What should have happened, and I think the legal thing to do, was to have JPM and WM management, and FDIC and OTC officials sit down and work out a deal that would be most beneficial for the employees, employees with pensions, creditors and stockholders who had faith in WAMU and bought the stock all the down, only to see their money evaporate because of the hype and manipulation by brokers and CNBC and the other news channels.
Now wouldn't that have been more fair; and hopefully the legal way to have handdled this situation.
I am not a cry baby. I lost about $5,000, which I can afford to lose but of course don't like to lose. I am just open to answers - I've seen both sides on this board and I appreciate all your comments.
Another thought, if WAMU has enough assets in its holding company, and is now filing Chapter 11 restructuring, why couldn't they have staved off their creditors by doing this sooner, and then selling off some of its assets to prop up their capital so the FDIC couldn't shut them down.