I didn’t expect it to happen so soon, though we knew that WaMu had tough choices. This is by far the largest bank failure in American history. Washington Mutual deserved better fate. This is a big casualty relating to the excesses of the mortgage…
The estimate is, as many as 5,000 may be axed. The Bank will close about 540 branch sites, where JPMorgan offices exist. JPMorgan will absorb about $31 million in losses (mortgages and credit card loans) that normally would have fallen to the lot of F.D.I.C.
Reporter: What have you to say about the explanatory statement of Sheila C. Bair, the chairwoman of the F. I. D. C., and I quote, “This institution was a big question mark about the health of the deposit fund; it was unique in its size and exposure to higher risk mortgages and the distressed housing market. This is the big one that everybody was worried about.” She said that the bank’s rapidly deteriorating condition prompted regulators to seize it.
Robert: She must tell the truth, because she owns the responsibility for the corrective actions. The bank was the worst hit by the housing crisis. They hired Goldman Sachs about two weeks before the federal action, to identify potential bidders. But bidders did not surface, even after several deadlines passed. In desperate situations, chain reactions are often seen. With the collapse of Lehman Brothers, WaMu customers began to withdraw the deposits. On that fateful Thursday morning our chairman and chief executive got the government notification that we are the winners.
Robert: I will answer this question, but please note my observagions are off the record and not for quoting elsewhere. As a banking official, I would like to say, the government is dealing with the troubled financial institutions not with the same yardstick. Lehman Brothers and Washington Mutual are allowed to collapse. As for others, like Goldman Sachs, Morgan Stanley and the American International Group, government took extraordinary measures for their stabilization. Mind you, WaMu has a 119-year run as an independent company.
Robert: Mr. Killinger was an ambitious man, with creative ideas in providing banking services. He reposed faith in the lower and ...
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