Thursday, September 25, 2008

Dum, Dum, Dum.....Another One Bites The Dust...

And another one gone and another one gone...

After the FDIC seized all of Washington Mutuals assets, JPMorgan Chase acquires WaMu's assets for $1.9 billion. Washington Mutual is, or should I say was, the nation's largest savings and loan. The demise of WaMu is the largest failure ever of a U.S. bank.

From FDIC Chairman (err, Chairwoman) Sheila Bair: "For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks. For bank customers, it will be a seamless transition. There will be no interruption in services, and bank customers should expect business as usual come Friday morning."

What EXACTLY is business as usual now-a-days anyway?

1 comment:

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