WASHINGTON — Federal Deposit Insurance Corp. Chairman Sheila Bair testified Friday that the Office of Thrift Supervision "rejected" her agency's alarms on Washington Mutual's capital levels in 2008, portraying escalating discord between the two regulators prior to Wamu's seizure.

The Permanent Subcommittee on Investigations, a part of the Senate Homeland Security and Governmental Affairs Committee, is hearing testimony Friday from current and former OTS and FDIC personnel on the issue of Wamu's demise.

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