WaMu

Let's be real guys. I have been following the WaMu situation on my own because I was a customer of WaMu, and a stock holder who got the big pickle up the nethers.

But I only visit this thread once a week or so because I view it as a game thread turned let's-talk-real-investments thread.

Want to get more attention of this board, post a thread in the current events section detailing the WaMu/JPM/FDIC fuck-the-public-out-of-trillions fiasco.

I do find it strange how little MSM is giving this story. The bigggest bank failure in history - now looking like it was deliberately engineered - and they have nothing to say? Too busy with their heads up the donkey's ass if you ask me.
 
Good Luck said:
Let's be real guys. I have been following the WaMu situation on my own because I was a customer of WaMu, and a stock holder who got the big pickle up the nethers.

But I only visit this thread once a week or so because I view it as a game thread turned let's-talk-real-investments thread.

Want to get more attention of this board, post a thread in the current events section detailing the WaMu/JPM/FDIC fuck-the-public-out-of-trillions fiasco.

I do find it strange how little MSM is giving this story. The bigggest bank failure in history - now looking like it was deliberately engineered - and they have nothing to say? Too busy with their heads up the donkey's ass if you ask me.
Click to expand...


My friend, I do believe the correct animal is a pig not a donkey ... SWINE FLU PANDEMIC anyone???? (the confusion probably came due to the jackasses being in charge)
 
Superfreak said:
My friend, I do believe the correct animal is a pig not a donkey ... SWINE FLU PANDEMIC anyone???? (the confusion probably came due to the jackasses being in charge)
Click to expand...
No confusion. The swine is a diversion. The donkeys are in charge and the MSM has its collective head firmly implanted up the anal canal. In fact they have their heads up the donkeys ass so far they can use its nostrils for portals. Can't report the news from that position, all we get is donkey farts.

Then again they haven't been about reporting the news for decades. But the current situation is a full order of magnitude worse.
 
Good Luck said:
Let's be real guys. I have been following the WaMu situation on my own because I was a customer of WaMu, and a stock holder who got the big pickle up the nethers.

But I only visit this thread once a week or so because I view it as a game thread turned let's-talk-real-investments thread.

Want to get more attention of this board, post a thread in the current events section detailing the WaMu/JPM/FDIC fuck-the-public-out-of-trillions fiasco.

I do find it strange how little MSM is giving this story. The bigggest bank failure in history - now looking like it was deliberately engineered - and they have nothing to say? Too busy with their heads up the donkey's ass if you ask me.
Click to expand...

Glad, but not glad to hear that someone else is listening. Glad that you get it, not glad that you got f'ed, too. This whole board is a like a game though, and I really don't know if I want to go threw the effort to try and teach these emos just whats going on. Most likely they'll tell me to wear a tinfoil hat or argue over something retarded. At least there are some ears on this thread.

Regardless, if you continue to hold, I hope you averaged down a little after the seizure to try and really make a profit in the end. WaMu is protected by the bankruptcy court, so Bair can't 'wind them down' now, it's too late. She wants that power though, because frankly, she doesn't want to have to deal with the people she F's over months later. Lehman Bros is in the same boat as WaMu, that would be another case to watch. I have no stock in Lehman, I've spread my risk portfolio out over different WaMu shares.

I grow more and more certain daily that the outcome is going to be positive, for me. But I feel sick thinking about what my country is doing.
 
DigitalDave said:
Glad, but not glad to hear that someone else is listening. Glad that you get it, not glad that you got f'ed, too. This whole board is a like a game though, and I really don't know if I want to go threw the effort to try and teach these emos just whats going on. Most likely they'll tell me to wear a tinfoil hat or argue over something retarded. At least there are some ears on this thread.

Regardless, if you continue to hold, I hope you averaged down a little after the seizure to try and really make a profit in the end. WaMu is protected by the bankruptcy court, so Bair can't 'wind them down' now, it's too late. She wants that power though, because frankly, she doesn't want to have to deal with the people she F's over months later. Lehman Bros is in the same boat as WaMu, that would be another case to watch. I have no stock in Lehman, I've spread my risk portfolio out over different WaMu shares.

I grow more and more certain daily that the outcome is going to be positive, for me. But I feel sick thinking about what my country is doing.
Click to expand...

LEHPQ has been moving hard the last two days. I haven't seen their case presented like WaMu though... also not sure what the difference is in their preferreds seniority (if any)
 
http://seattletimes.nwsource.com/html/businesstechnology/2008347265_wamu04.html

"When Rotella arrived after leading JPMorgan's residential-lending business, WaMu had been making subprime and other risky loans for years.

