Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in the largest bank failure in American history.
Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual to JPMorgan Chase. The remainder of WaMu, the nation’s largest savings and loan, will be operated by the government. Shareholders and some bondholders will be wiped out. WaMu deposits are guaranteed by the Federal Deposit Insurance Corporation up to the $100,000 limit for each account. WaMu customers are unlikely to be affected.
Yay, the nation's largest S&L has been nationalized, along with the nation's largest insurance company, and Freddie Mac and Fannie Mae.
The Republicans are well on their way to their goal of a socialist utopia. Who would've thunk it?
And the Auto Industry gets a 25B Bail Out to upgrade the Industry. I wonder how many Ex-Steelworkers are grinding their teeth in anger as I am tonight? There was no Bail Out for the Steel Industry in the 80s. I once ran an overhead crane that was made in 1892. No upgrade for the 14 steel mills that US Steal closed and used the profit to buy Marathon Oil. No caring about the 11,000 people just from my mill alone (The Homestead Works) that had to survive as the Rich got Richer.