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1Chase (bank) JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000.[1] Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955.[2] The bank is headquartered in Chicago, since its merger with Bank One Corporation in 2004.[3] In 2008, the bank acquired the deposits and most assets of Washington Mutual. DELL NSK-D8001 Laptop Keyboard Chase offers more than 5,100 branches and 16,100 ATMs nationwide. JP Morgan Chase has more than 240,000 employees and operates in more than 60 countries. JP Morgan Chase currently has assets of approximately $2.3 trillion. JP Morgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.[4][5]HP Mini 110-1169TU Laptop Keyboard Chase National Bank was formed in 1877 by John Thompson.[1] It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase,[2] although Chase did not have a connection with the bank.[1] The Chase National Bank acquired a number of smaller banks in the 1920s, through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank. DELL Vostro 3550 Laptop Keyboard However, its most significant acquisition was the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.[7] This made Chase the largest bank in America and indeed, in the world. Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric, which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially ExxonMobil, which are also Rockefeller holdings. DELL Latitude D830 Laptop Keyboard In 1955, Chase National Bank and The Manhattan Company merged to create Chase Manhattan Bank.[1] As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken-over. The deal was therefore structured as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders. ACER K032130A1 Laptop Keyboard For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today.[8] The Chase logo is a stylized representation of the primitive water pipes laid by the Manhattan Company, which were made by nailing together wooden planks.[9]  HP Pavilion dv3-2106tu Laptop Keyboard Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation.[2] In July 1996, Chemical Bank of New York purchased Chase Manhattan Bank. Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. HP 597635-001 Laptop Keyboard In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co., one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the US. JPMorgan Chase added Bear Stearns & Co. and Washington Mutual to its acquisitions in 2009. After closing nearly 400 overlapping branches of the combined company, less than 10% of the total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition.[10][11] DELL PVDG3 Laptop Keyboard According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market.[12] The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008. SONY VAIO VGN-NR21Z/S Laptop Keyboard In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board its current chairman and CEO Jamie Dimonas president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.  TOSHIBA Satellite A300 Laptop Keyboard Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition ofBank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in Chicago.[13]SAMSUNG R522 Laptop Keyboard The following is an illustration of the Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list): On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the receivership of theFederal Deposit Insurance Corporation (FDIC). That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. HP Pavilion dm3t Laptop Keyboard The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co. for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[14] Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed rebranding of Washington Mutual branches to Chase in late 2009. DELL Latitude D830 Laptop Keyboard In the first-quarter of 2006, CHASE purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[15]DELL V119525BS1 laptop keyboard In April of that same year (2006), CHASE swapped its corporate trust unit for The Bank of New York Co.'s retail and small business banking network. The swap valued The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Indiana. Acer eMachines G730ZG laptop keyboard A press release from the National Archives and Records Administration in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files have become declassified. This declassification enabled the discovery that before and during the early years of the war in Europe, the German government sold a special kind of Reichsmark, known as Rückwanderer [returnee] marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. TOSHIBA Mini NB 505-SP0160 Laptop Keyboard Through Chase, this allowed Nazi sympathizers to purchase marks with dollars at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions [to its agents, including Chase] through the sale of discounted, blocked marks that came mainly from Jews who had fled Germany." In other words, Nazi Germany was able to offer these marks at a discount because the money had been stolen in the first place. From 1936 until 1941, the Nazis were able to bring in over $20 million, and the businesses enabling these transactions earned $1.2 million in commissions. Of these commissions, over $500,000 went to Chase National Bank and its subagents. ACER Aspire 5742 Laptop Keyboard These facts were discovered when the FBI started its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the marks. However, Chase National Bank’s executives were never federally prosecuted because Chase’s lead attorney threaten to reveal FBI, Army, andNavy "sources and methods" in court. This would have meant that the sources and methods would become known to the public, posing alleged security risks. To avoid such revelations, the executives' violations of the Johnson Act, the Espionage Act, and the Foreign Agents Registration Act were never prosecuted.[16][17][18]DELL Latitude D820 Laptop Keyboard From the late 1930s until June 14, 1941, when an Executive Order from President FDR froze German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by the head of the United States Department of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Unfortunately, within hours of the order, Chase unblocked the accounts and the funds were transferred through South America to Nazi Germany.