To the Point
Another Bank Implodes as Wall Street Waits on Washington
Last night saw the biggest bank failure in American history. Washington Mutual Savings and Loan was seized by the federal government and immediately sold to JP Morgan Chase for $1.9 billion. Daniel Gross is a senior editor at Newsweek magazine, where he writes the Contrary Indicator column. He also writes Moneybox for Slate.com.
By Warren Olney • • 1 min readLast night saw the biggest bank failure in American history. Washington Mutual Savings and Loan was seized by the federal government and immediately sold to JP Morgan Chase for $1.9 billion. Daniel Gross is a senior editor at Newsweek magazine, where he writes the Contrary Indicator column. He also writes Moneybox for Slate.com.
