The End of Washington Mutual?

by James & Miel on September 25, 2008 · 0 comments

Hi All,

The financial news these days is coming pretty hard and fast. The latest is that the Federal Deposit Insurance Corporation’s website is reporting that Washington Mutual has been sold to JP Morgan chase and its deposit accounts transferred (here). Multiple news sources are reporting that Chase will pay $1.9 billion and will take over many of Washington Mutual’s branches and other assets (1,2).

There has been a lot of contradictory information in the press these days, but the stock is currently trading at .45 cents a share. This suggests that Washington Mutual bank has been effectively wiped out.

This may very well be the end of an era.

Best,

James

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