Arithmetic of WaMu seizure & sale

From an article quoted in another thread:

OK, deposits are liabilities on the bank’s balance sheet. I don’t know what the assets are, probably some combination of buildings, investments, and receivables on loans that are still good (they plan to write off about $31 billion of subprime loans). So the net is roughly $200 billion.

If FDIC didn’t have to pay any claims, and JPMC is getting a bottom line of $200 billion, why did they pay only 1% of that amount? This is like the bellhop and the missing dollar. (The stockholders lost everything, but they are not part of this equation. I don’t know what happens to the $1.9 extra large that the FDIC gets.)

I hope I am asking a simple accounting question but I suspect this gets complicated.

I don’t know without more information, but I suspect for one thing that in addition to writing off $31 billion, many of the other loans are not worth their face value which is probably the stated value of the assets in the description.

If you look at the investor presentation on this page, page 17 has the math. It’s formatted more nicely there, but here’s the numbers:

The answer seems to be buried in there. The article I quoted said deposits of $188 billion but didn’t mention other liabilities. This presentation shows liabilities of $265 billion. The presentation also shows assets of $296B and the article shows $307B. That pretty much accounts for the discrepancy (I made a $100 billion error in my OP, good thing I’m not their accountant :o).

Thanks for finding the real numbers!!!