The Largest Bank Failure In The History Of The World
As I write this, the FDIC (Federal Deposit Insurance Corporation) has seized Washington Mutual and it has been subsequently bought by JP Morgan Chase. The failure of Washington Mutual represents the largest bank failure in the history of the world.
Washington Mutual (WaMu for short) had $307 Billion in assets and $188 Billion in deposits. But note that the deposits are safe - in fact, customers can perform their regular banking in the morning. It will be a fairly seemless transaction, but it’s expected that many branches will close in the future as there will certainly be some overlap in branch territories. With the acquisition, JP Morgan Chase now has over 5,000 bank branches in the US over 23 states.
You may be surprised to learn that 40 banks have failed in the US since October 1st, 2000.
So while many people are drawing conclusions about Canadian banking prospects, keep in mind that we’re dealing with completely different worlds here. Only two small banks in Canada have failed since 1923.
Thanks for the link. Good luck with the W network. 
Thanks for the mention. The W Network challenge has been fun so far. You were tied for second ...
Thanks for the mention, have a great weekend, and good luck with the Challenge too! 
I missed the last episode but will catch the upcoming one. Thanks for the mention! 
Thanks for the link.
I've been enjoying the shows - quite entertaining1 
@Luigi - as far as I know, withdrawals count for the actual tax year in which they are made. Jan/Feb ...
Preet, quick question:
Does a RRSP withdrawal in January/February 2010 counts as income for 2009, in the same way a contribution ...
Yes, increased savings will hurt companies, if the average person hides their cash away in a Scrooge McDuck-style vault. ...
Great excellent interesting informative blog post,.... 
Pingback by Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Financial Apocalypse Edition on 26 September 2008:
[...] over at Where Does All My Money Go writes today about the single largest bank failure in the U.S. so far and how in Canada we have only had 2 small banks fail since the early [...]
Comment by Phil on 29 September 2008:
That’s because for Canadian Banks, in return for being granted a non-competitive monopolized financial landscape with no chance of losing money unless incompetently managed, they provide consumers with high rates, lack of service and no desire to innovate.