How much of WAMU stock was sold to JP Morgan Chase?
WaMu becomes biggest bank to fail in US history Friday September 26, 4:00 pm ET By Madlen Read, AP Business Writer JPMorgan Chase buying Washington Mutual’s assets for $1.9 billion after FDIC seizes bank NEW YORK (AP) — As the debate over a $700 billion bank bailout rages on in Washington, one of the nation’s largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion. Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country’s history. Its $307 billion in assets eclipse those of Continental Illinois National Bank, which failed in 1984 with $40 billion in assets; adjusted for 2008 dollars, its assets totaled $67.7 billion. IndyMac, seized in July, had $32 billion in assets. One positive is that the sale of WaMu’s assets to JPMorgan Chase preve
