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WAMUQ - WASH MUTUAL INC Trade
Last Trade: 0.0490 [-] (Real-Time Quote) 03/18/2009 04:00pm
Change: 0.0000 0.00%
Volume: 0
Today's Market 03/18/2009 5:15:55pm
Last Change
DJIA 7,486.58 +90.88
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News|Significant News|Conference CallsFederal officials investigate WaMu failure
7:31 p.m. 03/18/2009 Provided by
U.S. authorities say they are talking to former Washington Mutual (WAMUQ) officials to help determine whether the bank failed because of fraud.
The Seattle Times reported Wednesday that federal officials are also combing through volumes of bank documents as part of their investigation into the largest bank failure in U.S. history.
The newspaper said a federal grand jury has been convened and at least four of the most experienced complex-crime prosecutors in the U.S. Attorney's Office in Seattle have been assigned to the case.
Assistant U.S. Attorney Bob Westinghouse, who heads the office's Criminal Division, is overseeing the investigation personally, the newspaper said.
"The sheer size of Washington Mutual (WAMUQ) and the inherent number of employees and documents involved make such an investigation a challenge, no question about that. There are literally hundreds of senior-level employees," he said. "We are using the tools and resources we have available to us to make this happen sooner (rather) than later."
Washington Mutual (WAMUQ) was taken over in September by the Federal Deposit Insurance Corp. after the bank lost nearly $17 billion in deposits in nine days.
JPMorgan Chase (JPM) of New York bought WaMu's banking operations for $1.9 billion.
