Under normal circumstances, news of the largest bank failure in US history would be THE news of the day/week/month. But these are not normal circumstances. The $700b government bailout remains center stage.
"Thanks to their flexible lending rules, Paul got a quick approval." Pretty much sums it up.
"Seattle-based Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said. The nation's largest previous banking failure was Continental Illinois National Bank & Trust, which had $40 billion of assets when it collapsed in 1984."
JPMorgan Chase's purchase of the banks assets for $1.9b makes them the largest residential lender in the country. We're all aware of "too big to fail", but now we're talking about too big to succeed?
Friday, September 26, 2008
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