Its banking assets were sold to Wall Street bank JPMorgan (JPM.N) for $1.9 billion, wiping out about $1.35 billion that TPG and its institutional investors, known as "Limited Partners" had invested.
"At that time, SAFE was certainly shocked by the news that the U.S. government decided to take over WaMu and there was almost nothing that SAFE could do to save its investment," said one of the sources. "It's a good lesson for SAFE and you can imagine how unhappy it was, just like every other LP of TPG for the deal," he said.
Welcome to the world of nationalization...
One minute the Clown Congress and President are telling everybody to buy houses, then they are saying they are going to ‘rescue’ mortgages, then the next week Clown Paulson decides not to.
Clowns to the left of me, (Fwank, Dodd, Reid)
Clowns to the right of me, (Bush,Paulson)