So it looks like it's going to be another bloody day on Wall Street tomorrow. Washington Mutual just got seized by the feds and sold off to JP Morgan Chase for less than a penny on the dollar. This marks the second huge institution that JP has bought in the last six months.
WaMu is the largest bank failure ever in the US... only by about 10 times the previous record. WaMu had $310 billion (with a large B) in assets. The previous record was a bank with $40 billion (will a small b) in assets.
Hooray for uncertainty!
I noticed today that everywhere I looked I saw "stocks surge, stocks rocket upwards, stocks take off" but my companies stock continues to plummet as it continues to produce record earnings and record quarter after record quarter. It's now down almost 50% in the last year. Talk about throwing the good eggs out with the bad.
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