WAMU Sues FDIC for $6.5 Billion

Now ain’t this a bitch?

Washington Mutual’s holding company is suing federal regulators for billions of dollars, saying the firesale of the bank’s assets to JPMorgan Chase violated its rights. The lawsuit was filed Friday in federal court against the Federal Deposit Insurance Corp., which seized the Seattle-based savings and loan in September. It was the largest bank failure in U.S. history.

Lawyers for the holding company, Washington Mutual Inc., argue that the bank was worth more than the $1.9 billion JPMorgan paid for it in a deal arranged by the FDIC. The lawsuit argues that if WaMu’s assets had been liquidated prudently, they would have been worth more than that.
An FDIC spokesman did not immediately return a call seeking comment Saturday.

At what point do you just liquidate every last one of these sons of bitches — and throw their management in jail?


Washington Mutual sues FDIC for over $13 billion
Reuters, Sat Mar 21, 2009 1:49pm EDT

WaMu holding company sues FDIC over bank seizure
AP, Sat Mar 21, 7:05 pm ET

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