WaMu is toast as the US government seized it and in an emergency sale, sold it to J.P. Morgan Chase. Ahhh the free market working well again. Deposits up to $100,000 are safe and backed by the FDIC (that is you and me), but the shareholders and bondholders of what near the end of nearly worthless stock and bonds are shit out of luck. If it makes you feel any better the brand new CEO and his hugh salary is also shit out of luck, though he did get a $7.5 million dollar signing bonus. Then again the previous CEO, Kerry Killinger, walked away with an exit package worth as much as $23.5 million earlier this month. (Since the stock became worthless, I am sure the actual number ended up being much lower.)
_John
image: from Bloomberg
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