WaMu conspiracy theories abound, but there's no smoking gun

It turns out they really were a junky, fraud-ridden bank, which had made even junkier decisions in the year preceding their collapse. We do, however, have an issue with the FDIC putting huge guarantees in place to facilitate large bank takeovers. It's like TARP, but without even the pretense of legislative due process. The real crime is being missed, here.