[18]ACER Aspire 5742 Laptop Keyboard US Treasury officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & Co, National City Corporation,Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan stayed open in France during the Nazi occupation. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits." Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree withretroactive provisions prohibiting such release might be published in the near future by the occupying [Nazi] authorities." DELL PVDG3 Laptop Keyboard In 1998, Chase general counsel William McDavid, said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime. Kenneth McCallion, an attorney, led a lawsuit against Barclays Bank for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." HP Envy 15 Laptop Keyboard A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid additionally commented, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered." In 1999, a French commission was formed to report findings to French Prime MinisterLionel Jospin. Claire Andrieu, a commission member and history professor at the Sorbonne, said that under the Vichy regime, French banks received visits fromNazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected the U.S. subsidiaries. [19] [20] [21] [22] [23] IBM Thinkpad X61S Laptop Keyboard As background, the first corporate bank in New York, organized by Alexander Hamilton in 1784, was chartered in 1792 as the Bank of New York. This bank and the federal bank monopolized the banking industry in the city and state, showing increasingly exclusionary practices aimed at keeping out Republican investors.[1]Aaron Burr, backed by prominent Republicans and unwitting Federalist supporters such as Alexander Hamilton, used the yellow fever epidemic currently plaguing the city by offering to supply much-needed pure water to the City of New York via private means. He successfully gained banking privileges through a clause in a charter for the Manhattan Company through the state legislature, GATEWAY NV-59 Laptop Keyboard breaking the monopoly. After the Manhattan Company was awarded two million dollars for the water project, a clause in the contract which allowed the directors to use any unspent money for any purpose as they so desired was exercised.[2] The directors of the Manhattan project used one hundred thousand dollars for supplying water to Manhattan and the rest was used to start the bank. After a multitude of cholera epidemics a water system was finally established 1842 in NYC with the building of what is now known as the Old Croton Reservoir. DELL Inspiron 500m Laptop Keyboard On April 17, 1799, the Manhattan Company appointed a committee "to consider the most proper means of employing the capital of the Company" and elected to open an office of discount and deposit. The "Bank" of the Manhattan Company began business on September 1, 1799, in a house at 40 Wall Street. In 1808 the company sold its waterworks, pocketing 1.9 million dollars, to the city and turned completely to banking. Even so, it identified as a water company as late as 1899. The Company maintained a Water Committee which yearly assured, quite truthfully, that no requests for water service had been denied, and moreover conducted its meetings with a pitcher of the water at hand to ensure quality. It is unclear whether anyone at these meetings actually tasted the water.[3]DELL PVDG3 Laptop Keyboard The Bank started paying dividends in July 1800, and in 1853 the Manhattan Company became one of the original 52 members of the New York Clearing HouseAssociation. In 1923 it moved its headquarters to the Prudence Building. A 1929 merger made Paul Warburg its chairman. The Bank merged with Chase National Bankin 1955 to become Chase Manhattan, and then was acquired by Chemical Bank in 1996, who retained the Chase name, to form what was then the largest bank holding company in the United States. In December 2000, the bank acquired J.P. Morgan & Co. to form JPMorgan Chase & Co. HP 605344-001 Laptop Keyboard Washington Mutual, Inc. (OTC Pink: WAMUQ), abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008.[2][3][4][5][6]FUJITSU Lifebook T4220 Laptop Keyboard On Thursday, September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual Bank from Washington Mutual, Inc. and placed it into the receivership of the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.7 billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008).[7] The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, TOSHIBA Satellite A205-S4777 laptop keyboard which JPMorgan Chase had been planning to acquire as part of a confidential plan internally nicknamed Project West.[8][9][10] All WaMu branches were rebranded as Chase branches by the end of 2009. The holding company, Washington Mutual, Inc., was left with $33 billion in assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.[3][4][11][12] The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware, where it is incorporated.[4][11]TOSHIBA Satellite U305 laptop keyboard With respect to total assets under management, Washington Mutual Bank's closure and receivership is the largest bank failure in American financial history.[3][4] Before the receivership action, it was the sixth-largest bank in the United States.[13] According to Washington Mutual Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion.[14]HP G61-632NR laptop keyboard On March 20, 2009, Washington Mutual Inc. filed suit against the FDIC in the United States District Court for the District of Columbia, seeking damages of approximately $13 billion for what they claim to be an unjustified seizure and an extremely low sale price to JPMorgan Chase. JPMorgan Chase promptly filed a counterclaim in the Federal Bankruptcy Court in Delaware, where the Washington Mutual bankruptcy proceedings had been continuing since the Office of Thrift Supervision's seizure of the holding company's bank subsidiaries.