Noir
09-26-2008, 01:16 PM
Not sure if this has been posted yet, apologies if it has
WaMu becomes biggest bank to fail in US history
Americans woke up Friday to more dramatic news about the financial bailout. As a big meeting between President Bush, the presidential candidates and congressional leaders ended Thursday without a consensus, news broke of the failure of the nation's largest savings and loan.
The government seized Washington Mutual, and much of the company is being sold for about $2 billion to JPMorgan Chase, which also bought Bear Stearns after its collapse in March. Like Bear Stearns, Lehman Brothers and IndyMac, Washington Mutual was caught in the implosion of the mortgage market, NPR's Jim Zarroli tells Linda Wertheimer. It's being called the biggest bank failure in U.S. history.
More here: http://www.npr.org/templates/story/story.php?storyId=95076157&ft=1&f=1001
WaMu becomes biggest bank to fail in US history
Americans woke up Friday to more dramatic news about the financial bailout. As a big meeting between President Bush, the presidential candidates and congressional leaders ended Thursday without a consensus, news broke of the failure of the nation's largest savings and loan.
The government seized Washington Mutual, and much of the company is being sold for about $2 billion to JPMorgan Chase, which also bought Bear Stearns after its collapse in March. Like Bear Stearns, Lehman Brothers and IndyMac, Washington Mutual was caught in the implosion of the mortgage market, NPR's Jim Zarroli tells Linda Wertheimer. It's being called the biggest bank failure in U.S. history.
More here: http://www.npr.org/templates/story/story.php?storyId=95076157&ft=1&f=1001