Regulators Seize Washington Mutual, JPMorgan Buys Out Deposits.Summary: As lawmakers in Washington, DC continue to haggle over the details of a proposed $700 billion rescue plan to shore up financial markets, regulators stepped... As lawmakers in Washington, DC continue to haggle over the details of a proposed $700 billion rescue plan to shore up financial markets, regulators stepped in to seize Washington Mutual in what is the biggest bank failure in US history. According to the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. (OTS See Office of Thrift Supervision. ), the bank had "insufficient liquidity" and became "unsound unsound said of an animal, usually a horse, which has been examined for soundness and found to be unsatisfactory. " after its holdings were depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d by $16.7 billion in customer withdrawals since mid-September. JPMorgan Chase & Co., the third-largest US bank, stepped in to buy Washington Mutual's deposits for $1.9 billion. JPMorgan expects to fully integrate the acquired assets by 2010 as part of its plans to add 5,400 branches in California, Washington, and Florida under the Chase brand name. OTS said former Washington Mutual branches will be open for "business as usual" tomorrow. Related Articles: Forex Forex See: Foreign exchange Traders buy US Dollars on Treasury Bailout Hopes, Losses Likely How to Trade and Survive in Highly Volatile Markets [c] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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