The WaMu Story Lawrence J. White, 09.26.08 "In the WaMu transaction, JPMorgan Chase won the auction that the FDIC held among potential acquirers earlier in the week. JPMorgan Chase assumed all of WaMu's deposit obligations--uninsured as well as insured. These deposits totaled about $188 billion. It also absorbed all of WaMu's net assets, which were mostly residential mortgages and mortgage-backed securities." [...] "Recall that JPMorgan Chase absorbed $240 billion in nominal assets and $188 billion in deposit liabilities, plus some unstated value for the branch network. The net value of this package should be somewhere north of $52 billion. But JPMorgan Chase paid the FDIC only $1.9 billion." Lawrence J. White is a professor of economics at the NYU Stern School of Business. www.forbes.com/2008/09/26/...organ-deposits-oped-cx_lw_0926white.html
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