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PiscesWaMu Sold After Biggest Bank Failure in History
The Federal Deposit Insurance Corp. seized Washington Mutual Inc. after the bank collapsed from a series of bad investments made on the mortgage market. It was immediately bought up by banking giant JP Morgan Chase. What does this mean for WaMu customers? "For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks," FDIC Chairman Sheila Bair said in a statement. "For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning."
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