Apparently we won't be seeing ads for WaMu now that they, the largest bank in US history to fail, have been seized and handed over to JPMorgan Chase for $1.9 billion. Does that mean we only have to scrape together $698.1 billion for the bailout?
Oh, I guess not.
Because of WaMu's souring mortgages and other risky debt, JPMorgan plans to write down WaMu's loan portfolio by about $31 billion — a figure that could change if the government goes through with its bailout plan and JPMorgan decides to take advantage of it.
Another interesting day on Wall Street awaits.