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Friday, September 26, 2008

Largest US Bank Failure in History

WaMu becomes biggest bank to fail in US history
By MADLEN READ
AP Business Writer

As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.

One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund. But that detail is likely to give only marginal solace to Americans facing tighter lending and watching their stock portfolios plunge in the wake of the nation's most momentous financial crisis since the Great Depression.

See: Largest U.S. bank failure ever

1 comment:

tifaeny said...

I am a credit card holder of
Washington Mutual and I reside in a town were you don't see many
Ethnic faces working, feel me
unless ya face is light in color
My limit was $1,500, and yes I used every dime of it taking care of my Family, now because of this situation their trying to send the
WORD "Garnish" in the Mail to me

I wrote them a letter and explained to them that no Bank has the right to Garnish someone's wages when they was dirty all along in the begin, their reply
Don't use the Economy for the reason of non payment.

My reply
If eye have to choose to pay you or keep food on the table know who do u think I'm going to put in the back of my mind, The Bank or my
Family? See Bankers ain't got no common sense!
Why don't they want everyone to live in Prosperity, if we had Money to pay them and no Stress in our lives coming from them they might get Paid on time, but that's to much like being right.

Oh and I told them 2take that interest, penalties and late fees to the Lake of Fire and jump in if they felt Free to do so.
Because Babylon in fallen
I have a 17 year old son and he is told everyday don't be no Fool
watch what you sign when you get 18 because ounce you let someone in your home (on paper)
you'll be saying dang, I should've never let Babylon trick me!
He always laughs and says, Mom
I hope Earth will be as it is in Heaven before Eye turn 18!
Cuz Money got Grownups
going Crazy?