“Their was a 18 billion run of withdrawals in one week that put WAMU under.
You need to read this—
http://seattle.bizjournals.com/seattle/blog/2010/04/follow_wamu_story_on_capitol_hill.html?ana=twt
and this—
http://seattle.bizjournals.com/seattle/stories/2010/04/12/story2.html
“In his first public statement since the seizure of Washington Mutual, former chief executive Kerry Killinger plans to tell a congressional subcommittee that the bank could have survived and that regulators seized it precipitously, according to people familiar with his testimony.
Killinger’s testimony, and that of former WaMu President Steve Rotella, obtained in advance through interviews by the Puget Sound Business Journal, will paint a picture of a bank that was close to stabilizing its finances amid the financial turmoil of 2008.
Killinger plans to use charts and graphs at the April 13 hearing in Washington, D.C., to show the Seattle-based bank’s improving financial condition at the time, and to argue against the “bargain purchase” of WaMu by JPMorgan Chase & Co. The New York bank paid $1.9 billion for WaMu’s $307 billion in assets.”
O hope WAMU wins their suit.
They were a great bank and Chase sucks!!!