Ailing Washington Mutual bank the sixth largest in America fell yesterday as it was seized by the Feds. This was not a big surprise because they were looking to sell the bank for the last couple months. JP Morgan stepped in and bought 1.9 billion dollars of the company and will now run the branches.
Mr Alan Fishman the new top Dog was hired just 3 weeks ago to find a buyer is reportedly going to keep his 7.5 million dollar signing bonus? Not bad for 3 weeks work. But unbelievable to this stock holder who now holds worthless paper?
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