As I predicted, WaMu goes down. The FDIC technically seized it (creating a donut for WM shareholders) then immediately flipped the assets and liabilities of the bank to JP Morganington Stearns & Co. for $1.9 billion (paid to the FDIC). Very clean from the FDIC's standpoint. Very, very, very bad for creditors of WaMu HoldCo. Very bad.
Anyway, more on this and the fact that the bailout is BUSTED over the weekend. What a day, what a week!