Other executives at the helm during the financial melee haven't had a day in court, though. Former Merrill CEO JohnThain took over the reins of CIT Group (CIT) shortly after it exited bankruptcy, while former American International Group (AIG) CEO Martin Sullivan was just named to lead deputy chairman of the insurance brokerage Willis Group (WSH).
But the FDIC's court battles don't pertain to insurance firms, only federally chartered banks whose deposits it provides insurance for and which needed assistance while failing. Its least expensive deal, ironically, was the largest government-insured bank collapse in history. The regulator estimates that Washington Mutual's failure will cost nothing; JPMorgan Chase (JPM) agreed to acquire most of its assets in September 2008. The other big crisis-era bank deal -- Wells Fargo's (WFC) acquisition of Wachovia -- didn't require any federal assistance.
More on Bank of America:
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