In other words they're getting the retail branching part with the deposits (it takes a special sort of genius to lose money on deposits, so probably this is a nice clean largely unencumbered part of the business), while the toxic waste from their bad loans and investment decisions gets dumped on the government.
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Friday, September 26, 2008
McCain Runs Web Ads Claiming to Win Debate - Before Debate!
Although the fate of tonight's presidential debate in Mississippi remains very much up in the air, John McCain has apparently already won it -- if you believe a web ad in the online edition of the Wall Street Journal this morning.
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Largest Bank Failure EVER!
In the largest bank failure in U.S. history, Washington Mutual Inc. succumbed Thursday to the fallout from the subprime mortgage crisis, was seized by federal regulators and rapidly acquired by J.P. Morgan Chase
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Commentary: Financial meltdown is an absolute disaster
Glenn Beck writes about critical state of the U. S. economy. He says, "So now that we're here, what do we do? I am massively conflicted about this bailout program." Many of us join him in his dire concerns. Who do we trust? Can we trust anyone? And as he said on his radio show today, it has been Congress that caused all of this to begin with.
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U.S. Bailout in Chaos, feds seize WaMu
A rescue for the U.S. financial system unraveled on Thursday amid accusations Republican presidential candidate John McCain destroyed the deal, and Washington Mutual was closed by U.S. authorities and its assets sold in America's biggest ever bank failure.
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FDIC May Need $150 Billion Bailout as Bank Failures Mount
The IndyMac debacle is taking a large bite out of FDIC reserves, and if scores of other banks fail in the year ahead, the fund will be depleted. Taxpayers will have to step in.
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read more | digg story
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