[15][16]SAMSUNG NP-Q320-PS03UK laptop keyboard Despite its name, Washington Mutual ceased being a mutual company in 1983 when it demutualized and became a public company on March 11. As of June 30, 2008, Washington Mutual Bank had total assets of US$ 307 billion, with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, and 43,198 employees. It held liabilities in the form of deposits of $188.3 billion, and owed $82.9 billion to the Federal Home Loan Bank, and had subordinated debt of $7.8 billion. It held as assets of $118.9 billion in single-family loans, of which $52.9 billion were "option adjustable rate mortgages" (Option ARMs), HP G42-396TX laptop keyboard with $16 billion in subprime mortgage loans, and $53.4 billion of Home Equity lines of Credit (HELOCs) and credit cards receivables of $10.6 billion. It was servicing for itself and other banks loans totaling $689.7 billion, of which $442.7 were for other banks. It had non-performing assets of $11.6 billion, including $3.23 billion in payment option ARMs and $3.0 billion in subprime mortgage loans.[17]HP Pavilion dv6-2160et laptop keyboard On September 15, 2008, the holding company received a credit rating agency downgrade; from that date through September 24, 2008, WaMu experienced a bank run whereby customers withdrew $16.7 billion in deposits over those 9 days,[12] and in excess of $22 billion in cash outflow since July 2008, both conditions which ultimately led the Office of Thrift Supervision to close the bank.[17]ACER TravelMate 2800 Series laptop keyboard The FDIC then sold most of the bank's assets and liabilities, including secured debt to JPMorgan Chase for $1.9 billion. Claims of the subsidiary bank's equity holders, senior and subordinated debt (all primarily owned by the holding company) were not acquired by JP Morgan Chase[clarification needed].[4][18][19] Washington Mutual was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the great Seattle fire destroyed 120 acres (0.49 km2) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890. It changed its name to Washington Savings and Loan Association on June 25, 1908.[20] By September 12, 1917 it was operating under the name Washington Mutual Savings Bank.[21] The company purchased its first company, the financially distressed Continental Mutual Savings Bank, on July 25, 1930.[20] Its marketing slogan for much of its history was "The Friend of the Family".Packard Bell Easynote TK87 laptop keyboard Killinger's goal was to build WaMu into the “Wal-Mart of Banking,” which would cater to lower- and middle-class consumers that other banks deemed too risky. Complex mortgages and credit cards had terms that made it easy for the least creditworthy borrowers to get financing, a strategy the bank extended in big cities, including Chicago, New York and Los Angeles TOSHIBA Satellite L775-S7243 laptop keyboard . WaMu pressed sales agents to approve loans while placing less emphasis on borrowers’ incomes and assets. WaMu set up a system that enabled real estate agents to collect fees of more than $10,000 for bringing in borrowers. Variable-rate loans — Option Adjustable Rate Mortgages (Option ARMs) in particular — were especially attractive because they carried higher fees than other loans, and allowed WaMu to book profits on interest payments that borrowers deferred. As WaMu was selling many of its loans to investors, it worried less about defaults.[6][24]SONY VAIO VGN NR460E laptop keyboard In 1983, Washington Mutual bought the brokerage firm Murphey Favre and demutualized, converting into a capital stock savings bank. By 1989, its assets had doubled.[20] In October 2005, Washington Mutual purchased the formerly "subprime" credit card issuer Providian for approximately $6.5 billion, HP Pavilion dv6-2115sa laptop keyboard although Providian's new management team's strategy of targeting Prime credit card consumers had been underway since 2001, therefore the credit card unit's nonperforming loan portfolio had improved significantly prior to the company's sale to WaMu. In March 2006, Washington Mutual began the move into its new headquarters, WaMu Center, located in downtown Seattle. The company's previous headquarters, Washington Mutual Tower, stands about a block away from the new building on Second Avenue. In August 2006, Washington Mutual began using the official abbreviation of WaMu in all but legal situations. Lenovo ThinkPad Edge E525 laptop keyboard [25] In March 2008, on the same weekend that JPMorgan Chase Chairman and CEO Jamie Dimon negotiated the takeover of Bear Stearns, he secretly dispatched members of his team to Seattle to meet with WaMu executives, urging them to consider a quick deal. However, WaMu Chairman and CEO Kerry Killinger rejected JPMorgan Chase's offer that valued WaMu at $8 a share, mostly in stock.[6][24]SONY VGN-FE41S laptop keyboard In April 2008, the holding company, responding to losses and difficulties sustained as a result of the 2007-2008 subprime mortgage crisis, announced that 3,000 people companywide would lose their jobs, and the company stated its intent to close its approximately 186 remaining stand-alone, home-loan offices, including 23 in Washington State and a loan-processing center in Bellevue, Washington. It stopped buying loans from outside mortgage brokers — known in the trade as "wholesale lending." SONY 148738121 Laptop Keyboard WaMu also announced a $7 billion infusion of new capital by new outside investors led by TPG Capital. TPG agreed to pump $2 billion into the Washington Mutual holding company; other investors, including some of WaMu's current institutional holders, agreed to buy an additional $5 billion in newly issued stock. This angered many investors, as TPG's investment would dilute the holdings of existing shareholders, and as WaMu executives excluded mortgage losses from computing bonuses.[26]TOSHIBA G83C0000EA10 Laptop Keyboard In June 2008, Kerry Killinger stepped down as the Chairman, though remaining the Chief Executive Officer.[27] On September 8, 2008, under pressure from investors, the Washington Mutual holding company's board of directors dismissed Killinger as the CEO. Alan H. Fishman, chairman of mortgage broker Meridian Capital Group, and a former chief operating officer of Sovereign Bank, was named the new CEO for 17 days.