Phoenix Rising (revolutionnow05) wrote in americandissent,
Phoenix Rising
revolutionnow05
americandissent

JPMorgan Chase buys WaMu assets after FDIC seizure

The nation’s financial crisis has intensified as federal regulators seized Washington Mutual on Thursday in what is the largest bank failure in American history. Federal regulators have arranged to sell off most of the bank at a bargain rate to JPMorgan Chase.

In the wake of Wall Street's overhaul, Bank of America Corp. is on track be the nation's largest bank by assets once its acquisition of brokerage Merrill Lynch & Co. is completed. JPMorgan Chase & Co. will be close in total assets to Citigroup Inc., at just above $2 trillion, after the WaMu buy.

Sources: Democracy Now and The Associate Press
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