The Bank With class="antialiased"25 Billion in Cash That the Government Seized Anyway
In September 2008, federal regulators seized Washington Mutual and sold it to JPMorgan Chase for a fire-sale price — even though those same regulators had, just weeks earlier, confirmed the bank was well-capitalized, sufficiently liquid, and sitting on class="antialiased"25 billion in cash deposits. The story raises an uncomfortable question: what really decides when a bank has "failed" — the numbers on its books, or the market's perception of it?
Think & Rich