Should Washington Mutual have been closed?

Kirsten Grind has a fantastic new investigative report in the Puget Sound Business Journal.  In the article Kirsten questions the real reasons behind the closing of Washington Mutual.  It now appears that WAMU had enough liquid assets to survive.  So why did federal regulators close our locally grown institution so quickly?

Editors Note: In September, on the first anniversary of Washington Mutual's closure,the Puget Sound Business Journel reported that as executives fought to sell the bank during its final days, regulators undercut those efforts by signaling to bidders that the bank would soon be seized and sold at a much lower price. Now, further investigation reveals that, contrary to regulators' assertions at the time of the seizure, WaMu had sufficient liquidity and capital to meet regulatory standards and survive. Why, then, was it shuttered?

Read the article here...