Just after a week of Lehman Brothers collapse, the financial turmoil in the United States has claimed another institution — Seattle-based Washington Mutual Bank Inc( WaMu ), which was founded in 1889, has collapsed, the largest bank to fail by far in the country’s history.
The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift’s banking assets to JPMorgan Chase & Co. for $1.9 billion, according to AP report.
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[ AP – WaMu becomes biggest bank to fail in US history ]