Looks very bad, but this is a great deal for the US taxpayer. JP takes on WaMu's problem loans and increases JP's assets. Good for JP and business at WaMu goes on as usual.

WM shareholders are toast, but most (at this time) are speculators looking for the quick buck from the Bailout.

On the Bailout, it will be re-named by the politicians as the "Invest in America Plan" (or something like that) rather than the current "Bailout Wall Street Plan." Probably will be agreed on over the weekend and announced before market open on Monday.