APP - FDIC/JPM vs WaMu

I liked WaMu, mostly I think because I live in Washington, so there was a sense of pride for me. Chase is just another bank, which, from all of your accounts, can go fuck itself.
 
Good Luck said:
With all this shady (outright illegal?) background to the WaMu fiasco coming out, have former share holders and/or WaMu customers considered filing a class action suit of their own? I dumped WaMu from my portfolio for other reasons over a year before the JPM/FDIC heist, but I know a lot of shareholders were badly hurt in the proceedings.

I'd like to see JPM/Chase sued into non-existence, personally.
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There is already a lawsuit against JPM. It has been on going for almost a year. Some of us own the stock post seizure as we believe that WaMu has a good chance of winning the lawsuit.

Disclaimer... to anyone reading this... this is STILL a hero or zero stock. Do not invest money that you cannot afford to lose. While I believe this stock (at least the preferreds) will return a nice profit, this suit involves not only JPM, but also the FDIC. When the government is involved, you never know what might happen. WaMu has a strong case... but you never know how these things might unfold or how much time it might take. Do your own due diligence and determine if it is appropriate for your portfolio. Don't base an investment decision off of what anonymous internet board posters state.
 
Threedee said:
I liked WaMu, mostly I think because I live in Washington, so there was a sense of pride for me. Chase is just another bank, which, from all of your accounts, can go fuck itself.
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Jaime Dimon should be in jail. But the idiots in DC, in the media and on Wall Street worship him. Which is why he gets away with what he does. Whispers are already circulating that if Obama pulls the plug on Geithner that Dimon could be a front runner for the job. Which is very scary.

Sheila Bair should also be in jail for her hand in the financial meltdown fiasco. But knowing the idiots in DC, she will likely be made 'supreme czar' who presides over all the other czars to implement yet one more level of idiocy to the bureaucracy of our government.
 
Superfreak said:
There is already a lawsuit against JPM. It has been on going for almost a year. Some of us own the stock post seizure as we believe that WaMu has a good chance of winning the lawsuit.

Disclaimer... to anyone reading this... this is STILL a hero or zero stock. Do not invest money that you cannot afford to lose. While I believe this stock (at least the preferreds) will return a nice profit, this suit involves not only JPM, but also the FDIC. When the government is involved, you never know what might happen. WaMu has a strong case... but you never know how these things might unfold or how much time it might take. Do your own due diligence and determine if it is appropriate for your portfolio. Don't base an investment decision off of what anonymous internet board posters state.
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SF, have you registered for the Ghost site? He's been posting updates on all court docs that come out, then they can be discussed individually in the forums. It is much better format than what Yahoo had, and there are already 600 users signed up. The DD is so much better now with that site in place.
 
Superfreak said:
Jaime Dimon should be in jail. But the idiots in DC, in the media and on Wall Street worship him. Which is why he gets away with what he does. Whispers are already circulating that if Obama pulls the plug on Geithner that Dimon could be a front runner for the job. Which is very scary.

Sheila Bair should also be in jail for her hand in the financial meltdown fiasco. But knowing the idiots in DC, she will likely be made 'supreme czar' who presides over all the other czars to implement yet one more level of idiocy to the bureaucracy of our government.
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Bair, Paulson, Bernanke, Dimon, and Geitner should ALL be thrown in jail for their role in the financial meltdown. This organized shafting they put everyone through, yet they'll come out of it pounding thier chest about how great of a job they did pulling us out of it. Bernanke is basically just a figure head, and the whole Federal Reserve should just be gotten rid of.
 
DigitalDave said:
SF, have you registered for the Ghost site? He's been posting updates on all court docs that come out, then they can be discussed individually in the forums. It is much better format than what Yahoo had, and there are already 600 users signed up. The DD is so much better now with that site in place.
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No... do you have the URL??
 
DigitalDave said:
Bair, Paulson, Bernanke, Dimon, and Geitner should ALL be thrown in jail for their role in the financial meltdown. This organized shafting they put everyone through, yet they'll come out of it pounding thier chest about how great of a job they did pulling us out of it. Bernanke is basically just a figure head, and the whole Federal Reserve should just be gotten rid of.
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Agreed.

The incestuous relationship between Goldman and the Government also needs to be highlighted in more detail. This crap has to stop. Oh, you flop out of your government office... no worries, come work for Goldman. Oh, a top position opens up in Treasury... let's go to Goldman and see who they want to send us this time.
 
over 140 banks have failed to date per the fdic

the financial markets are as bad as congress when it comes to shafting people
 
DonQuixote said:
over 140 banks have failed to date per the fdic

the financial markets are as bad as congress when it comes to shafting people
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I would say the financial markets are worse than congress. The big banks have deep pockets, and they work hard to get people into government positions. I was watching an interview of a former executive at, I believe Morgan Stanley, the other night on Bloomberg. He basically said he knew the lonas banks were giving out were bad, but it got to a point where they had to do it just to compete with the other banks. JPMorgan have huge problems, much bigger than a loan portfolio, that they needed to take care off. So, the government helped bail them out of that mess by seizing banks with enough capital to withstand the market collapse (which the collapse had nothing to do with home loans, despite popular belief). When a bank has 80 Trillion (yes I said Trillion) in the derivative market, you think 30 Billion is going to cause them to stop lending? The banks stopped lending on purpose, and even when cash was infused, they didn't change course. They created this last recession, and our nations monetary institutions helped them. They have complete control, and until we take steps to unwind the control they have, we will keep seeing recessions occur on a regular basis.
 
Superfreak said:
where did you get that email???? Holy shit... if they have bombs like that already in the public domain, imagine the nukes they still have in their pocket.
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You can see it in the latest court filing. Like I said in my blog.. the gloves are off, they aren't playing nice anymore.. and I'm sure they have more damning evidence than that.
 
DigitalDave said:
You can see it in the latest court filing. Like I said in my blog.. the gloves are off, they aren't playing nice anymore.. and I'm sure they have more damning evidence than that.
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I read the blog post, but had trouble pulling up the court doc site... I will try it again from work tomorrow. Thanks for posting all of this. I assume it is also on Ghosts site. I will have to check that out tomorrow as well.
 
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