WaMu examiner asks for more time
It looks like WaMu shareholders might actually be getting their moneys worth out of the WaMu bankruptcy examiner, former head of the Justice Department fraud unit Joshua Hochberg.
Hochberg has asked for more time to complete his investigation and will be submitting a final report on Nov 1st.
Specific areas he is investigating include:
- whether New York- based JPMorgan “intentionally injured” WaMu so it could purchase the bank subsidiary at a lower price.
- whether JPMorgan intentionally interfered with possible purchases of the bank by other buyers
- ownership of $4 billion in deposit accounts at the bank and whether the holding company has any claims for $6.5 billion in capital contributions made to the bank from December 2007 to September 2008
- who should end up with billions of dollars in tax refunds and whether trust preferred securities were properly exchanged for equity
WaMu failure | admin September 8, 2010