[28]DELL Vostro 3450 Laptop Keyboard Seizure by OTS and FDIC By mid-September 2008, WaMu's share price had closed as low as $2.00. It had been worth over $30.00 in September 2007, and had traded as high as $45 at one point in the previous year.[29] While WaMu publicly insisted it could stay independent, earlier in the month it had quietly hired Goldman Sachs to identify potential bidders. However, several deadlines passed without anyone submitting a bid.[13] At the same time, WaMu suffered a massive run (mostly via electronic banking over the internet and wire transfer[citation needed]); customers pulled out $16.7 billion in deposits in a ten-day span.[30]SAMSUNG R520 Laptop Keyboard This led the Federal Reserve and the Treasury Department to step up pressure for WaMu to find a buyer, as a takeover by the Federal Deposit Insurance Corporation (FDIC) could have been a severe drain on the FDIC insurance fund, which had already been hard hit by the failure of IndyMac that year. The FDIC ultimately held a secret auction of Washington Mutual Bank. Finally, on the morning of Thursday, September 25 (coincidentally the 119th anniversary of WaMu's establishment), regulators informed JPMorgan Chase that it was the winner.[13]ACER Aspire 5612 Laptop Keyboard On Thursday night (shortly after the close of business on the West Coast), the Office of Thrift Supervision seized Washington Mutual Bank and placed it into thereceivership of the FDIC. In a statement, the OTS said that the massive run meant that WaMu was no longer sound.[30] The FDIC, as receiver, sold most of Washington Mutual Bank's assets, including the branch network, all of its deposit liabilities and secured debts to JPMorgan Chase for $1.9 billion. The transaction did not require any FDIC insurance funds.[31] Normally, bank seizures take place after the close of business on Fridays. However, due to the bank's deteriorating condition and leaks that a seizure was imminent, regulators felt compelled to act a day early.[13]TOSHIBA Satellite L655-S5158 Laptop Keyboard JPMorgan Chase didn't acquire any of Washington Mutual Bank's equity obligations (though JPMorgan Chase planned to issue $8 billion in common stock to recapitalize the bank). As a result of the seizure, WaMu's stockholders were nearly wiped out. Its stock price dropped to $0.16 a share, far from $45 a share in 2007.[29] In their Chapter 11 filing, WaMu listed assets of $33 billion and debt of $8 billion. (ref. Appendix A). The filing also indicates that enough funds are available for distribution to unsecured creditors. DELL Studio 1458 Laptop Keyboard Within days of the seizure, a hedge fund adviser and investment strategist, Mike Stathis of AVA Investment Analytics issued a formal complaint to the Securities and Exchange Commission, demonstrating evidence of insider trading. The complaint also alleged that Washington Mutual was not insolvent, and several Wall Street firms and hedge funds had conspired to short the stock. He also stated that he spoke with a reporter from the Associated Press who told him that he was contacted by a Washington Mutual executive hours before the seizure, SAMSUNG NP-N150-JP01 Laptop Keyboard telling the reporter that it would happen for “political reasons.” In later criticisms, Stathis discussed that the neither the FDIC nor OTS ever disclosed any evidence of Washington Mutual's insolvency.[32] Stathis stated that within a few weeks of submitting his complaint, he was visited by federal agents who held him in an interrogation room for questioning. As a result of this, Stathis stated that he felt bullied and did not release the SEC compliant into the public domain until a year later.[33][34]SONY 148024022 Laptop Keyboard Currently, shareholders are fighting what they consider the illegal seizure of Washington Mutual through such websites as WaMuCoup.com and others, claiming that the OTS acted in an arbitrary and capricious manner and seized the bank for political reasons or for the benefit of JPMorgan Chase, which acquired a large network of branches at what they claim to be an unfairly low price. Shareholders claim that as of the date of the takeover, the bank had enough liquidity to meet all its obligations and was in compliance with the business plan negotiated with the OTS 2 weeks earlier[35] HP Pavilion DV6-1002tx Laptop Keyboard and that the holding company's board and management was kept completely in the dark about the government's negotiations with Chase, hampering the bank's ability to sell itself on its own. Chief executive Alan H. Fishman was flying from New York to Seattle on the day the bank was closed, and eventually received a $7.5 million sign-on bonus and cash severance of $11.6 million (which he declined) after being CEO for 17 days.[36] Senator Maria Cantwell has demanded an explanation from the government and threatened to open an investigation[37] and Washington Mutual's former shareholders have threatened a lawsuit demanding compensation for the lost value of their shares.[35]HP Pavilion G7-1081NR Laptop Keyboard On September 26, 2008, Washington Mutual, Inc. and it's remaining subsidiary, WMI Investment Corp., filed for Chapter 11 bankruptcy.[40] Washington Mutual, Inc. was promptly delisted from trading on the New York Stock Exchange, and commenced trading via Pink Sheets. The bankruptcy was the second largest (by asset size) in U.S. history, with the largest being Lehman Brothers, which filed for chapter 11 bankruptcy just 11 days prior to Washington Mutual. HP 605344-001 Laptop Keyboard All assets, but only some liabilities (including deposits, covered bonds, and other secured debt) of Washington Mutual Bank's liabilities were assumed byJPMorgan Chase.[41] 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.[42] Unsecured senior debt obligations of the bank were not assumed by the FDIC, leaving holders of those obligations with little meaningful source of recovery.[41] On Friday, Sep. 26, 2008, Washington Mutual Bank customers were informed that Deposits held by Washington Mutual became now liabilities of JPMorgan Chase.