Dear Hanky P. And Inkjet Bennie
This is how you bail out a bank.
You don't just hand it a wad of taxpayer-generated cash and say "Go ahead and whizz it away in any fashion you see fit!" You get concessions for your dough, a good payback, and a seat at the table to ensure that the money isn't wasted like the torched cash that preceded it.
"The funding from the TPG-led group, the Journal reported, would be structured as an offering of both common and preferred shares of Washington Mutual. In addition, TPG would receive a seat on the company's 14-director board."