Pennyrich,
The problem with the "FDIC is on the hook and JPM will pay only a small percentage" is that Jamie courted Shelia at her most vunerable point so that she was made to believe the fund (FDIC's insurance) would go broke if Wamu failed. All the while, J.P. Morgan was bringing Washington Mutual down through naked short selling, influential rating downgrades from Moody's etc. and a "bad press" media assualt on Wamu. This is not, the fault of the FDIC. JPIG orchestrated the take down of Washington Mutual, the FDIC was the weak tool that was the catalyst for making it happen. Weak tool meaning: Shelia Bair........She was smoked like a Cuban cigar by the devil himself: Jamie Dimon....
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