Sadly, this makes sense, but has already been addressed to a degree. The deal with the FDIC allowed JPM to buy the banks along with a limited amount of liability, hence they didn't buy Wamu outright, just the banks.
"Instead, J.P. Morgan agreed to pay $1.9 billion to the government for WaMu's banking operations and will assume the loan portfolio of the thrift, which has $307 billion in assets...
The fact that no bank was willing to buy WaMu until it failed shows how badly confidence has eroded in a banking system awash with record profits just a few years ago."
What I'd like to know is... was anyone else offered the opportunity to buy just the "banks"? It seems odd to me, and I assure you guys I don't know if it's common or not, to allow someone to come in a buy the good part of a business, effectively crushing the remainder of it and screwing over the debtors by keeping one piece of the entity alive enough to bear the cross of debt.
This seems to me as if JPM was effectively protected from liabilities they should have had to deal with by gobbling up WAMU.
The FDIC kinda said, take the main part of the business and we'll keep the holding company deal with the debt.
"Not only is Wamu BANK liable, the buyer/purchaser of that entity also BOUGHT THE LIABILITY including any FUTURE liability arising from said action."
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