[43]HP pavilion DV7-1000 Laptop Keyboard The IRS claimed $12.5 billion in back taxes from Washington Mutual, Inc.. The company filed court papers on January 22, 2009 alleging losses were $20 billion, and the company requested that it pay nothing of the tax debt, stating that the IRS could owe Washington Mutual Inc. a tax refund.[44] In a settlement between Wash. Mutual Inc. (in receivership), the FDIC, and JP Morgan Chase that Wash. Mutual Inc. recently made public, a tax refund of about US$5.7 billion will be shared between Wash. Mutual Inc., Chase and FDIC.[45]HP Pavilion dv5-1203em Laptop Keyboard Washington Mutual, Inc. sued the Federal Deposit Insurance Corporation (FDIC) for US$ 13 billion after the sale of its banking operations to JPMorgan Chase.[46]WMI attorneys claim the bank did not get fair value for the bank, and multiple subsidiaries belonging to the parent company were taken. JPMorgan has been sued by some shareholders in Texas, for illegal activities leading to the bank's receivership. Washington Mutual, Inc's attorneys have requested an investigation through the bankruptcy court in Delaware.[47] However, at the end of December 2009 the discovery process was suddenly and inexplicably halted by Washington Mutual, Inc's attorneys Weil, Gotshal & Manges. The US Trustee presiding over the case responded by abruptly establishing an equity committee (EC) citing "exigent circumstances".[48]ACER Aspire 7736ZG Laptop Keyboard On January 11, 2010, the United States Department of Justice, Office of the United States Trustee, District of Delaware, pursuant to Section 1102(a)(1) of theBankruptcy Code, appointed a Committee of Equity Security Holders to represent all shareholders of both preferred (OTC Pink: WAMPQ, OTC Pink: WAMKQ) and common stock. All of the Motions to Disband the Committee of Equity Security Holders were denied on January 28, 2010 by U.S. Bankruptcy Judge Mary F. Walrath, District of Delaware.[49][50]HP G56-127NR Laptop Keyboard On July 20, 2010, bankruptcy judge Mary Walrath approved a motion of the EC for an examiner to investigate potential legal claims and assets of WMI, handing a victory to shareholders. The Judge directed the examiner to investigate not just the legal settlement with the FDIC and JPMorgan Chase at the heart of WaMu's reorganization, but also all potential claims and assets that are part of the settlement or that will be retained by the company.[51]HP Pavilion dv6-3019wm Laptop Keyboard On July 26, 2010, U.S. Trustee Roberta A. DeAngelis appointed veteran bankruptcy examiner and McKenna Long & Aldridge LLP partner Joshua R. Hochberg to conduct a probe into the proposed settlement between WMI, JPMorgan Chase and the FDIC. Hochberg is a partner in McKenna Long & Aldridge's Washington office whose practice focuses on individual and corporate white collar defense, internal investigations and compliance.[52]HP 496878-001 Laptop Keyboard On August 10, 2010, the bankruptcy judge rejected Washington Mutual Inc.'s effort to obtain personal financial information from shareholders demanding that the company schedule an annual meeting. Attorneys for the EC said that WMI was simply trying to delay scheduling a shareholder meeting by seeking personal information. The judge agreed that WMI was not entitled to the information.[53]SAMSUNG N140 Laptop Keyboard On Nov 1, 2010, examiner Joshua R. Hochberg from McKenna Long & Aldridge LLP presented his long awaited report, but it did not meet the expectations of the court, since the report was based on unsworn interviews and confidential attorney-client work. On December 12, the court decided to exclude the examiner's report during the plan confirmation hearings, saying it can't be considered expert testimony or submitted as evidence unless it is subject to questioning to determine the basis of its conclusions.[54]SONY VAIO VGN-FW180D Laptop Keyboard On Jan 7, 2011, the bankruptcy court denied approval of the 6th plan of reorganization which was proposed by the debtors and their lawyers from Weil, Gotshal & Manges LLP. Judge Mary Walrath focused many of her criticisms on the company's releases of liability granted to directors, officers and others including some hedge funds, who she said did not contribute anything to the settlement. She noted for example that shareholders, who will likely get nothing, should not have to release the company's board from the threat of being sued by them.[55] However, many Wamu shareholders believe there will be a significant recovery when Washington Mutual emerges from bankruptcy. TOSHIBA Satellite L505-S5984 Laptop Keyboard On Sep 14, 2011, the court also denied approval of the modified 6th plan of reorganization. Judge Mary F. Walrath wrote that four hedge funds that had played a role in Washington Mutual’s restructuring might have received confidential information that could have been used to trade improperly in the bank’s debt. The four hedge funds are Appaloosa Management, Aurelius Capital Management, Centerbridge Partners and Owl Creek Asset Management.[56]HP Mini 1001TU Laptop Keyboard During 2009, all of the Washington Mutual Bank branches, which had been purchased from the FDIC after the bank had been placed into receivership, were rebranded to Chase or shuttered. All financial documents issued by WaMu were changed to carry the JP Morgan Chase logo. Credit and debit cards issued by WaMu or Providian were changed to carry the Chase logo. TOSHIBA Satellite A300 Laptop Keyboard Since 2009, Chase ATMs have been accessible for WaMu customers at no extra charge, and the branches and accounts were formally merged in 2009 as the WaMu brand was retired.[13] Branches in the Pacific Northwest, Idaho, and Utah were rebranded in May 2009; branches in Florida, Georgia, Texas, Illinois, and Greater New York were rebranded in July 2009, and the remaining branches in Nevada, California, Arizona, and Colorado were rebranded in October 2009.[57][58] The last rebrandings formally retired the WaMu name. FUJITSU Amilo Mini Ui 3520 Laptop Keyboard In markets where Chase already had a dominant presence, such as Greater New York and Chicago owing to the presence of Chase and predecessor Bank One (in New York, the merger resulted in different branches on the same block), Chase further disposed of such branches to other banks.