The new bank manager walked over and shook my hand. I asked “what happened to Mike.” I looked him straight in the eyes and he calmly said “I, don’t know!” I deserved a better answer after 20 years of knowing the man. I felt like I was talking to a robot.

What you don’t understand is that the FDI Act REQUIRES the FDIC to recoup FAIR MARKET VALUE for any and all assets seized. 300 Billion in assets, plus 4 billion in cash + 20 billion in cash does not equal 1.88 billion dollars.

Also note, before you tell anyone this is on the up and up because JPM took on massive debt, they did write down 30 billion in loans which just a few months later was then written back up 29 billion dollars.

If you take some time to actual READ JPM’s quarterly documents you’ll find they made well over 2 billion from WaMu’s assets and consumer base by the end of 2008 and are expecting to make between 4-6 billion per year off of those assets.

Regardless of if the bank was seized or not, JPM was gifted 300+ billion in assets at the expense of the holding company, bond holders, and shareholders. WMI did NOT receive fair market value for their assets. In truth, they didn’t get a dime for anything. Not even a stinking penny.

The US Constitution stipulates that the government cannot simply take property without paying for it. In WaMu’s case, this is exactly what happened.

JPM took down Lehman. They were gift wrapped Bear Sterns. They were gifted WaMu. Without the addition of WaMu they’d still have lost money last year.

So clearly it is not me that knows nothing of how banks fail. Sadly, I know all too much about it. You’ve just been programmed to believe misinformation about the details surrounding WaMu.

I’m sure you are likely unaware of three lawsuits pending that have the FDIC and JPM on the hook for the complete value of WaMu Bank with the potential for treble damages.

I’m sure you don’t know that WMI has been granted 2004 Discovery in bankruptcy court because there’s reason to believe that there was not only collusion between government entities and JPM prior to the seizure of WMB and JPM may well have planted moles in the company who were there leaking information back to JPM and who were working to destroy the bank.

Then there’s the little confidentiality agreement JPM signed prior to looking through WMB’s books… This was SUPPOSED to keep JPM from leaking damaging information to the press. Go back to September of 2008 and see how many stories popped up with rumors attributed to unspecified JPM employees.

And then there is the little exclusivity contract JPM signed just months before they purchased WMI from the FDIC. Before they were granted access to WMB’s records they signed a contract specifying that they wouldn’t buy any of WMB’s assets from anyone but WMI for 18 months. Ooops… They did it anyway.

Do some research. Seriously… It’s all there in the court filings.

I’m sure this means nothing to you either, but JPM has ow openly declared WMB was solvent at the time of it’s seizure. When you take all of the other tidbits into account, seeing something like that is like rubbing salt in an open wound.

I lost nothing in the collapse of WaMu. But I’ve made some really great friends in those that were hit hard. I’ve done what I can to try to help them get the truth out there. Forget George Bailey. Spend some time ACTUALLY LOOKING AT THE FACTS HERE and you’ll see the FDIC and JPM are on the hook here. Who knows how it’ll play out, surely not I. But the world isn’t being told the truth about any of this… and the best part is, NO ONE is willing to ask the simple questions just because they THINK they know the answers.

Wrong!

“WMB met the wellcapitalized standards through the date of receivership.”

http://files.ots.treas.gov/730021.pdf

It would appear as if collusion between the Fed, FDIC, and JP Morgan is the reason the bank was seized.

WaMu’s holding company has launched multi billion dollar lawsuits against JP Morgan and the FDIC.

WaMu was a 300 billion dollar bank that JPM bought for 1.9 billion dollars. Not only did JPM get the banks and all it’s assets, including a 6 billion dollar credit card division, prperties, atm machines, etc. they also claim to have purchased 4 billion dollars in cash, all for 1.9 billion dollars.

The FDI Act requires the FDIC to maximize assets they sell, not to pay people (JPM) to take them, as they did in this case.

http://wamuqd.com/WMIFDIC.pdf

That’s not even touching the JPM suit which equated to well over 18 billion in damages. Planting moles at WaMu to bring the company down, fake buyout negotiations to get ahold of data to leak, along with fabrications to the press, JPM knew 3 weeks before WaMu was seized that it would be taken over, Paulson threatened Killinger to sell to JPM or it would get ugly… etc etc

Check it out. It’s like courtroom drama on TV, only it’s real.

http://blogs.wsj.com/deals/2009/06/30/jp-morgan-wamu-lets-go-back-to-the-beginning/