While you were asleep last night, federal regulators seized Washington Mutual Savings & Loan. Then they sold it off to J.P. Morgan Chase. Whoo hoo!
Of course, you alreadly knew Washington Mutual was in trouble from its puzzlingly stupid ads. Apparently its target customers are people who go into daytime fantasies and scream at the thought of signing up for free checking online in just 7 minutes or being able to pay bills online securely. That's got to be a pretty small market. It certainly wasn't enough to keep the armies of the night from swooping in and shutting everything down in the largest bank failure in American history.
Good thing that selfless patriot John McCain showed up for the meeting that scuttled the tentative agreement on the rescue plan.
Sold everything yet?
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