Washington Mutual, every mention
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tap a year for its mentions
every year anyone Jamie Dimon 10Ben Gilbert 5David Rosenthal 1
Verbatim, from the transcripts: the passages where Washington Mutual comes up
The Jamie Dimon Interview: How JP Morgan Became an $800 Billion Bank · Acquired
- ▶ 1:55 Ben Gilbert Bank One, JPMorgan Chase, Bear Stearns, Washington Mutual, and First Republic.
- ▶ 42:12 Jamie Dimon Before I surrender, I want you to know the circumstances by which we bought Wamuu and Bear Stearns, because 80% of what they're asking for related to Bear Stearns and Wamuu, not JPMorgan Chase.
- ▶ 43:49 Ben Gilbert Wamuu is going under.
- ▶ 43:51 Ben Gilbert You do buy Wamuu.
- ▶ 43:52 Ben Gilbert Contrary to everything we're talking about with Bearer, Wamuu is actually a great acquisition, right?
- ▶ 44:01 Jamie Dimon Remember, we bought WAMU a week after Lehman went bankrupt.
- ▶ 44:10 Jamie Dimon But, uh, the whole system was in trouble, but WAMU put us in California, uh, uh, parts of Nevada, Arizona, not Arizona, uh, Georgia, Florida, which we weren't in, so think of these really healthy states, uh, and they had, you know, uh,…
- ▶ 44:33 Jamie Dimon So we knew their mortgage books called, and we wrote off, we bought it.
- ▶ 44:38 Jamie Dimon We bought it for a thirty billion dollar discount to tangible book value.
- ▶ 44:43 Jamie Dimon Because they had debt, and we left the debt behind.
- ▶ 44:50 Jamie Dimon So we bought the company, think if we bought a company clean, we wrote off all that stuff, the books were clean, and then we did something unheard of too.
- ▶ 45:12 Jamie Dimon So we, you know, we raised that to make sure our balance sheet was just as strong as it was after WAMU that it was before WAMU.
- ▶ 46:01 Jamie Dimon It's a lot of work, but we obviously have the capability to do that, and we have the capability to do WAMU.
- ▶ 46:05 Jamie Dimon I think we finished the WAMU consolidations in nine months, all of them, so that within nine months, we're all in the same systems, which allows you to start doing a better job in customer service,
Enron · Acquired
- ▶ 54:07 David Rosenthal Continental Illinois had the inglorious honor of becoming the largest bank failure in history until Washington Mutual during the financial crisis.
- ▶ 2:29:37 Ben Gilbert Isn't that crazy that, like, this was the largest at the time, 20 years ago, but now you've got Lehman, Washington Mutual, WorldCom, GM, like, much bigger bankruptcies than Enron since.