IMO it appears that's where the panic came in. The FDIC thought they just had to find a buyer - period. The Gov. didn't want WAMU to be eligible for TARP, and it's certainly possible that JPM fed them a bunch of crap about how they had examined WAMU and how toxic the WAMU mortgage portfolio was. Now why they would believe JPM over the OTS is a separate and very interesting question -- and is leads one toward the conspiracy theories. In any event, they screwed up and hopefully will have to answer for it.
by the way, I'm pretty sure that my PPS analysis (based on the 6/30/2008 10-Q) includes the deposit money at WMB, but not all of the tax refund, because the special legislation to extend the loss carryback period was not even contemplated until after the presidential election. So inclusion of the tax refunds would further increase Solomon's market value estimate of PPS to common.
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