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WaMu Bank Fails; FDIC Takes Over
  #1  
Old 09.26.2008
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Delete WaMu Bank Fails; FDIC Takes Over
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NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc (NYSE:WM - News) was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co (NYSE:JPM - News) for $1.9 billion. The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt.
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WiseOne's Comments, amazing...how in the hell did we get this far for all these banks to fail so fast? I think this is now the 13th bank (if I remember right), in a very short period...
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Old 10.01.2008
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The market was on the at its limits for several months and people kept talking about this for a while. Its all linked to the housing crisis. The moral is simple, a single legged economy will fall quickly if the terrain becomes unstable.
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bank crisis, bank failure, economic collapse, economic crisis, failing banks

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