News America Now Real News For Real Americans

Largest Bank Failure In History As Washington Mutual Fails

“The closing represents the demise of what once was the largest U.S. thrift but came to symbolize many of the worst excesses of the mortgage boom. Federal regulators said WaMu has suffered an exodus of $16.7 billion in deposits since Sept. 15, leaving the Seattle thrift ‘with insufficient liquidity to meet its obligations.’” [Link]

That really sux. We have our checking with wamu and they are great. Great people, nice branches, good coffee, nice online worx. Now we will have Chase? Screw that.