The Consolidation Continues: JP Morgan to Buy WaMu

J.P. Morgan to buy WaMu's operations: report

SAN FRANCISCO (MarketWatch) -- J.P. Morgan & Chase Co. (JPM: 44.05, +3.55, +8.8%) will acquire most of Washington Mutual Inc.'s operations, according to a report published late Thursday. The online edition of The Wall Street Journal, citing unnamed sources, reported that the exact structure of the transaction remains unclear. Washington Mutual (WM: 1.69, -0.57, -25.2%) , once the largest U.S. thrift, has been scrambling to find a solution to its surplus of bad mortgage loans, and put itself up for sale at auction last week, the report said

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JP Morgan, the leading investment bank that created the mortgage backed securities derivatives bubble and destroyed the balance sheets of commercial banks such as Washington Mutual, is now transforming itself into a commercial bank.  Now they are buying the bank they helped destroy...such an easy way to become a commercial bank now!