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A reader named Bryan informed me of this Web site, apparently someone is making a movie of the downfall of Washington Mutual and collecting the stories of former employees and shareholders. It’s a pretty slick looking site.
Bryan also asked if I thought the government takeover of WaMu was a mistake. The bank’s assets exceeded its liabilities, he noted, and private equity firms had recently pumped $7 billion into the firm. Some of those private equity investors believe the government acted too quickly in taking over the bank and wiping out shareholders in the process.
“What “if” the FDIC used WaMu to bail out JP Morgan?” Bryan writes. “The government, for some reason, has anointed JPM the golden child by handing them Bear Stearns and WaMu. Maybe they needed deposits to shore up JPM?”
What do you all think?
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.