http://www.bloomberg.com/…

JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to acquire Washington Mutual Inc.’s deposits and branches for $1.9 billion after regulators seized the thrift in the biggest bank failure in U.S. history.

Customers withdrew $16.7 billion from WaMu accounts since Sept. 16, leaving the Seattle-based bank “unsound,” the Office of Thrift Supervision said today. WaMu’s branches will open tomorrow and customers will have full access to all their accounts, Sheila Bair, chairman of the Federal Deposit Insurance Corp., said on a conference call.

“JPMorgan is getting a steal compared with what they were going to pay,” said Scott Adams, a pension and investment analyst at the American Federation of State, County and Municipal Employees in Oakland, California, which owns WaMu shares. “It’s very tragic.”

WaMu collapsed as its credit rating was slashed to junk and its stock price tumbled. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week after firing CEO Kerry Killinger this month. The bank named Alan Fishman as his replacement on Sept. 8, agreeing to pay him a $7.5 million signing bonus and $1 million salary.

JPMorgan won’t acquire WaMu’s liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said.

The consolidation continues. Any bets on who’s next?

http://www.foxnews.com/story/0,2933,347751,00.html

Enacting city smoking bans appears to increase drunken driving, according to a new national study of arrests by Wisconsin researchers.

Fatal accidents involving alcohol increased after communities banned public smoking, the study to be released by the Journal of Public Economics found. The authors attributed the increase to people driving farther to drink, either to a place with an outdoor smoking area or a city without a ban.

“The increased miles driven by drivers who wish to smoke and drink offsets any reduction in driving from smokers choosing to stay home after a ban, resulting in increased alcohol-related accidents,” the study says.

The researchers, Scott Adams, of the University of Wisconsin-Milwaukee, and Chad Cotti, now at the University of South Carolina, said they were surprised by the results.

“We thought we would see a reduction,” Adams said. “Our first thought was, ‘Throw it away, it must be wrong.’”

But it wasn’t, he said.

Be sure to read the title in your best Strong Bad voice. Add a “HAHA” before and/or after. What is so hard to believe an action can have unforeseen consequences? Something is going to change when you forcibly alter peoples behavior. Not smoking means more time to drink. It may mean driving further to drink. It may even cause a drop in hook ups from the loss in “Do you have a light?” pickup lines.

Any researcher whose first reaction is “Throw it away, it must be wrong.” has no credibility in my opinion. I’ll need to make a note of questioning anything out of the University of Wisconsin-Milwaukee.