In what is the largest-ever United States bank failure, federal regulators have shut down the biggest US saving and loan bank. Washington Mutual Inc's deposit accounts have been purchased by banking giant JP Morgan Chase for 1.9 billion dollars, guaranteeing that no depositors would lose US lobbyist jailed for corruption ...
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Since last week bank customers had pulled more than 16 billion dollars from their accounts, which led the Office of Thrift Supervision to declare the bank "unsound." The bank had also lost a reported 19 billion dollars on bad mortgage loans, amid the ongoing Wall Street crisis. JP Morgan is only buying Washington Mutual's consumer deposits. Meanwhile top level US government talks over whether to adopt a 700 billion government bail-out package have stalled.
(Deutsche Welle)
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