“From what I am hearing JP Morgan won WaMu through FDIC auction at least a week ago. ”

capeman, where are you hearing this? Can you give links to sources/news stories? We’ve been combing the internet trying to find any reference anywhere to JP having any control of WaMu prior to 9/25, but nothing turns up. I agree with your evaluation that it happened too fast, too seemlessly to have just occurred yesterday. But where’s the proof? If you can point to any, I’d be truly grateful!