US Stock Futures Fall

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In the biggest bank failure in history, JPMorgan Chase will acquire massive branch network and troubled assets from Washington Mutual for $1.9 billion. - JPMorgan Chase acquired the banking assets of Washington Mutual late Thursday after the troubled thrift was seized by federal regulators, marking the biggest bank failure in the nation's history and the latest stunning twist in the ongoing credit crisis. Under the deal, JPMorgan Chase will acquire all the banking operations of WaMu, including $307 billion in assets and $188 billion in deposits. To put the size of WaMu in context, its assets are equal to about two-thirds of the combined book value assets of all 747 failed thrifts that were sold off by the Resolution Trust Corp. - the former government body that handled the S&L crisis from 1989 through 1995. In exchange, JPMorgan Chase (JPM, Fortune 500) will pay approximately $1.9 billion to the Federal Deposit Insurance Corporation. Separately, JPMorgan announced plans to raise $8 billion in additional capital through the sale of stock as part of the deal. The acquisition is JPMorgan Chase's second major purchase this year following the mid-March acquisition of investment bank Bear Stearns, a deal that was also engineered by the government. "We think it is a great thing for our company," JPMorgan Chase Chairman and CEO Jamie Dimon said in a conference call with investors late Thursday night.

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RPT-US stock futures fall on bailout plan uncertainty
HONG KONG, Sept 26 (Reuters) - U.S. stock market futures fell on Friday, extending losses after a White House meeting with congressional officials was unable to produce agreement over the $700 billion bailout plan meant to save the financial system ...
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Source: Reuters India
NewsDateTime: 12 hours ago

Wall Streets heads for lower open as bailout talks unravel, WaMu ...
New home and factory orders fall in August, weekly jobless claims shoot higher ... The Dow Jones industrial average futures fell 158.00, or 1.43 percent, to 10,860. ... Overseas, Japan's Nikkei stock average was down 0.94 percent.
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TOPWRAP 4-US bailout pressure mounts as WaMu closure chills
* Bailout pact stalled; alternative plan causes split * Central banks pump in more cash; stocks fall * Talks to go on Friday; Republican participation unclear * Washington Mutual closed in biggest U.S. bank failure (Adds U.S. stock futures plunging ...
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Source: Guardian Unlimited
NewsDateTime: 1 hour ago

Collapse of rescue plan talks weigh on Wall St
... rescue plan stalled, the biggest bank failure in US history and the release of more downbeat economic news. Amid the continued political fall-out from the negotiation’s collapse – talks were expected to resume on Friday – stock futures indicated ...
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Source: Bloomberg
NewsDateTime: 9/24/2008


As a result of the acquisition, the New York City-based JPMorgan Chase will now boast some 5,400 branches in 23 states. Federal regulators, who helped shepherd the deal, stressed that the transition for WaMu customers would be "seamless." "There will be no interruption in services and bank customers should expect business as usual come Friday morning," FDIC Chairman Sheila Bair said in a statement. WaMu becomes the 13th bank to fail so far this year and earns the title of the nation's biggest bank failure by assets on record, ahead of Continental Illinois, which had about $40 billion in assets when it failed in May of 1984. The FDIC, however, was also quick to point out Thursday evening that the WaMu-JPMorgan Chase deal would not have any impact to its insurance fund which covers customer deposits when banks fail. "WaMu's balance sheet and the payment paid by JPMorgan Chase allowed a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses," Bair said. The FDIC insures the assets held by 8,451 banking institutions with a total of $13.4 trillion.

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