This would have been big news, once upon a time.
But this news has been expected for a while, and today is also Bailout Blowup Thursday.
Anyway, looks like FDIC may have avoided losses on this one(?)*, WaMu debt and equity holders get zeroed, and JPM takes on the crap loans with the great deposit base. If Sheila Bair did get away without taking any losses, that's a hell of a trick. Good on ya, Sheila!
UPDATE: * The FDIC may take no losses, but if Paulson gets his way, the taxpayer will take the losses from JP Morgan.
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There are very few financial problems that can't be solved by a suitable application of asset bubbles.