Bye Bye Banks and Wall Street

[Kevy Baby]

How many people here bank at Washington Mutual?


JPMorgan Chase buys Washington Mutual
The nation's largest thrift is seized by federal regulators and immediately sold.

Washington Mutual Bank, the country's largest savings and loan, was seized late today by federal regulators and immediately sold to JPMorgan Chase & Co., the New York banking giant that has long coveted the thrift's California and Florida branches.

With assets of $307 billion and deposits of $188 billion, Washington Mutual is the largest bank to fail in U.S. history.

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As news of the bank's deteriorating condition spread, nervous Washington Mutual depositors withdrew $16.5 billion of their money in the last 10 days, prompting the seizure by regulators.

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