The inspectors general at the Federal Deposit Insurance Corp. and the Treasury Department will prepare a joint report analyzing the September failure of Washington Mutual Inc., the FDIC's chief watchdog said Wednesday.
Though inspector general reports are required when bank failures cause a material loss to the Deposit Insurance Fund, the collapse of the $307 billion-asset Seattle thrift was not thought to trigger such a report. The FDIC had negotiated a deal with JPMorgan Chase & Co. for Wamu's banking operations, which was estimated to cost the agency nothing.
But in a letter to American Banker, which published an