As I have pointed out a number of times, the acquisition of Washington Mutual Bank (WAMU) by JPMorgan Chase (Jamie Dimon, Chairman CEO, president) occurred under very unusual circumstances, with the FDIC acting with incredible haste in taking over WAMU, and with even greater haste in shoveling WAMU to JPMorgan.
This was a gift to JPMorgan as was Bear Stearns.
I am no fan of the current structure of the banking system, literally, given the current structure any bank could be forced into bankruptcy. However, it appears that WAMU was singled out by government regulators to be forced into the hands of JPMorgan.
In response to my most recent post about JPMorgan, Gov Shovels More Cash to JPMorgan Chase, an anonymous commenter left a link to http://www.wamustory.com/ which provides in chronological order the unusual activities that led to the JPMorgan acquisition of WAMU.
For anyone interested in the WAMU story, or anyone simply interested in some of the unusual activities that went on during the recent financial crisis, this site is well worth exploring.