FDIC Opposes JPMorgan Refund of $1.4 Billion
(HuffingtonPost.com) — Federal regulators are opposing a proposed $1.4 billion tax refund for JPMorgan Chase & Co.
The tax benefit has become an issue a year and a half after the Wall Street titan galloped in to buy the assets of Washington Mutual Inc. when it collapsed under bad mortgage loans and became the biggest bank ever to fail in the U.S.
The Federal Deposit Insurance Corp. seized Seattle-based Washington Mutual and sold its bank assets to JPMorgan for $1.9 billion.
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