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FDIC Stands Between J.P. Morgan and a WaMu Payoff

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From the WSJ: "The Federal Deposit Insurance Corp. backed away from its support for a $1.4 billion tax break benefiting J.P. Morgan Chase & Co., setting up a battle between the regulator and the nation's second-largest bank. The tax benefit stems from J.P. Morgan's acquisition of Washington Mutual and is part of the bankruptcy proceedings of the failed Seattle thrift's parent company. Washington Mutual is eligible for $2.7 billion to $2.8 billion in refunds based on a 2009 economic stimulus bill that allowed companies to apply losses from 2008 and 2009 against taxes paid in the previous five years."