On the day WMB was sold to JPM, a purchase amount was agreed upon — but that could never have been the final price, because no one could have known the exact value on that day. And the FDIC is legally obligated to settle based on the book value as of the date of the seizure.
JHDF51, how do you explain the UWs who do the very work the old WaMu required to ensure the setups were following the exact FDIC accepted rules and regulations meeting Safe Harbor protected assets? Yes, they spent two-plus years fighting and a few million dollars defending their class 19 status against Alice.