US federal regulators have shut down the country's biggest savings and loan bank, Washington Mutual.
JP Morgan Chase purchased the bank's consumer deposit accounts for 1.9 billion dollars, guaranteeing that no depositor would lose money. The bank was declared unsound after worried customers withdrew more than 16 billion dollars from their accounts over the past week. This came after Washington Mutual had already lost a reported 19 billion dollars on bad mortgage loans.
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