In exchange for WaMu’s ongoing banking operations – i.e., for "purchas[ing] substantially all the assets and assum[ing] all deposit and substantially all other liabilities of WaMu" – JPMC paid $1.9 billion in cash. P&A Agreement, Art. VII; see Am. Compl. ¶ 86. According to JPMC, however, the fair value of the net assets it acquired from FDIC Receiver in the WaMu transaction (i.e., WaMu’s assets net of its liabilities) was $11.99 billion at the time of sale. See Ex. 9, JPMC 2009 Form 10-K (2/24/10) at 144. Thus, by JPMC’s own reckoning, the total fair value of the assets and liabilities it assumed under the P&A Agreement, even after “[a]djustments to reflect liabilities assumed at fair value,” was more than six times greater than JPMC’s $1.9 billion purchase price.
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