Washington Mutual bust, bought by JP Morgan

US regulators on Thursday night presided over the biggest bank failure in the country's history, closing Washington Mutual, which was then sold to JPMorgan Chase.

Washington Mutual, which had $307 billion in assets and $188 billion in deposits, is the biggest-ever US bank to collapse.

The Office of Thrift Supervision, Washington Mutual's main regulator, closed the bank on Thursday night, naming the Federal Deposit Insurance Corporation (FDIC), which handles the US's deposit insurance scheme,

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