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September 26, 2008

FDIC seizes, and starts selling, Washington Mutual.

The Federal Deposit Insurance Corp. sells most of WaMu to JPMorgan Chase & Co. See Bloomberg, WSJ, New York Times. Meanwhile, on our pages WAC?'s Holden Oliver cruelly savors, and celebrates, the brutality of the return of the work ethic.

Posted by JD Hull at September 26, 2008 11:29 PM


What's most unsettling about the WaMu takeover is how un-sensational this kind of news has become. I mean, we're getting to the point that a bank failure of WaMu proportions is page 2 news. (Or in the case of today's New Orleans Times-Picayune, page 7.) We're actually starting to become inured to this kind of news.

Posted by: Ray Ward at September 26, 2008 04:55 PM

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