Financial Quagmire

     Washington Mutual Bank (WMB), formerly the largest savings and loan institution in the US and a wholly-owned subsidiary of Washington Mutual Inc. (WMI), was abruptly seized by the Office of Thrift Supervision and sold to JPMorgan Chase by the FDIC on September 25th, 2008.  The seizure and sale preceded the filing of chapter 11 bankruptcy by the parent holding company the following day and has resulted in several judicial proceedings. 

     Questions regarding the seizure and sale arose immediately among WMI shareholders.  As details flow out of the various court actions, these concerns are being continually reinforced.  The seizure of WMB appears to have involved highly questionable behavior by regulators and can be associated with many of the overriding factors of the financial crisis.

     This site attempts to summarize the current issues surrounding WMI in regard to the bankruptcy proceedings and other associated cases.