Page "Washington Mutual" Paragraph 72

All assets, but only some liabilities ( including deposits, covered bonds, and other secured debt ) of Washington Mutual Bank's liabilities were assumed by JPMorgan Chase.

Under the deal, JPMorgan Chase acquired all the banking operations of WaMu, including $ 307 billion in assets and $ 188 billion in deposits for only $ 1. 9 billion from the FDIC.

Unsecured senior debt obligations of the bank were not assumed by the FDIC, leaving holders of those obligations with little meaningful source of recovery.