J.P. Morgan Chase taking over WaMu

Another cheery article about a failing financial institution, this time from the Wall Street Journal, which is reporting that J.P. Morgan Chase is taking over most of Washington Mutual’s operations.

Federal regulators “seized” WaMu and brokered the deal with J.P. Morgan Chase after investors and customers withdrew more than $16.7 BILLION in funds since September 15. That’s a hell of a lot money for two weeks, showing how worried investors are.

What’s next, back to the days of stuffing money under the mattress (or in the freezer)?

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