Even then, people in its credit-risk department, which controls how tight or loose lending standards are, thought WaMu's mortgage business focused too much on driving sales and not enough on limiting risks, said two former executives.

They had just begun to overhaul that area, adding more controls to the appraisal process, improving loan underwriting standards and creating more realistic mortgage pricing. Within weeks of his arrival, Rotella halted that overhaul."It was abandoned," said one executive. "The part that was supposed to reverse risk was reversed."

According to yet another longtime executive, Rotella became involved more than most top bank executives when the mortgage sales staff complained about applications that were declined.

More than once, Rotella pressured credit officers to reverse their decisions, this executive said. "Steve Rotella created a culture of fear."

While Rotella pushed for sales, former executives said, the credit-risk department that was supposed to balance that impulse was in disarray.

WaMu had five chief credit officers during the less than four years Rotella was at the bank."​
Ok, so a little background. WMI is suing JPM for 'hiring moles', purposelly leaking confidential info, and basically destroying WaMu so they could take it over. Part of business is doing better than your opponent, but working from the inside is just shady. Anyways, Rotella was a JPM plant, and was the #2 at WaMu.

Sure, this isn't much evidence to go by right now, but take a look at this:

http://www.bizjournals.com/atlanta/stories/2008/10/06/daily53.html

and this:

http://seattletimes.nwsource.com/html/businesstechnology/2008242588_wamuretail09.html

Alright, so a former WaMu'er David Schneider got the job with JPM.

Here is David Schneider's offer letter from WaMu:
http://contracts.onecle.com/wamu/schneider-offer-2005-06-22.shtml

If you notice, it's signed by Rotella. Rotella had this to say at the time:

“David Schneider has a proven track record of success in leading and growing a national home lending business, as well as solid experience with cross selling home loans across a retail banking network and other distribution channels.”
Click to expand...

Lastly, take a look at this:

http://www.businessinsider.com/2008/10/jp-morgan-axes-wamu-s-top-execs

Almost everyone got axed, except the guy that the 'mole' hired at WaMu.

Mr. Rotella this :321:'s for you!
 
DigitalDave said:
Glad, but not glad to hear that someone else is listening. Glad that you get it, not glad that you got f'ed, too. This whole board is a like a game though, and I really don't know if I want to go threw the effort to try and teach these emos just whats going on. Most likely they'll tell me to wear a tinfoil hat or argue over something retarded. At least there are some ears on this thread.

Regardless, if you continue to hold, I hope you averaged down a little after the seizure to try and really make a profit in the end. WaMu is protected by the bankruptcy court, so Bair can't 'wind them down' now, it's too late. She wants that power though, because frankly, she doesn't want to have to deal with the people she F's over months later. Lehman Bros is in the same boat as WaMu, that would be another case to watch. I have no stock in Lehman, I've spread my risk portfolio out over different WaMu shares.

I grow more and more certain daily that the outcome is going to be positive, for me. But I feel sick thinking about what my country is doing.
Click to expand...
Lots of people got hammered, and not just for WaMu. I do not invest myself, but have a financial adviser. He got me into some WaMu along with about 20 other stocks. Gotta say he earned his pay during the crisis. He managed to dump WaMu before it lost more than half it's pre-crisis value, did even better on the other stocks. Actually gained a big piece back on currency exchange , "buying" and "selling" yen or some such thing - don;t know crap about it except I'd lost a lot more had he not moved like he did. All told I lost less than 200K out of about 3/4 million. It's gonna make the next few years' budget a bit leaner than I'd hoped. But since I own everything free and clear my monthly expenses are pretty minimal. I won't be getting my boat this summer as I'd planned but that's about the biggest disappointment.
 
Superfreak said:
http://www.businessinsider.com/stress-tests-raise-doubts-about-jpms-acquisition-of-wamu-2009-5
Click to expand...

Slowly but surely, pieces like this are going to start coming out. All the DD done by investors like myself, we collaborated and are now are just sitting back watching things unfold. This week is going to be a big week, maybe not with share price, but legally, three of the five business days this week have deadlines for different parties to file for things dealing with different cases. The aticles are going to start trickleing out as well.
 