[59]SONY 148023121 laptop keyboard Bank One Corporation was the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004. The company had its headquarters in the Bank One Plaza (now the Chase Tower) in the Chicago Loop in Chicago, Illinois,[2] now the headquarters of Chase's retail banking division. Lenovo 45N2240 laptop keyboard The bank traces its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamedBanc One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One", tSONY 148738121 laptop keyboard hough for a long time they resisted combining them into one bank. In 1998, Banc One Corporation merged with Chicago-based First Chicago NBD Corporation to form Bank One Corporation, and headquarters moved from Columbus to Chicago.[3] Adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Jamie Dimon, a former key executive of Citigroup, was brought in to head the company.  IBM Thinkpad Z61t laptop keyboard Pittsburgh (pron.: /ˈpɪtsbərɡ/, pits-burg) is the seat of Allegheny County and with a population of 307,484[5] is the second-largest city in the U.S. Commonwealth of Pennsylvania. With a metropolitan population of 2,359,746[6] it is the largest in both the Ohio Valley and Appalachia and the 22nd-largest in the U.S.[13] Pittsburgh is known as both "the Steel City" for its more than 300 related businesses[14] and "the City of Bridges"[15] for its world record[16] 446 bridges. The city also features 27 skyscrapers,[1SONY VGN-FE780G laptop keyboard 7] two inclined railways, a pre-revolutionary fortification, and the source of the Ohio at the confluence of the Monongahela and Allegheny. This vital link of the Atlantic coast and theMid-west cuts through the mineral-rich Alleghenies and made the Pittsburgh area coveted by the French and Britishempires, Virginia,[18] Whiskey Rebels, Civil War raiders[19][20] and media networks.[21][22]HP Pavilion DV6-1319tx laptop keyboard Legendary for its steel, Pittsburgh also led innovations and industries in aluminum, glass,[23][24] shipbuilding, petroleum,[25][26][27][28] foods,[29] appliances, sports,[30][31][32][33] transport, computing,[34] retail, autos[35][36][37]and electronics. This creative wealth placed Pittsburgh third only to New York and Chicago in corporate headquarter jobs for much of the 20th century.[38] America's 1980s shift from heavy industry to a service economy laid-off millions from the area's sprawling steel mills and electronics/appliances factories.[39][40][41] DELL Vostro 3450 Laptop Keyboard The diaspora of "blue collar" workers was joined by thousands of "white collar" employees when multi-billion dollar corporate raids relocated the longtime Pittsburgh-based world headquarters of Gulf Oil, Sunbeam, Rockwell and Westinghouse. This status as a world industrial and banking center, its "melting pot" of industrial immigrant workers, and top 10 rank among the largest cities in the U.S. until 1950 and metros until 1980[42][43] has left the region with a plethora of internationally-regarded museums, medical centers,[44][45] parks, research infrastructure, libraries and a vibrantly diverse cultural district.  HP Envy 15-1050nr Laptop Keyboard These legacies have helped Pittsburgh win first place as America's "most livable city" by Places Rated Almanac,[46]Forbes,[47] and The Economist[48] while inspiring National Geographic[49] and Today[50] to name the city a top world destination. More tangibly, the area has added 3,304 hotel rooms since 2004 and boasts higher occupancy than 11 comparable cities such as Philadelphia and Baltimore.[51]HP 605344-001 Laptop Keyboard Google, Intel and Apple[52] are among the 1,600 tech firms[12] generating $10.8 billion[53] in annual Pittsburgh payrolls. Since the 1980s the city has also served as national headquarters for both federal cyber defense[54][55] and robotics.[56] The area boasts 31 non-profit universities and colleges including seven venerable universities in the city, with the University of Pittsburgh and Carnegie Mellon as national leaders in R&D expenditures[57] spurring multiple startups annually.[58]DELL 454RX Laptop Keyboard The nation's fifth-largest bank, 9 Fortune 500s and six of the top 300 US law firms make their global headquarters in the Pittsburgh area, while RAND, BNYMellon, Nova Chemicals, Bayer, FedEx and GSK have large regional bases that helped Pittsburgh grow despite the global recession.[59][60] Area retail and housing have also grown[61] despite the subprime crisis with the multi-million dollar SouthSide Works, Bakery Square, and Washington's Landing repurposing formerindustrial sites. ACER Aspire 5742 Laptop Keyboard Pittsburgh is a leader in LEED technology,[62] with 60 total and 10 of the world's first "green" buildings, including downtown's convention center,[63] even as Shell and Chevron have invested billions[64] in the area's energy renaissance with Marcellus shale. A renaissance of Pittsburgh's 115 year old film industry—that boasts the world's first movie theater[65]—has grown from the long running 3R Film Festival to an influx of major productions including Disney andParamount offices with the largest sound stage outside Los Angeles and New York.[66]TOSHIBA Satellite L655D-SP5012M Laptop Keyboard Pittsburgh was founded in 1758 and named by General John Forbes in honor of the British statesman William Pitt. Given that Forbes was a Scotsman, it is possible that the intended pronunciation of the settlement was /ˈpɪtsbᵊrə/ (pits-brə orpits-bə-rə), similar to the pronunciation of Edinburgh.[67][68][69][70][71] It was incorporated as a borough in 1794 and chartered as a city in 1816.[72]ACER Aspire 5742 Laptop Keyboard Pittsburgh was officially named with its present spelling on April 22, 1794, by an act of the Pennsylvania Department, stating, "Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania, in General Assembly met, and it is hereby enacted by the authority of the same, that the said town of Pittsburgh shall be, and the same is hereby, erected into a borough, which shall be called the borough of Pittsburgh for ever."[73]APPLE A1278 Laptop Keyboard Pittsburgh is one of the few American cities to be spelled with an h at the end of a burg suffix.