Troy Racki
Deep value, long only, special situations, long-term horizon

WaMu Seesaws On M&A Speculation

March 19th marked the two-year anniversary of Washington Mutual's (NASDAQ:WMIH) emergence from bankruptcy, signaling a possible new future for the 119-year-old former banking giant and its diehard shareholders. Brought down in September 2008 by tightening credit markets, poor mortgage investments, short sellers, and now accusations of LIBOR price fixing, the FDIC seized the bank in a controversial move in which JPMorgan (NYSE:JPM) profited by some $28B, but left WaMu shareholders with nothing. The company's 41-month bankruptcy itself was not without its fair share of conflicts including claims of insider trading, the company's own legal team accusing shareholders of milking the system, creditors receiving hefty interest payments, and over $1.1B in reorganization costs. At the end of...

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