WaMu Goes Down

JP Morgan buys what's left of the WaMu carcass. I hope they don't get rid of their great ads.

Although maybe those "stodgy old bankers" weren't so stupid after all. Most of them work at JP Morgan.

Feds seize WaMu in nation's largest bank failure
"Washington Mutual, just days ago the nation's biggest thrift and once its biggest mortgage lender, earned a final, notorious distinction Thursday: It became by far the biggest U.S. bank in history to fail." Drew DeSilver, Seattle Times

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Buy Low, Sell High

Nothing happening for me today in the crude oil market. The oil inventory report has been moved to Thursday due to the Labour day holiday, so hopefully that gets the market moving.

This is an interesting read, smart people making good decisions.

Jamie Dimon's swat team
How J.P. Morgan's CEO and his crew are helping the big bank beat the credit crunch.
By Shawn Tully, editor at large

"Dimon and his team are on top today because they took a daring stance at the height of the credit bubble. J.P. Morgan mostly exited the business of securitizing subprime mortgages when it was still booming, shunning now notorious instruments such as SIVs (structured investment vehicles) and CDOs."

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