US federal regulators have shut down the biggest US saving and loan bank, Washington Mutual.
Banking giant JP Morgan Chase has purchased the bank's consumer deposit accounts for 1.9 billion dollars, guaranteeing that no depositor would lose money. Worried bank customers withdrew more than 16 billion dollars from their accounts in the past week, which led to the bank to be declared unsound. Washington Mutual, which has assets of over 300 billion dollars, also lost a reported 19 billion dollars on bad mortgage loans.
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