Yeah this is one of the biggest banks in the country it was taken over during the night and then sold off to JP Morgan Chase.Things are happening fast and furious.
In other news the bailout agreement is unraveling.
http://news.yahoo.com/s/ap/20080926/ap_on_bi_ge/financial_meltdown
Bush scrambles to save $700B bailout plan
WASHINGTON - President Bush scrambled Friday to bring rebellious members of his own party behind a multibillion-dollar government bailout of the financial system amid bitter political recriminations from both Democrats and Republicans over collapsed negotiations.
Bush delivered a terse statement from outside the Oval Office of the White House, acknowledging that lawmakers have a right to express their doubts and work through disagreements, but declaring they must "rise to the occassion" and approve a plan to avert an economic meltdown.
"There are disagreements over aspects of the rescue plan," he said, "but there is no disagreement that something substantial must be done. We are going to get a package passed."
On Wall Street, the level of institutional nervousness was palpable, especially after Washington Mutual Inc. became the largest U.S. bank to fail. The Dow Jones industrial average fell more than 100 points, while fears of a deepening economic crisis fed safe-haven buying in Treasury notes.
Earlier Friday, House Financial Services Chairman Barney Frank declared that an agreement depends on House Republicans "dropping this revolt" againt the Bush-requested plan.
The Massachusetts Democrat said leading Democrats on Capitol Hill were shocked by the level of divisiveness that surfaced at Thursday's extraordinary White House meeting, leaving six days of intensive efforts to agree on a bailout plan in tatters only hours after key congressional players of both parties had declared they were in accord on the outlines of a $700 billion bill.
Bush decided to speak, and also was in constant contact with Treasury Secretary Henry Paulson, who was returning to talks with lawmakers, White House press secretary Dana Perino said. Vice President Dick Cheney canceled planned travel Friday to New Mexico and Wyoming to remain in Washington and jawbone lawmakers.
And the campaign season's first face-to-face debate between presidential candidates John McCain and Barack Obama, scheduled for Friday night, was still in doubt."
House republicans and McCain are said to be the main opposition to the agreement in principle that seemed to be had earlier in the day yesterday.Maybe they are right to oppose it,and we will get a better deal or maybe their opposition will lead to the financial crash others are warning off if quick action is not taken.That is something that will be determined.But I do know both of them are playing with real political dynamite.
