Sunday, May 17, 2009

The Gifting of Washington Mutual Bank to Jamie Dimon

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 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.


  1. Thank you for your kind treatment of our website. A group of shareholders collaborated on it to try to inform investors and the public in general about what happened as well as current events regarding the future of the stock and WMI. Most people think Washington Mutual is gone, and that simply is not true.

    There have been some twists to the story in the last weeks, that were outlined in our recent press release:

    Thanks for being open minded about this--many in the media are totally ignoring what happened. I suspect they are being encouraged to ignore it.

  2. Good job Mr. Wenzel -

    Congrats on having the journalistic courage that many others so obviously lack with regards to providing coverage of the WaMu story. it's a story that is going to get "Front Page" sooner or later ... whether the media wants it or not. Thanks again

  3. Excellent article. We need more writers like yourself to wake the F up to whats going on inside Washington

  4. Excellent articles and work. It's refreshing to see someone not afraid to share the truth.

  5. FDIC And Its Newest Victims: Small Business Owners, Farmers, And Community Banks