Steps for recovery:

-Get the best Bankruptcy Attorneys possible (Weil) :woot:
-File Suit Against FDIC :woot:
-Tie JPMC to matters :woot:
-Avoid Missing Filing Deadlines :woot:
-FDIC provided with additional borrowing Capacity :woot:
-Create a scapegoat; OTS :woot:
-Give WAMU 4 Billion dollars back :tv: (less than a week left)
-Reorganization Plan by WMI (Guessing September)
-Settlment based on the fact WMB was seized incorrectly/unfairly due to wrong doings by OTS :tv: (Will be very soon now that they have their scapegoat)
 
Today's events in Delaware:

FDIC is allowed to intervene, however they are not moving the $4B case to DC. Great news! That means it won't get caught up in all of the other litigation with the FDIC case. Here is what the media isn't reporting though (I will show you the proof as well).

They granted the discovery motion on JPM, and this is what they will be investigating.

• potential business tort claims against JPM based on the allegations in the Texas Action;

• potential fraudulent transfer claims against JPM arising from approximately $6.5 billion of capital contributions made by WMI to WMB since December 2007;

• potential turnover claims against JPM related to (i) approximately $177 million owed by WMB under outstanding promissory notes held by non-Debtor subsidiaries of WMI, and (ii) approximately $22.5 million in intercompany receivables owed to WMI by WMB; and

• potential preferential transfer claims against JPM arising from approximately $152 million transferred to WMB or third parties on behalf of WMB in the one-year
period preceding the filing of the Debtors’ chapter 11 petitions

http://members.cox.net/raggztwitches/2004Opinion.pdf

I don't believe this is even up on the KCC website yet, but this is FUCKING BEAUTIFUL!

Notice the capitals, I can't wait until:

A) Jamie Dimon is thrown in jail
B) I get my money.
C) Both

Let's see how long these punks want to allow the case to go on now.
 
Page 16-17

Thus, the Court concludes that there is no justification to
prevent the Rule 2004 examination of JPM simply because the
Debtors may obtain evidence which could be used in a pending
proceeding in which JPM is not yet a party.

......

Accordingly, the Court concludes that the Debtors’ Motion to
conduct a Rule 2004 examination of JPM is appropriate. The Court
will grant the Debtor’s Motion.
 
DigitalDave said:
Page 16-17

Thus, the Court concludes that there is no justification to
prevent the Rule 2004 examination of JPM simply because the
Debtors may obtain evidence which could be used in a pending
proceeding in which JPM is not yet a party.

......

Accordingly, the Court concludes that the Debtors’ Motion to
conduct a Rule 2004 examination of JPM is appropriate. The Court
will grant the Debtor’s Motion.
Click to expand...

hopefully this gets out in the MSM. The political aspect could get very dicey soon.
 
DigitalDave said:
Check this guys:

http://www.kccllc.net/documents/0812229/0812229090423000000000002.pdf

Now to put on my tinfoil hat. This may be evidence of a settlement, they wanted to employ them for trial work, but now they don't need them. That's just my take.
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BTW, there was a settlement in this area. Didn't help share price, but it was one thing that needed cleared up before they could continue. JPMorgan took over 401K for WaMu employees, and they are fully vested. Can't remember if I said anything about that.
 
DigitalDave said:
Today's events in Delaware:

FDIC is allowed to intervene, however they are not moving the $4B case to DC. Great news! That means it won't get caught up in all of the other litigation with the FDIC case. Here is what the media isn't reporting though (I will show you the proof as well).

They granted the discovery motion on JPM, and this is what they will be investigating.

• potential business tort claims against JPM based on the allegations in the Texas Action;

• potential fraudulent transfer claims against JPM arising from approximately $6.5 billion of capital contributions made by WMI to WMB since December 2007;

• potential turnover claims against JPM related to (i) approximately $177 million owed by WMB under outstanding promissory notes held by non-Debtor subsidiaries of WMI, and (ii) approximately $22.5 million in intercompany receivables owed to WMI by WMB; and

• potential preferential transfer claims against JPM arising from approximately $152 million transferred to WMB or third parties on behalf of WMB in the one-year
period preceding the filing of the Debtors’ chapter 11 petitions

http://members.cox.net/raggztwitches/2004Opinion.pdf

I don't believe this is even up on the KCC website yet, but this is FUCKING BEAUTIFUL!

Notice the capitals, I can't wait until:

A) Jamie Dimon is thrown in jail
B) I get my money.
C) Both

Let's see how long these punks want to allow the case to go on now.
Click to expand...

yeah, that was good news last night.
 
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