
WaMu's Done. - Sep. 25, 2008
News Type: Event — Seeded on Thu Sep 25, 2008 10:42 PM EDT
Article Source: CNNNEW YORK (CNNMoney.com) -- JPMorgan Chase acquired the troubled thrift Washington Mutual Inc., the Federal Deposit Insurance Corporation announced late Thursday, marking yet the latest stunning development in the ongoing credit crisis.
WaMu has been hit by a series of credit downgrades in the past month, which has increased the urgency on the company to find a buyer. Credit agency Standard & Poor's downgraded WaMu on Wednesday, lowering the firm from junk status to an even lower junk status.
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