[74] While named "Pittsburg" from 1890 to 1911 following a declaration by the United States Board on Geographic Names, the "Pittsburgh" spelling was officially restored after a public campaign by the citizens of the city.[73]HP Pavilion dv6-3178ee Laptop Keyboard The area surrounding the headwaters of the Ohio was inhabited by the tribes of Shawnee and several other settled groups of native Americans.[75] The first European was the French explorer/trader Robert de La Salle in his 1669 expedition down the Ohio River from Lake Ontario and Quebec.[76] This was followed by European pioneers, primarily Dutch, in the early 18th century. Michael Bezallion was the first to describe the forks of the Ohio in a manuscript in 1717, and later that year European traders established posts and settlements in the area.[77] In 1749, French soldiers from Quebec launched a serious expedition to the forks in hopes of uniting Canada with French Louisiana via the rivers.[77] TOSHIBA Satellite M115 Series laptop keyboard Governor Dinwiddie of Virginia sent MajorGeorge Washington to warn the French to withdraw. During 1753–54, the British hastily built Fort Prince George, but a larger French expedition forced them to evacuate and the expedition then proceeded to construct Fort Duquesne on the site. With the French citing the 1669 discovery by LaSalle, these events led to the French and Indian War. British General Edward Braddock's campaign (with Washington as his aide) to take Fort Duquesne failed, but General John Forbes's subsequent campaign succeeded. After the French abandoned and destroyed Fort Bridgewater in 1758, Forbes ordered the construction of Fort Pitt, named after British Secretary of State William Pitt the Elder. He also named the settlement between the rivers "Pittsborough".[78]ACER Aspire 4810T-8480 laptop keyboard During Pontiac's Rebellion, Ohio Valley and Great Lakes tribes besieged Fort Pitt for two months. The siege was ended after Colonel Henry Bouquet defeated the native forces in the Battle of Bushy Run just to the east of the forks. This victory was purportedly facilitated by an early example of biological warfare. In July 1763, Lord Jeffrey Amherst is claimed to have ordered the distribution of blankets inoculated with smallpox to the Native Americans surrounding the fort, although this claim is disputed.[79]TOSHIBA Tecra A9 laptop keyboard In the 1768 Treaty of Fort Stanwix, the descendants of William Penn purchased from the Six Nations western lands that included most of the present site of Pittsburgh. In 1769, a survey was made of the land situated between the two rivers, called the "Manor of Pittsburgh".[80] Both Virginia and Pennsylvania claimed the Pittsburgh area during colonial times and would continue to do so until 1780 when both states agreed to extend the Mason-Dixon Line westward, placing Pittsburgh in Pennsylvania. On March 8, 1771 Pennsylvania created Bedford County (currently dozens of miles east of the city) to govern the western frontier. On April 16, 1771 the new county gave the future city its first civilian local government, creating Pitt Township.[81][82] William Teagarden was the first constable with William Troop the first clerk.[83]HP Pavilion dv6-3110sl laptop keyboard Following the American Revolution, the village of Pittsburgh continued to grow. One of its earliest industries was building boats for settlers to enter the Ohio Country. In 1784, the laying out of the "Town of Pittsburgh" was completed by Thomas Viceroy of Bedford County and approved by the attorney of the Penns in Philadelphia. In 1785 Pittsburgh became a possession of the state of Pennsylvania. HP Pavilion dv5-1003nr laptop keyboard The following year the Pittsburgh Post-Gazette was started, and in 1787 the Pittsburgh Academy (which would later become the University of Pittsburgh) was chartered. The year 1794 saw the short-lived Whiskey Rebellion. By 1797, glass began to be manufactured in the city as the population grew to around 1400. SONY Vaio PCG-K37 laptop keyboard  [80][citation needed] The War of 1812 cut off the supply of British goods, stimulating American manufacture. By 1815, Pittsburgh was producing significant quantities of iron, brass, tin and glass products. The Act of March 18, 1816 incorporated the City of Pittsburgh. The original charter was burned when the old Court House was destroyed by fire. In the 1830s, manyWelsh people from the steelworks of Merthyr migrated to the city following the civil strife and aftermath of the Merthyr Riots of 1831. By the 1840s, Pittsburgh was one of the largest cities west of the Allegheny Mountains. A great fire burned over a thousand buildings in 1845, but the city rebuilt. By 1857, Pittsburgh's 1,000 factories were consuming 22,000,000 bushels of coal yearly. Lenovo 0A62075 laptop keyboard The American Civil War boosted the city's economy with increased production of iron and armaments. Steel production began by 1875, when Andrew Carnegie founded the Edgar Thomson Steel Works in North Braddock, which eventually evolved into theCarnegie Steel Company. The success and growth of Carnegie Steel was attributed to Henry Bessemer, inventor of the Bessemer Process. HP G56-127NR laptop keyboard In 1901, the U.S. Steel Corporation was formed, and by 1911 Pittsburgh was the nation's eighth largest city, producing between a third and a half of the nation's steel. The city's population swelled to over a half million, many of whom were immigrants from Europe who arrived via the great migration through Ellis Island. In 1940, non-Hispanic whites were 90.6% of the city's population.[85] The Great Migration from the South resulted in a large increase in Pittsburgh's black population.[86] GATEWAY M-1629 laptop keyboard 95% of the black population working in the steel mills were doing unskilled labor and were not well established.[87] During World War II, Pittsburgh produced 95 million tons of steel.[78] By this time, the pollution from burning coal and steel production created a black fog (or smog), which even a century earlier had induced author writer James Parton to dub the city "hell with the lid off".[88]ACER Aspire 1693 laptop keyboard Following the war, the city launched a clean air and civic revitalization project known as the "Renaissance." This much-acclaimed effort was followed by the "Renaissance II" project, begun in 1977 and focusing more on cultural and neighborhood development than its predecessor. The industrial base continued to expand through the 1970s, but beginning in the early 1980s the steel and electronics industry in t

