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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (79084)	3/21/2009 8:00:18 PM
From: geode00	Read Replies (1) \| Respond to of 89467

WaMu holding company sues FDIC over bank seizure SEATTLE – Washington Mutual's holding company is suing federal regulators for billions of dollars, saying the firesale of the bank's assets to JPMorgan Chase violated its rights. The lawsuit was filed Friday in federal court against the Federal Deposit Insurance Corp., which seized the Seattle-based savings and loan in September. It was the largest bank failure in U.S. history. Lawyers for the holding company, Washington Mutual Inc., argue that the bank was worth more than the $1.9 billion JPMorgan paid for it in a deal arranged by the FDIC. The lawsuit argues that if WaMu's assets had been liquidated prudently, they would have been worth more than that. An FDIC spokesman did not immediately return a call seeking comment Saturday. -------------- At the same time ---------------- Feds looking for fraud at WaMu By GLENN FARLEY updated 11:19 a.m. PT, Thurs., March. 19, 2009 SEATTLE – As federal investigators look into possible fraud at Washington Mutual, many shareholders are blaming the government for its forced sale of WaMu that cost them millions of dollars. ------------- So Wamu gets into this incredible mess and now blames the taxpayer for its problems? That's nice.