If only they had shown this same love for Wamu and other financials/banks that could of, and should have, been provided the same attention to survive. But “Too big to fail” JPMC need their assets as part of their own bailout and now they, along with the rest of the TARP prostitutes, are required to scratch the current presidents back in return.
We have a new category of taxpayer funded bailout—THTF. Too Hip to Fail.
I was involved in the aftermath of a failed S&L in the 80’s. FSLIC did not turn the new bank (sans the bad debts which the FSLIC or FDIC assume) over to previous management. Instead, they sued every previous officer and tried to put several of them in jail.
It’s amazing what being buddies with the president will do for you. You tank a bank. Not only does the government pay all the debts of the old bank; but it turns the debt free new bank over to you. And, you don’t go to jail or get sued.