Last week felt like a mini aftershock from the 2008 banking crisis. First the Lehman bankruptcy examiner's report came out exposing shady balance sheet maneuvers and then a Washington Mutual/JP Morgan settlement hit which cut Wamu's pink sheet ($WAMPQ) value by 91% at the lows but closed down 36.26% (h/t the99th). Citigroup (especially the recent call buyers!) is just sitting back enjoying itself. Here is more information on the JPM/Wamu settlement and the WAMPQ chart.
"March 12 (Bloomberg) -- Washington Mutual Inc. will collect at least $5.95 billion, less than the $20 billion estimated by shareholders, in a proposed settlement of the bankrupt company’s yearlong battle with federal regulators and JPMorgan Chase & Co." [read more at BusinessWeek.com].