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 - Get Report) shortly after it exited bankruptcy, while former American International Group (AIG - Get Report) CEO Martin Sullivan was just named to lead deputy chairman of the insurance brokerage Willis Group (WSH - Get Report).
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 - Get Report) agreed to acquire most of its assets in September 2008. The other big crisis-era bank deal -- Wells Fargo's (WFC - Get Report) acquisition of Wachovia -- didn't require any federal assistance.
More on Bank of America:
>To contact the writer of this article, click here: Lauren Tara LaCapra. >To submit a news tip, send an email to: firstname.lastname@example.org.