They didn’t know that Steven Mnuchin, the chairman of OneWest Bank and now President-elect Donald Trump’s pick as Treasury secretary, had been trying to persuade federal regulators to sell First Federal to him. That would require the government to decide the problems were deep enough to seize the thrift, even though its executives had been given a March 2010 deadline to raise additional capital, according to people familiar with the matter.
On a Friday afternoon in December 2009, regulators swooped in and shut down First Federal
sure sounds like JPM and WashMu on the surface
Crony capitalism?
or
a rightful super conservative FDIC putting near the red banks in so called stronger hands
history will tell us - but this was an insiders game
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