wamu hqThe Federal Deposit Insurance Corp. seized Washington Mutual Inc. (also known as WaMu bank) on September 25, and then brokered an emergency sale of the firm’s banking assets to JPMorgan Chase & Co. for $1.9 billion. As a thrift bank, WaMu’s business was focused mainly on taking deposits and originating home mortgages.

Home Sale SignsThe government bailout of Fannie Mae and Freddie Mac will continue the downward spiral of the dollar, begetting a new downward cycle for the economy.

AIGAmerica's headlong rush into full-blown socialism accelerated Tuesday with the Federal Reserve's takeover of American International Group, Inc. (AIG), one of the world's largest insurance companies.

Ben BernankeAs the deepening financial crisis worsened yesterday, the Federal Reserve sought socialism as a cure and gobbled up another formerly private entity, the huge American International Group (AIG) insurance company, in an $85 billion bailout. The move was undertaken to prevent the bankruptcy of the nation's largest insurance company in what would have been, according to Bloomberg.com, "the worst financial collapse in history."

Employee LeavingOn Monday, September 15, Lehman Brothers Holdings, Inc., long a cornerstone of the Wall Street banking establishment, filed for Chapter 11 protection with the United States Bankruptcy Court for the Southern District of New York.

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