JPMorgan Chase & Co is expected to acquire the deposits of Washington Mutual Inc, the largest U.S. savings and loan, in a government-brokered bailout, the Wall Street Journal reported on Thursday.
Acquiring the deposits could fulfill JPMorgan Chief Executive Jamie Dimon’s long-held goal of becoming a retail banking force in the western United States. It comes six months after JPMorgan, the No. 3 U.S. bank, agreed to acquire the failing investment bank Bear Stearns Cos at a fire-sale price.
2008 has also seen Bank of America swallow Countrywide, formerly the nation’s largest mortgage lender, and Merrill Lynch. My cynical mind can’t help but think that this crash was contrived to thin the financial herd.
If Jesus doesn’t come back first and put a stop to all of this, by the time the Earth spins its way to the year 2100, we’ll have one bank, one media company (owned by a head in a jar once attached to the body of Rupert Murdoch), and one government sitting on top of it all.