Another one Bites the Dust (WaMu)
NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc (WM.N) was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co (JPM.N) for $1.9 billion.
Washington Mutual, the largest U.S. savings and loan, was closed by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. Customers should expect business as usual on Friday, the FDIC said.
The bailout came after the thrift suffered deposit outflows of $16.7 billion since September 15, the OTS said.
‘With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business,’ the OTS said.
Solid. Solid.
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