Washington Mutual (NYSE: WM) was a consumer and small business banking company with operations in major U.S. markets. It went bankrupt on September 25, 2008 in an FDIC engineered sale to JPMorgan for $1.9 million.
Deeply involved in selling toxic paper and writing loans to sub-prime borrowers prior to 2007, Washington Mutual wrote its own ticket to bankruptcy by lowering lending standards in an effort to steal market share from more conservative competitors such as Bank of America and Wells Fargo.
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