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&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto&quot;&gt;&lt;span style=&quot;FONT-FAMILY: Arial&quot;&gt;&lt;font size=&quot;2&quot;&gt;Big Gov is evil. It makes you wear bike helmets and seatbelts and pay for your employees&amp;#8217; healthcare. Of course, when you extend far-fetched loans, overreach yourself in acquisitions, screw up your business, squander your customers&amp;#8217; life savings and face monumental ruin, then Big Gov is, like, an OK guy. Mind the distinction.&lt;o:p&gt;&lt;/o:p&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto&quot;&gt;&lt;span style=&quot;FONT-FAMILY: Arial&quot;&gt;&lt;font size=&quot;2&quot;&gt;The latest federal busybodying happened before midnight on September 25th, as &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;regulators finally seized control&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; of 119-year-old Washington Mutual&amp;#8212;making WaMu&amp;#8217;s forced sell-off &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;the greatest bank failure in history.&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; (The spectacular collapse far overshadows the 1984 failure of &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;Continental Illinois&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; in Chicago, and the demise of &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;IndyMac,&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; seized by regulators in July 2008.) The Feds were nervously monitoring WaMu for weeks, desperately trying to matchmake a buyer. The alternative was ugly: shelling out another $30 billion from federal deposit insurance coffers, already depleted after IndyMac.&lt;o:p&gt;&lt;/o:p&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto&quot;&gt;&lt;span style=&quot;FONT-FAMILY: Arial&quot;&gt;&lt;font size=&quot;2&quot;&gt;After launching a secret, government-led bidding war on Wednesday, September 24th, regulators sold off virtually all of Washington Mutual to &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;coupon clipper&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;JPMorgan Chase&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; for the Dollar Daze blowout price of $1.9 billion. JPMorgan had acquired &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;Bear Stearns&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; just six months ago in a similar, government-brokered shotgun wedding. In both deals, JPMorgan was led by &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;Sullivan &amp;amp; Cromwell&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; Chairman Rodgin Cohen, who is joined by New York partner Mitch Eitel. Cohen is 2008&amp;#8217;s rockstar, serving as the key legal player in the Fannie Mae, AIG and Goldman Sachs crises. WaMu was led by &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;Simpson Thacher&lt;/font&gt;&lt;font size=&quot;2&quot;&gt; partner Lee Meyerson.&lt;o:p&gt;&lt;/o:p&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto&quot;&gt;&lt;span style=&quot;FONT-FAMILY: Arial&quot;&gt;&lt;font size=&quot;2&quot;&gt;Now this warms the heart: WaMu&amp;#8217;s spankin&amp;#8217; new CEO, &lt;/font&gt;&lt;font size=&quot;2&quot;&gt;Alan H. Fishman&lt;/font&gt;&lt;font size=&quot;2&quot;&gt;&amp;#8212;who suited up less than three weeks ago&amp;#8212;is eligible for $11.6 million in severance, and is keeping his $7.5 million signing bonus. This to a man who wasn&amp;#8217;t even told the bank was being sold. &lt;o:p&gt;&lt;/o:p&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto&quot;&gt;&lt;span style=&quot;FONT-FAMILY: Arial&quot;&gt;&lt;font size=&quot;2&quot;&gt;Ah, new feudalism at its finest, bank customer peasants subsidizing the gentry. How many centuries til the Revolt?&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 10pt; LINE-HEIGHT: normal; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto&quot; align=&quot;right&quot;&gt;&lt;span style=&quot;FONT-FAMILY: Arial&quot;&gt;&lt;font size=&quot;2&quot;&gt;- posted by anu rao&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;

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