Is it me or it does it seem as if J.P. Morgan Chase is the Fed’s rescuer of choice for all bank failures? ;)
Washington Mutual finally caved in.  Company reps have adamantly denied rumors of insolvency for quite some time but, the jig is up.  Maybe the bank would have survived if customers had not withdrawn over $16 billion in deposits in the past nine days.
While it is possible that the initial buzz exaggerated WaMu’s condition, the bank was obviously in a vulnerable position.
WaMu is officially the largest bank failure in the history of the United States.  The bank had over $300 billion in assets …read more

According to the New York Post it may be Washington Mutual.
This does not mean a government bailout, but Federal regulators have been in touch with several banks including JPMorgan and HSBC about the possibility of buying Washington Mutual.
WaMu officials insist the bank is not looking for a buyer and that stock price is not an accurate measure of performance.
The recent JPMorgan rumors have caused violent fluctuations in WaMu’s stock.  Perhaps WaMu should have accepted JPMorgan’s offer earlier this year at $8/share?