquisition - acquired the toxic WaMu loan portfolio and deposit base (all branches). JPMorgan paid the FDIC $1.9 billion, and they expect to take write-downs of $30 billion to $54 billion on the WaMu toxic loans. That is the primary cost of the acquisition - the write-downs." -source

Washington Mutual had assets of $307 billion and total deposits of $188 billion making this the largest failure in history. Another bank bites the dust.....



Imbeciles!!