The NYT reports that the largest bank failure in American history occurred last night (Thursday) when Federal regulators took control of America's larges S&L, Washington Mutual. WaMu assets were quickly sold to JPMorgan Chase. Depositors are protected up to $100,000 by the FDIC and further deposits are to be covered by JPMorgan. Investors may lose all. The move averts a government bailout estimated at $31 billion.