The FDIC is now on the hook for the assets given to JPM.
In all fairness, it has to be said that a) no one knew what the assets were worth at the time, and b) although the value may be clearer now, it is by no means clear. If you were JPM, under what circumstances would you have done the deal? They were just a bit smarter than Bank of America was when it realized the valuation it had placed on Merill was very wrong.