that the FDIC forced a sale of Washington Mutuals deposit accounts to JP Morgan Chase. No further detail has been released yet. Recently, Wamu's debt fell into junk status. Wamu had been looking for partners or acquirers for the entire operation, yet no one wanted to bite. The bank was one of those who was hardest hit by the mortgage meltdowns, resulting in the resignation of some of it's management.
The news comes as surprise, as Washington Mutual, despite the low grading of it's debt, was still considered relatively healthy. Perhaps something was happening that was not released to the public that the FDIC discovered. It had to be something grave to get JP Morgan Chase to move that fast on Wamu's deposits. According to analysts, the deposits were the only valuable thing in the dying bank. I think, now more than ever, their future is in real doubt.