he region imploded, with massive layoffs and mill and plant closures.[89][90][91]ACER Aspire 5742 Laptop Keyboard Beginning in the late 1980s, the city shifted its economic base to education, tourism, and services, largely based on healthcare/medicine, finance and high technology such as robotics. Although Pittsburgh successfully shifted the focus of its economy and remained a viable city, the city's population never rebounded to its industrial-era highs. While 680,000 people lived in the city proper in 1950, a combination of suburbanization and economic turbulence caused a sharp decrease in city population to just 330,000 in the year 2000.[note 1]  DELL Inspiron 1750 Laptop Keyboard During the late 2000s recession, however, Pittsburgh remained economically strong, adding jobs when most cities were losing them, and becoming one of the few cities in the United States to see housing property values rise. In the period between 2006 and 2011, the Pittsburgh MSA experienced over 10% appreciation in housing prices—the highest appreciation out of the largest 25 MSAs in the United States. 22 of the top 25 MSAs saw a depreciation of housing values during the same period.[92] Pittsburgh's story of economic regeneration was the inspiration for President Barack Obama to personally select Pittsburgh as the host city for the 2009 G-20 Summit.[93]HP G42-415DX Laptop Keyboard According to the United States Census Bureau, Pittsburgh has a total area of 58.3 square miles (151 km2), of which 55.6 square miles (144 km2) is land and 2.8 square miles (7.3 km2) is water. The total area is 4.75% water. HP Pavilion dv4-1242tx Laptop Keyboard The city is on the Allegheny Plateau, where the confluence of the Allegheny River from the northeast and Monongahela Riverfrom the southeast form the Ohio River. The Downtown area between the rivers is known as the Golden Triangle, and the site at the actual convergence, which is occupied by Point State Park, is referred to simply as "the Point." In addition to the downtown Golden Triangle, the city extends northeast to include the Oakland and Shadyside sections, which are home to theUniversity of Pittsburgh, Carnegie Mellon University, Chatham University, Carnegie Museum and Library, and many other educational, medical, and cultural institutions.  FUJITSU Lifebook E8310 Laptop Keyboard Many of the city's neighborhoods are steeply sloped, with two-lane roads. The names of more than a quarter of Pittsburgh's neighborhoods make reference to "hills," "heights," or other indicators of topographical complexity.[note 2] This topography is often used for physical activity. The city has some 712 sets of stairs, comprising 44,645 treads and 24,090 vertical feet for pedestrians to traverse its many hills. There are hundreds of 'paper streets' composed entirely of stairs and many other steep streets with stairs for sidewalks.[94] Many provide views of the Pittsburgh area.[95]ACER Aspire 5742 Laptop Keyboard The city has established bike and walking trails along its riverfronts and hollows, but steep hills and variable weather can make biking challenging. However, the city is connected to downtown Washington, D.C. (some 245 miles (394 km) away) by a continuous bike/running trail through the Alleghenies and along the Potomac Valley, known as the Great Allegheny Passage and Chesapeake and Ohio Canal Towpath. SONY VAIO VGN-FS742/W Laptop Keyboard Pittsburgh lies in the transition between a humid continental and humid subtropical climate (Köppen Dfa/Cfa),[97] although it lies much closer to the former. It features four distinct seasons, with precipitation somewhat evenly spread throughout the year. Summers are hot and humid (with occasional heatwaves), while winters are cold and snowy. Spring and autumn are generally unstable yet mild. SONY VAIO VGN-CR520E Laptop Keyboard The warmest month of the year in Pittsburgh is July, with a 24-hour average of 72.8 °F (22.7 °C). Conditions are often humid, and combined with highs reaching90 °F (32 °C) on an average 9.5 days per annum,[98] a considerable heat index arises. The coldest month is January, when the 24-hour average is 28.5 °F(−1.9 °C), and sub-zero lows (below −18 °C) can be expected on an average 2.6 nights per year.[98] Extremes in temperature range from −22 °F (−30 °C), on January 19, 1994 to 103 °F (39 °C), which last occurred on July 16, 1988. DELL Vostro 3450 Laptop Keyboard Total precipitation is greatest in May and least in October, and the average annual precipitation is 38.1 inches (970 mm), yet, on average, December and January have the greatest number of days with precipitation. Snowfall averages 41.5 inches (105 cm) per season. In terms of cloudiness, there is an average of 59 clear days and 103 partly cloudy days per year, while 203 days are cloudy.[99] In terms of annual percent-average possible sunshine received, Pittsburgh (45%) is similar to Seattle (43%).[100]TOSHIBA Mini NB 505-SP0160 Laptop Keyboard Although Pittsburgh generally experiences moderate weather, a few extreme weather events occurred between 1990 and 2010. The Blizzard of 1993 dumped over 23 inches (58 cm) of snow in under 24 hours, and the First North American blizzard of 2010 (locally known as "Snowpocalypse" and "Snowmageddon") dumped nearly 2 feet (61 cm) of snow in less than 24 hours.[101][102] An F2 tornado entered city limits on June 2, 1998. In September 2004, the remnants of Hurricane Ivan brought gusty winds and dropped nearly 6 inches (150 mm) of rain in 12 hours. SONY VAIO VGN-CS13M/W Laptop Keyboard HP 636376-001 Laptop Keyboard FUJITSU Amilo Mini Ui 3520 Laptop Keyboard ACER Aspire 5742 Laptop Keyboard FUJITSU Amilo Mini Ui 3520 Laptop Keyboard ACER Aspire 5610Z Laptop Keyboard

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