re: #907 aboo-Hoo-Hoo
Hey aboo - avanti’s right about that. I’ve been part of such takeovers in the very early 90’s and iirc, WaMu just got taken over lock stock and barrel by the FDIC.
BUT they have a contract with the FDIC that says, essentially, we’ll pay X % of our deposits for FDIC insurance and in return the FDIC can take over the bank if we don’t meet FDIC requirements.