WASHINGTON — Former Washington Mutual chief executive Kerry Killinger on Tuesday blamed federal regulators and an insular Wall Street culture for the demise of the bank, saying that firms that were "too clubby to fail" were protected during the financial crisis in 2008.

Killinger, who is set to testify before the Senate Homeland Security and Governmental Affairs Committee's investigating panel, in prepared testimony complained of "unfair treatment" of Washington Mutual, the largest bank failure in history in 2008, when it was seized and sold to JPMorgan Chase & Co.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.