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J.P. Morgan to buy WaMu's operations: report

By John Letzing
Last update: 7:34 p.m. EDT Sept. 25, 2008
SAN FRANCISCO (MarketWatch) -- J.P. Morgan & Chase Co. (JPMJPMorgan Chase & Co
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JPM) will acquire most of Washington Mutual Inc.'s operations, according to a report published late Thursday. The online edition of The Wall Street Journal, citing unnamed sources, reported that the exact structure of the transaction remains unclear. Washington Mutual (WMWashington Mutual Inc
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WM) , once the largest U.S. thrift, has been scrambling to find a solution to its surplus of bad mortgage loans, and put itself up for sale at auction last week, the report said.