Bankruptcy

WaMu NoMo

By J. Michael McBride

This is the largest bank failure thus far. “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.”

Here is a link to one story on this event:
http://biz.yahoo.com/ap/080926/washington_mutual_future.html

Michael

Full post as published by Texas Lawyer Blog on September 26, 2008 (boomark / email).