and assets sold to JP Morgan Chase.
The financial turmoil continues with what is being called the biggest bank failure in the history of the US. Exposure to bad mortgage debt and falling consumer confidence saw deposits at WaMu shrink by 16B in the last few weeks, meaning they didn't have enough deposits to cover their loans.
As a result the FDIC took over WaMu in the middle of the night last night and sold it's assets to JP Morgan Chase. FDIC assumes the bad debt, Chase gets the good stuff.
Going to be an interesting ride for a few years...
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