Who crashed the economy?

September 2008, the world went into a panic. The stock market went wildly out of control but why? Several banks including Washington Mutual, Lehman Brothers, and other medium to large finance institutions collapsed. While Banks such as JPMorgan-Chase, Bank of America survived so far through the crisis. Oddly, these two banks raised suspicious behaviour before the economic meltdown. JPMorgan-Chase bought Washington Mutual, one of the largest and oldest bank on our land for a small price of $1.9 billion within 24 hours after the seizure by the FDIC.

Few weeks before FDIC seized Washington Mutual, several institutions downgraded WAMU repeatedly several times in an effort to discredit WAMU's capitalization. As soon as FDIC seized the banks operation it was immediatedly auctioned to JPMorgan-Chase on a thursday. Usually the FDIC seizes on Fridays to allow time for adjustments to be made through the weekend. Coincidently, Washington Mutual was also seized right before the congressional bail out vote.

For $1.9 billion, JPM grown dramatically with several hundred bank buildings and thousands of ATM machines practically overnight. Indymac in which was tiny comparing to WAMU was seized by the FDIC and purchased by other investors for approximately $10 billion.

Corruption? Fraud? What was the connection between the FDIC and JPM? Perhaps economy collapsed by thier illegal actions. One more thing to mention, the shareholders who saved for their retirement with WAMU was wiped out. Sad.

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