Regulators feuded over WaMu
With a draft of the report on WaMu’s failure in hand, the New York Times has produced an article about WaMu’s failure. Seems that the two regulators who were supposed to be, you know, regulating the bank, the Office of Thrift Supervision and the FDIC, were in a bitter feud over whether WaMu was messed up or not. They only declared the bank unsound a week before it was seized and sold off to JP Morgan Chase.
Seems to me that this could add some fuel to the argument that WaMu was seized improperly.
WaMu failure | admin April 12, 2010
