Prior to joining EMD, Wendy spent a decade acquiring hands-on global and national disaster preparedness and response private sector operational experience managing physical security, national crisis management and business continuity projects and teams at Microsoft and the former Washington Mutual Bank.
So, what you saw then was an effective on the bank of Washington Mutual, and an effective on the bank at Wachovia, and NatCity and some others.
WaMu is short for Washington Mutual, the bank that collapsed into the arms of JPMorgan Chase in September, and to which Feltus' CMO has no exposure.
But when the crisis hit in 2008 regulators played a huge role in making our biggest banks even bigger with the marriages of JPMorgan Chase and Washington Mutual, Bank of America and Merrill Lynch, Wells Fargo and Wachovia.
Right now, only two U.S. banks, Bank of America and Washington Mutual, issue covered bonds.
Toscafund Asset Management disclosed in a filing with the U.S. Securities and Exchange Commission that it had acquired a 6.0% stake in Washington Mutual, giving a lift to the bank's impoverished shares.
All six of the companies, Wells Fargo, JPMorgan Chase, Citigroup, Bank of America, Washington Mutual and Countrywide, are already participating in an earlier, administration-led program to freeze rates for some borrowers on adjustable-rate plans.
The Federal Deposit Insurance Corp. makes sure that when a giant bank fails like Washington Mutual depositors are protected and their accounts are covered up to a certain limit.
Be prepared for a further onslaught of lawsuits, many brought by foreign buyers of the damned mortgage-backed securities merchandised willy-nilly by Merrill Lynch, Bear Stearns and Washington Mutual before they were purchased by JP Morgan, Bank of America and others.
FORBES: What JPM,BAC,C,GS, MS,HSBC,BCS,UBS,RBS and CS Have in Common
So Bank of America buying Countrywide, JP Morgan perhaps buying a Washington Mutual, and more consolidation like that, which is likely to be talked about over the next couple of weeks, is a very important part of the process.
Washington Mutual (nyse: WM - news - people ), the bank that collapsed into the arms of JPMorgan Chase in September, and to which Feltus' CMO has no exposure.
Tosca was widely reported to have approached Washington Mutual in March, saying it wanted to be part of any potential capital-raising exercise the bank might take.
Washington Mutual was also acquired by PwC audit client JPMorgan and Merrill Lynch was bought, under duress, by Bank of America, another PwC audit client.
FORBES: New York Attorney General Sues JP Morgan And Raises Question Of What The "Auditor" Knew
Toscafund Asset Management disclosed in a filing with the U.S. Securities and Exchange Commission that it had acquired a 6.0% stake in Washington Mutual (nyse: WM - news - people ), giving a lift to the bank's impoverished shares.
All six of the companies, Wells Fargo (nyse: WFC - news - people ), JPMorgan Chase (nyse: JPM - news - people ), Citigroup (nyse: C - news - people ), Bank of America (nyse: BAC - news - people ), Washington Mutual (nyse: WM - news - people ) and Countrywide, are already participating in an earlier, administration-led program to freeze rates for some borrowers on adjustable-rate plans.
During the recent failures of IndyMac and Washington Mutual, no depositors lost money because either the FDIC stepped in, or it facilitated a deal in which another bank took over the management of the affected accounts.
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