WaMu the Movie?
A reader named Bryan informed me of this Web site, apparently someone is making a movie of the downfall of Washington Mutual and collecting the stories of former employees and shareholders. It’s a pretty slick looking site.
Bryan also asked if I thought the government takeover of WaMu was a mistake. The bank’s assets exceeded its liabilities, he noted, and private equity firms had recently pumped $7 billion into the firm. Some of those private equity investors believe the government acted too quickly in taking over the bank and wiping out shareholders in the process. “What “if” the FDIC used WaMu to bail out JP Morgan?” Bryan writes. “The government, for some reason, has anointed JPM the golden child by handing them Bear Stearns and WaMu. Maybe they needed deposits to shore up JPM?” What do you all think?