Office of Thrift Supervision Comments on Washington Mutual
The Office of Thrift Supervision's press release tonight on the acquisition of Washington Mutual by JP Morgan Chase included the following: "An outflow of deposits began on September 15, 2008, totaling $16.7 billion. With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business. The OTS closed the institution and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC held the bidding process that resulted in the acquisition by JPMorgan Chase."
As part of its announcement, the OTS provided a Fact Sheet on Washington Mutual 
.
Add your comment... (note that all comments are reviewed before they're published)