Indeed, the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan C. Fishman, was flying from New York to Seattle at the time the deal was brokered, according to these people.
Thursday evening, Washington Mutual was closed by the Office of Thrift Supervision and the FDIC named receiver.
"The transaction ends exactly 119 years of independence for Washington Mutual, whose predecessor was incorporated on September 25, 1889, 'to offer its stockholders a safe and profitable vehicle for investing and lending,' according to the thrift's website. This helped Seattle residents rebuild after a fire torched the city's downtown."
WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.
I wrote this at 6 pm on Wednesday. It was supposed to be a horror show scenario describing what would happen if everyone dropped the ball. It wasn't supposed to, you know, actually happen.--Pastabagel
The govt isn't supposed to be brokering deals. That's what the investment banks are for. Oh, right, we don't have any more investment banks.--Pastabagel
Washington Mutual's banking operations have been acquired by JPMorgan after federal regulators seized the bank following 10 days during which nervous depositors withdrew nearly $17 billion.
The Office of Thrift Supervision said in a statement late Thursday that depositors in the nation's sixth-largest bank withdrew more than $16 billion between Sept. 15 and Sept. 24. The deposits JP Morgan is acquiring total $134.7 billion.
The FDIC said JP Morgan paid $1.9 billion for the assets it is acquiring. There will be no cost to the FDIC's deposit insurance fund, the agency said.
Check out the WaMu website. What the hell are those two Asian kids doing behind the message: "Wamu Customers Welcome to JPMorgan Chase". What kind of hilariously awkward secret message is that?
"LOL PLS DONT LOOK AT THIS MESS, WE GOTS IT TEHEHE"
I thought I was on LOLFED or something.
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