1. The FDIC seized conrtol of WaMu, and decided to sell it to JP Morgan for a paltry $1.9 Billion. Since it cost them nothing to acquire it, I guess the sale price wasn’t much of an issue.
2. JP Morgan gets all the WaMu deposits, mortgages, branches.
3. JP Morgan gets NONE of the debt obligations (bond holders will receive no future payments).
4. Preferred Shareholders and bondholders of WaMu can wait until the assets are divvied up (though there won’t be any as JP Morgan bought them all) and common shareholders get nothing.

I’d love to do this to myself – seize my property and sell off my assets to my wife. I take the cash from the sale, my wife gets the house, the bank accounts, my salary, the shares of stock I own while my mortgage holder, my credit cards and my other creditors get nothing further. Of course, my wife and I would then share the proceeds of the deal from both sides and I could retire young.

Unfortunately, halacha considers this theft. Even the old US of A has now made this option unavailable to bankruptcy filers (though the deal was never this sweet even before bankruptcy law was changed).