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- Date of deal announcement: September 25, 2008
- Washington Mutual (WaMu) seized by FDIC
- FDIC sold deposits and branches to JP Morgan Chase
- Transaction requires no outlay of taxpayer funds from FDIC
- WaMu suffered steep stock declines over last year
- Analysts believe WaMu could lose $30 billion in bad investments
- WaMu had hired Goldman Sachs to find buyers
- TPG Capital investment firm lost $1.35 billion in the failure, the worst professional loss in historyStar-Telegram: TPG loses $1.35 billion in Washington Mutual failure (September 27, 2008)
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The Federal Deposit Insurance Corporation (FDIC) seized the operations of Washington Mutual on September 25, 2008, and immediately sold the troubled bank's deposits and some branches to JP Morgan Chase. Washington Mutual had experienced severe drops in its stock in previous weeks, and had experienced an 88% slide in its stock price over the last year. Washington Mutual's seizure came at the same time lawmakers in Washington D.C. were working to forge a deal on a Bush administration-proposed mortgage bailout plan.
In March 2009, Washington Mutual filed a lawsuit against the FDIC for allegedly violating the company's rights by hosting the fire sale to JP Morgan Chase. Washington Mutual argues that a more organized liquidation would have provided a greater value to the company's constituents.BloggingStocks: Washington Mutual sues FDIC over fire sale (March 22, 2009)
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Washington Mutual JP Morgan Sale Questions
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What were the revenue sources of the $27 billion for JP Morgan? 1 Answerjp 15 bn retail banking 15 bn credit cards 18 bn investment banking whatever's left...other gs 9 bn trading 8 bn asset management 5 bn investment banking read more -
Why was Bears Stearns forced to merge with JP Morgan Chase? 1 Answerbecause it would have otherwise filed for bankruptcy which forced it to merge because otherwise the firm would have ceased to operate...they were a top 10 playe... read more
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Did JP Morgan and Goldman Sachs profit in the 2008 CDS market as the financial system destabilized? 1 Answerparts of their business did yes...but the more important take away is that they both lost money in their credit business read more
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Jamie Diamond, what is his role in JP morgan? 2 AnswersJamie Dimon is Chairman & CEO of JPMorgan Chase & Co. He is a visionary, tough as nails kind of leader. His role is to provide direction to JPMC's vast, inter... read more
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