It's getting rough out there....... WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. WaMu is JPMorgan Chase's second acquisition this year of a major financial institution hobbled by losing bets on mortgages.
JPMorgan Chase is now the second-largest bank in the United States after Bank of America Corp., which recently bought Merrill Lynch in a flurry of events that included Lehman Brothers Holdings Inc. going bankrupt and American International Group Inc., the world's largest insurer, getting taken over by the government.
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