Excerpt from: Individual Equities CFDs and Spread Bets
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| September 26, 2008 | | Biggest bank failure in history | In the biggest bank failure in history, Washington Mutual has ceased to exist as a separate entity. The venerable savings and loan was taken over by the FDIC on Thursday night, and then promptly sold to JP Morgan.
The move, however, came at no cost to taxpayers, since FDIC insurance payouts to depositors and other account holders will not have to be made. National Mortgage News reports on Washington Mutual:
"WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a
transaction in which neither the uninsured depositors nor the insurance
fund absorbed any losses," said FDIC chairwoman Sheila Bair.
| Topic Tags: bank failure, FDIC, mortgage news, Sheila Bair, spread bets individual equities, spread betting stock market, Washington Mutual | |
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