Hell No, I was a WAMU stockholder and was taken to the cleaners on that one. Luckily, it was not that big of a cash loss and I was speculating, but I will never touch a US bank or financial stock ever again.
JP Morgan was “handed” WAMU on a silver platter one weekend back in 2008 by the FED, I call this Karma. What the Government gives you, the Government can take away.
I am in Washington state, and when other banks were given bailouts, WAMU was just plain seized by the government within several days of its weakness. Then it was handed over to JP Morgan. Some said at the time that Morgan wanted a northwest bank and due to the Bummer cronyism, they gave them WAMU.
Sure, there were shaky mortgages that WAMU was holding due to the Black Caucus insistence on making loans to welfare holders, but Washington Mutual never had a chance to bring anything right before the feds seized them on Morgan’s behalf.
Lots of local people lost jobs and money over this. It was a long-time bank of Washington state that was just plain gobbled up.