So the PSI 'inquest' is over, with Exhibits that seem to come directly from JPMC (Confidential treatment requested by JPMC nevertheless!). Not sure if PSI got them from JPMC directly or via FDIC, who got it from JPMC at some point..
The Office of Inspector General puts out a report, essentially bashing WaMu for shoddy lending practices and OTS for supporting WaMu. But, they decide that they should hold on to their 4th objective for now. What was the fourth objective you ask? See for yourself


Evaluation of Federal Regulatory Oversight of Washington Mutual
Bank (Report No. EV AL-l 0-002)
Attached for your information is a copy of an evaluation report that the Offices of Inspector General
(OIG) recently completed concerning the supervision of Washington Mutual Bank (WaMu). The
objectives of the evaluation were to (1) determine the cause of WaMu's failure, (2) assess the Office
of Thrift Supervision's (OTS) supervision ofWaMu including implementation of Prompt
Corrective Action, (3) evaluate the Federal Deposit Insurance Corporation's (FDIC) supervision and
monitoring ofWaMu as deposit insurer, and (4) assess the FDIC's resolution process for WaMu.
The fourth objective will be addressed in a later report after ongoing litigation is completed.

So, they are ready to put out everything that will attempt to influence the court case in the favor of FDIC/JPMC but, the cardinal question of IF WAMU WAS SEIZED LEGALLY AND WAS IT SOLD FOR FAIR VALUE, there is no answer. We have to wait till the court case is over. Call me paranoid, I have a feeling that report will be quite damaging to the FDIC/JPMC.

It is sad, really - the situation of our beloved USA

Ms. Bair and her Congressional enquiry comments

Ms. Bair continues to harp Washington Mutual as a success story - all the while new information is making it clear that Washington Mutual was possibly brought down illegally and later sold for pittance.
To explain what Ms. Bair did id simple terms, think of your mortgage insurer. What if your mortgage insurer on hearing some rumors decides that you are having financial difficulties, and are at risk for foreclosure. He wants his company not to have a loss. He takes over your home and sells it to your neighbor who was the one spreading rumors about you in the first place.

That may be a success story to Ms Bair, but to the rest of us it isn't.