JP Morgan Chase & Co (JPM)

[BullNBear52]

Yes, but at the same time the FDIC was undermining Wamu finding it's own buyer themselves, why? John Reich even told the FDIC that it was NOT their job to merge banks. Why? It would have been NO COST to the FDIC if Wamu would have found their own buyer, so why do it? Why didn't the examiner find this out? C'mon now, the FDIC should not have been out telling people interested in the bank that wamu is getting ready to be siezed.

The FDIC does it all the time. They know they are going to close a bank due to insolvency. They line up a buyer and it's all done in a day.

The Federal Deposit Insurance Corp said on Friday that U.S. regulators closed seven more banks, bringing the total so far this year to 139.

The biggest was Hillcrest Bank of Overland Park, Kansas, which had approximately $1.65 billion in total assets and $1.54 billion in total deposits.

A newly chartered bank subsidiary of NBH Holdings Corp, Boston, Massachusetts, will assume all of the deposits of Hillcrest Bank.

The new NBH subsidiary, also called Hillcrest Bank, also agreed to purchase essentially all of the failed bank's assets, the FDIC said.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55874854

NBH bought Hillcrest from the FDIC. That deal didn't cost the taxpayers anything either.