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JPMorgan Chase buys Washington Mutual

latimes.com — Washington Mutual Bank, the country's largest savings and loan, was seized late today by federal regulators and immediately sold to JPMorgan Chase & Co. With assets of $307 billion and deposits of $188 billion, Washington Mutual is the largest bank to fail in U.S. history.

Bury

Forcough 53 days ago

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8 Comments
Who Dugg It?

caferrell, on 09/26/2008, -0/+10These are the adjustments that need to happen.
Let the market sort this crap out

We should not bail out anyone else. The situation is not as dreadful as the government is painting it. As soon as Wall Street realizes that they are on their own, assets will find their logical prices, the firms that gotta die will die, but someone will be left standing and the market will be rebuilt on a solid foundation.

The bailout will try to rebuild the market on top of a balloon.
- MorganMghee, on 09/26/2008, -0/+2Sorry, no. The 'market' has proven to be dysfunctionally corrupt. Leaving it to them, aka deregulation, has gotten us where we are. Free market for razor blades clothing lines, lets keep the markets that affect us a nation under transparent control. Energy, Finance, Transportation, Health, Food and Education. Until we humans find a cure for power mongering and greed at least.
  - caferrell, on 09/27/2008, -0/+3In this case the free market must run its course and eliminate the companies that tried to game the system.
    We let these criminals make a fortune through deregulation and then bail them out?
    Let them die.
    Then the market will recover on a solid footing. That is how we learn.
- allowners, on 09/26/2008, -0/+2One of the problems with this reasoning is that the amount of competition decreases as the number of corporations decrease. Followed to it's logical conclusion, which we seem to be approaching, there will be a few transnational corporations in the end with a bunch of serfs fighting over the trickle down attended to by a government wholly owned by said corporations.
  
  Coupled with overpopulation and unprecedented demand for natural resources, spurned by the totally stupid globalization of the "American Dream" of consumerism + corporatism, unrestrained Capitalism is a recipe for disaster, guaranteeing endless war. Increasingly the growth that is the basis for Capitalism will become a zero sum game where any gain is at the expense of others.
  
  I'm not sure of the solution, other than bringing population under control and people having generally more reasonable expectations, but I'm quite sure the solution does not reside in continued rampant corporatism.
- MorganMghee, on 09/27/2008, -0/+1I think with strict oversight on predatory and deceptive practices, there are plenty of honest fiscally responsible companies ready and willing to step up and make solid, trustworthy partnerships with America. The policies that allowed this fiasco weren't put in place yesterday. There were plenty of warnings given to the public, meaning there was a plethora of internal knowledge about the situation. But those companies you are calling on now didn't see fit then to do anything about it, so there is no reason to believe they would do anything now. The greed factor involved with funds this large is too overwhelming to hope to leave it to whatever sort of 'free market' we might be able to muster. We simply must resolve ourselves to the fact that sitting back and letting other people make decisions for us regarding representatives and policies doesn't work. Allowners, I think we may have been on the road to the right solution, if the oversight had been solid and the greed factor overcome. Millions of Americans have been able to purchase homes, millions more able to fund small business.
MarkEarhart, on 09/26/2008, -1/+7Well Rockefeller just got more powerful. I say down with the oligarchs, the Fed, and the government. To arms America!!!
Truzseeker, on 09/26/2008, -0/+5f... WaMu, bastards intentionally misrepresented their so called services, and stole my money.
eldudereno, on 09/26/2008, -0/+4J P Morgan buys another bank?. they must be as big as the federal reserve and with less Joice theirs going to more control over the public and of course they can demand more money from Joe public, its becoming a monopoly out there, its a virtual dictatorship i thought the monopoly and mergers commission is supposed to stop this kind of thin happening, Its become the banks version of microsoft.
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JPMorgan Chase buys Washington Mutual

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