Washington Mutual becomes next victim in financial turmoil. Washington Mutual is now the biggest bank failure in U.S. history as JPMorgan agree in acquisition for $1.9 billion, erm, only.
JPMorgan Buys WaMu Bank Business as Thrift Seized
JPMorgan Chase & Co., the third biggest U.S. bank by assets, agreed to acquire Washington Mutual Inc.’s deposits and branches for $1.9 billion after regulators seized the thrift in the biggest bank failure in U.S. history.
WaMu collapsed as its credit rating was slashed to junk and its stock price tumbled. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week after firing CEO Kerry Killinger this month. The bank named Alan Fishman as his replacement on Sept. 8, agreeing to pay him a $7.5 million signing bonus and $1 million salary. (Source: Bloomberg)
I’ll save my commentary.