Once the largest savings and loan association in the United States, Washington Mutual collapsed amid the onset of the global economic crisis in September 2008. JPMorgan Chase subsequently acquired WaMu’s assets for $1.9 billion in an auction supervised by the Federal Deposit Insurance Corporation.
Since then, Seattle-based WaMu’s bankruptcy has played out as a battle between JPMorgan, WaMu, and the FDIC over ownership of the failed bank, while a so-called hipster investor representing himself pro se helped spark an insider trading probe into hedge funds trading in distressed debt.
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