WaMu becomes biggest bank to fail in US history

[redrumloa]

Move over Great Depression, now there is something meatier!

http://news.yahoo.com/s/ap/20080926/ap_ ... ual_future

As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.

The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.

 

[redrumloa]

-chart link died-

 

[FluffyMcDeath]

So it finally died.

 

[Glaucus]

Dumb question of the day: If say I borrow $50K from a bank, and the next day it goes under, do I get to keep that money?

 

[FluffyMcDeath]

Dumb question of the day: If say I borrow $50K from a bank, and the next day it goes under, do I get to keep that money?

I'm not sure about that. It depends partly on who owns the debt.
However, if your company borrows it, then they pay you with it and then your company declares bankruptcy, I think you get to keep your pay.

 

[FluffyMcDeath]

Check the FDIC failed bank list.

Thirteen so far this year. Nine of those in the last three months.