Markets Magazine
Dimon Beset by Bad Loans as JPMorgan Pushes Overseas
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Jamie Dimon wanted Washington Mutual Inc. and he wanted it bad.
The JPMorgan Chase & Co. chief executive officer was determined to expand on the West Coast, and Seattle-based WaMu, as it was called, was a prime target. Dimon had a team of auditors poring over WaMu’s books in March 2008, at the same moment the Treasury Department was pressing him to acquire struggling investment bank Bear Stearns Cos.