The FDIC seized Washington Mutual, with $310 billion in assets, and sold it to J.P. Morgan Chase for $1.9 billion. The sale saved the FDIC from emptying its insurance fund. For those of you not familiar with the namesake,
J.P. Morgan was a high-powered financier of the nineteenth and early twentieth century.
This photograph of him was taken by
Edward Steichen. Clever use of lighting gave the image the desired effect. High powered financiers are not as prominent as they were one hundred years ago so you probably wouldn't recognize their portraits today. The main difference would be their clothing.
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