wamu become biggest bank to fail in us history, page-9

To be fair, the JPMorgan takeover guaranteed all deposits, the shareholders were wiped, as they should, just watching cnbc and from what I can work out its a good result, don't forget JPM have to take on all the sub prime debt, home equity loans etc, they are taking a lot of toxic debt on and what has been prevented is a run on a bank, Wachovia is next.
But is there enough banks to take on all the bad ones?
Interesting that our own Reserve bank has formulated a plan in case one of our own banks is insolvent, wonder which one that might be, I know at least one has a lot of exposure to US debt.
Watching this unfold is scary stuff, hardened wall st traders are in panic mode atm.