JPMorgan picks all WM accounts so FDIC will not get involved; no drain at all.

>WaMu failed last night, they are selling off the deposits and branches, but another giant drain on the FDIC, which will surely buckle under the weight of the coming bank defaults unless they pull off the big bailout.
>
>Bob
>
>>http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=amZxIbcjZISU