Insane and I would have to say illegal.
I was not aware of the FDIC being above the law.
Seems to me FDIC/JPM makes the law.
I may not be the brightest person in the world, but even a moron would be able to rule on this one.
Let's think about this for a minute,
WAMU solvent and adding to its' solvency by some 7 billion, FDIC unwilling to put 6th largest bank on 'no naked short list',(or whoever refused to do so), seized 3 or 4 days before TARP saves banks, on a Thursday, (unheard of), JPM offers 8 or so dollars per share several days before seizure, FDIC sells WAMU to JPM for 1.9 billion lock stock and barrel, JPM has record profits next 3 quarters, admittedly due in large part to buying WAMU. WAMU or WMI, WMB had over 2,200 branches across the country, Wachovia had a 3rd of that and was purchased for more than 4 times WAMU.
I'm not sure if I am making sense any more with this post but can make a pretty sustainable educated guess that there were some closed door negotiations between the FDIC and JPM regarding the takeover of WAMU, legal or not. I would have to predict that THJMW will make an educated decision, unless of course the FDICJPM tyrant has gotten to her as well.
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