Jaded Times

In the latest in “is this Russia in the 90s?” news, Seattle-based Washington Mutual has been seized by the Federal Deposit Insurance Corp (FDIC).  WAMU, the largest thrift bank in the country, was purchased by JPMorgan Chase shortly after the anouncement, which is being hailed as the “largest bank failure in US History”:

The deal will cost JPMorgan Chase $1.9 billion, and the bank said in a statement it planned to write down WaMu’s loan portfolio by approximately $31 billion. JPMorgan Chase, which acquired Bear Stearns Cos. last March, also said it would sell $8 billion in common stock to raise its capital position.

Hooray for failures!  They’re not just for pop stars and trailer trash anymore!  As a result, the cost to the DIF will allegedly be $0, which means we’re still prepared for the myriad bank failures yet to come, a relief to all overpaid rich white men (aka “patriots”).  This rejoicing was short-lived;  meanwhile Congress has failed to agree on a plan, and I’d bet dollars to donuts (mmm, donuts) that the president is drinking again.

On a more personal note, I bank at WAMU.  I really hope my new milking job pays in cash.