Sent to you by Sean McBride via Google Reader: Largest Bank Failure in American History via Truthout - All Articles on 9/26/08 Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.
Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation's largest savings and loan, to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution. read more Things you can do from here: - Subscribe to Truthout - All Articles using Google Reader - Get started using Google Reader to easily keep up with all your favorite sites
