A friend sent me a link to an amazing insider's story from the
Puget Sound Business Journal of how
JPMorgan Chase took over the failing
Washington Mutual financial empire. A key part of the story: apparently
JPMorgan executives had insider knowledge about a liquidity run on the bank, allowing them to buy WaMu for pennies on the dollar. (
read the entire post here) If this is true, it makes once wonder about the deals federal and state regulators are cutting with the institutions taking over the hundreds of banks that have failed this year. It's worth the read.
