FDIC: WaMu the 'Largest Bank Failure Ever'

JPMorgan Chase & Co., the firm that snapped up Bear Stearns after its collapse, has picked up another bargain. The nation's third-largest financial services firm has bought the functional assets of Washington Mutual, the nation's largest savings and loan, for $1.9 billion after the federal government shut down the bank this evening and held a quick auction. "The change will have no impact on the bank's depositors or other customers," according to a government press release. "Business will...Full Story
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