WSJ: J.P. Morgan buying WaMu’s deposits, branches

The Wall Street Journal reports J.P. Morgan Chase, the company that bought Bear Stearns in a deal facilitated by the Federal Reserve, is buying the deposits and branches of troubled thrift Washington Mutual, in another deal facilitated by federal regulators. Details are sketchy, but the Journal hears from sources that the deal won’t hit the FDIC’s fund, but “it’s likely that another arm of government would have to pick up the tab.” It sounds like J.P. Morgan is getting another sweet deal. I e