FDIC says JPMorgan's purchase of Wshington Mutual stands
By JERUSALEM POST STAFF
The agency that seized Washington Mutual last week and brokered its sale to JPMorgan Chase for $1.9 billion says the deal stands whether the government's $700 billion banking bailout proceeds or not.
Federal Deposit Insurance Corp. spokesman David Barr says Citigroup's $2.1 billion purchase of Wachovia - also arranged by the FDIC - hasn't closed yet.
The House on Monday defeated the proposed federal bailout. The plan would allow JPMorgan to sell WaMu's troubled mortgage-related assets to the government - at a profit.
Spokesmen for Citigroup, Wachovia and JPMorgan didn't immediately return phone calls seeking comment.
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