WaMu Fails, Feds Seize It, JP Morgan Buys It, Your Accounts Are Ok

The Feds seized Washington Mutual and JP Morgan bought it, but don’t fret, all your accounts ok. Online banking is completely functional. If you held WaMu stock, on the other hand, it’s now effectively worthless. Depositors began fleeing WaMu on September 15, the day Lehman Brothers filed for bankruptcy. In all, they took out about 9% of WaMu’s deposits, or $16.7 billion. Regulators say this left WaMu without enough capital to keep functioning. The shakedown and bailout continues apace. What new surprises will the government bring us today, Monday, or even over the weekend? At least this one didn’t require taxpayers to foot the bill.

JPMorgan buys WaMu [CNN] (Photo: So Cal Metro)