5 Biggest Failed Companies Due To Poor Management

2. Washington Mutual, Inc

Asset Value at Time of Bankruptcy: $328 billion

Washington Mutual, Inc, also called WaMu, was a holding company for WaMu Bank, which was the largest American savings and loan association, or thrift, in 2008.

WaMu Bank began feeling the tremors of the 2008 financial crisis as soon as in 2007 when it closed nearly half of its home loan offices. Crisis hit the next year, when Washington Mutual, Inc announced that it will now close the remaining home loan offices, a sharp turn in the fortunes of a firm that had one time intended to turn itself into the Walmart of banking. The Federal Deposit Insurance Corporation (FDIC) took over and sold Washington Mutual, Inc to JPMorgan for $1.9 billion after WaMu’s customers withdrew $16.7 billion worth of deposits in just ten days.

Washington Mutual, Inc declared bankruptcy on September 26, 2008, an important date as you’ll find out below.