Brass you-know-whats at WAMU

[marmar]

AP via Yahoo:



WaMu holding company sues FDIC over bank seizure


SEATTLE – 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.


http://news.yahoo.com/s/ap/20090321/ap_on_bi_ge/wamu_lawsuit

[Orrex]

1. Well then the WAMU managers should have sold it themselves

Boo hoo hoo.

[Missy Vixen]

2. K&R for my friend Colleen

and the thousands of others who lost their jobs due to WaMu's idiocy.

[PatGund]

8. There's a lot of people....

...here in Seattle who think there's something fishy about the way WaMu was suddenly sold off.

And a lot of people wonder who in the Bush administration had connections to JPMorgan to get WaMu at fire sale prices.

[ColbertWatcher]

3. If WaMu's execs hadn't fucked up as badly as they did, they wouldn't have been seized ...

... to begin with!

And, who is going to pay to defend against this Coleman of a lawsuit!?

[BlooInBloo]

4. Yup.

[marmar]

5. "Coleman of a lawsuit"

:thumbsup: I'm going to have to use that, particularly on my right wing friends.......On second thought, I don't have any right-wing friends.

[aquart]

7. "The Coleman of a lawsuit"! Yeah!

[DJ13]

6. WaMu