Friday, September 26, 2008
The Run on the Banks continues: WaMu is no more
The collapse of the Seattle thrift, which was triggered by a wave of deposit withdrawals, marks a new low point in the country's financial crisis. In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co.
World panic is growing. When will it reach Kever Benjamin? The illustration shows the start of the ongoing run on the banks, in England.