This is the news i saw the other day, on broker feed WAMUQ
JP Morgan accused of driving down Washington Mutual’s share price
JP Morgan Chase is being accused of attempting to drive down Washington Mutual’s share price ahead of the Seattle-based bank’s collapse at the height of the financial crisis in September 2008.
By James Quinn
Published: 9:37PM GMT 16 Dec 2009
In fresh filings in US bankruptcy court, WaMu’s receivers allege that JP Morgan disclosed confidential information “to government regulators, ratings agencies, media and investors in an effort to harm WaMu by driving down WaMu’s credit rating and share price.”
JP Morgan expressed an interest in rescuing WaMu in early September but the expression came to nothing. Following a series of damaging downgrades from credit ratings agencies, the smaller bank’s shares plummeted, leading to its eventual collapse.
