Washington Mutual Preferred fka WAMPQ

[dam]

What pisses me off is that they took ALL of the assets, and didn't have to take any of the liabilities! I mean, OK, if the balance was $8bn, and things truly were bad, and JPM was gonna take the whole shebang... if the diff between assets and liabilities was $8bn and they had paid $1.9bn (paying 25 cents on the dollar) that STILL would've been a great deal.

But no. FDIC sold JPM all the assets, and didn't make them take any of the liabilities. For $1.9bn.

Pretty ridiculous.