2013-10-29bloomberg.com

``But here is a bonkers story about how, in certain rooms, JPMorgan is saying something else: That it assumed only certain specific liabilities of Washington Mutual, and only for the dollar amounts that WaMu had on its books. Your $1,385.41 checking account? Fine, they'll take it. Your large but uncertain lawsuit over fraudulent mortgage bonds? Nope, that's the Federal Deposit Insurance Corporation's problem: JPMorgan bought WaMu out from an FDIC receivership, and it didn't explicitly agree to take over those liabilities, so they stay with the FDIC. And if someone sues over those mortgages -- and someone has! -- and if JPMorgan settles those lawsuits -- and it plans to! -- then it's going to go sue the FDIC for its money back.''


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