Washington Mutual demanda a la FDIC por 17 billones US$ + daños

Citigroup made lowball bid for WaMu, WSJ reports
Citigroup made a bid for Washington Mutual's struggling banking operations that proposed the federal government absorb billions in expected losses from the Seattle thrift's bad mortgage loans, according to The Wall Street Journal.

By Seattle Times business staff

Citigroup made a bid for Washington Mutual's struggling banking operations but wanted the federal government to absorb most of the expected losses from the Seattle thrift's billions in bad mortgage loans, The Wall Street Journal reported Thursday evening on its website.

Citigroup offered no upfront cash and proposed that the Federal Deposit Insurance Corp. (FDIC) shoulder 80 percent of initial losses on WaMu's deteriorating loan portfolio, the Journal said, citing documents obtained under a Freedom of Information Act request. The bid, whose terms were not previously disclosed, would have limited Citigroup's total exposure to $10 billion.

The FDIC, which seized WaMu's banking operations on Sept. 25, 2008, sold them to JPMorgan Chase for $1.9 billion. That deal has been criticized by WaMu shareholders who suggested the FDIC favored JPMorgan.

The FDIC is required by law to take the bid that imposes the lowest cost on its deposit-insurance fund.

"In hindsight, Citi's bid was too conservative," CRT Capital Group Kevin Starke told the Journal.

Buen articulo claro y directo y VERAZ.hombre podrias cambiar los ultimos renglones y que en lugar de aquello deque ganan los de siempre poner que que por una vez ganaran los yedis

http://www.kccllc.net/documents/0812229/0812229100423000000000005.pdf

http://www.businessinsider.com/10-law-firms-that-are-loving-the-financial-crisis-2009-12#weil-gotshal-1

Susman incluido.

Tambien Mr. Simpson.

Obviously our hostile counsel (Weil), hostile BOD (WMI) and JPM and FDIC collusion is the modus operandi for these crooks. But we need not look any further to see the predictability of their approach. And in that, lies their weakness. They are predictable in their strategy and they do not have the truth to support their claims and actions.

With the news that Soloman cannot get access to the documents and information needed to perform an evaluation of assets, we now unofficially KNOW that they are hiding valuation. Why? Of course we know this as well.

So what has been their strategy- delay and obfuscate.

It takes money to get justice. You have to PAY for lawyers to challenge the criminals. Any activity that is illegal will only be acted upon once it is PROVEN or examined.

If you look at it this way, you can see why Rosen does what he does. Someone has to actually take him to task to prove any wrong doing. Same goes for JPM, WMI BOD, FDIC, etc...

To punish Rosen now would mean opening up a war on another front with the BARR association who will protect their own for the same reasons the OTS only came out in opposition to FDIC when FDIC tried to throw them under the bus.

SEC is the same situation. None of these organizations will help unless they are pried out of their dens of thievery and corruption into the light of day.

I say all that to say- here is what we can expect right now:

1. Rosen, WMI-BOD are going to continue to hide information on the financials until it is pried from them or they are removed. The POR will 99% not fly but they would rather take the 1% shot they can get it pushed through than the alternative- come clean and be implicated in criminal activity. They have no choice but to fight us tooth and nail.

2. The share holder meeting needs to happen sooner than later. Malfeasance will be attempted. Set your watch by this which leads me to 3.

3. TPG and Bonderman are NOT on our side. It is pretty apparent that some kind of arrangement has taken place. It is possible that they purchased bonds and were promised a payout when the WMI came out of bankruptsy after canceling commons and issuing new stock to the bond holders. If they were on our side, we would be hearing from them right now. They are most likely planning to oppose us and keep the current BOD in. They want a shiny new bank/holding company for pennies on the dollar out of this with no debt and no straggler share holders to deal with.

4. A trustee needs to be appointed to side step the WMI BOD. I would even welcome this if we were somehow able to vote in a new board.

5. Venable did some great groundwork but they did not use the actual court as a tool as well. This is where Sussman can make the difference. Hopefully he can add leadership and focus to our cause.

6. Wall Street is betting on the normal "quid pro quo" which is why the stock price is depressed. It reflects the disbelief that common "serfs" such as us will ever be able to overcome the the "ruling class". These guys and girls are pigs feeding on an ever growing trough of feces. They cannot understand that their actions hurt themselves and their families just as much as yours and mine- as they systematically gnaw away at the rule of law and the infrastructure of the country (and world for that matter)to feed their own selfish compulsions. When the rule of law fails, civilization and society fails. Where will they and their children be left if this continues on its present course? The same place we are. Planet Earth.

7. We really should organize a conduit of communication from the brain trust we have here to the EC. It need not be public.

GLTA

Me parece muy interesante, felicitaciones.

Estás documentado en el tema que afirmas de que el banco estaba en liquidez? Aseguramelo, porfa, pq. es por donde hemos empezado esta tarde el debate.

Hay una falta de ortografía importante cinco lineas por debajo de la foto de dimon, intenta corregirla, siempre queda feo.

Lo dicho felicitaciones

Menos el 5 punto,venable digamoslo sin paliativos ha sido el bujarron de fdic i jpm, y el 6 punto es muy utopico.lo demas es interesante de cara a la estrategia,marca bien el status quo de cada agente y el curso de actuacion.

Les faltó Venable con Gregory Cross, serían 11.