http://www.ghostofwamu.com/documents/09-01743/09-01743-0119.pdf
By filing this doc and reopening the wounds, we've got it all laid out in a fresh manner.
Remember how Weil got Discovery granted? They quoted this case.
Tell me what the odds are that the EC grabs this and says.. hey Judge, read this and tell us why we should give up these claims again? Unless you're dirty, you'll let this play out.
JPM even violated the confidentiality agreement they signed with the FDIC. This is hilarious.
"JPMC & Co. nevertheless freely disclosed the fact of FDIC’s involvement in the WMB bidding process to various third parties, including rating agencies, investors, and news media, in an effort to incite a bank run on Washington Mutual deposits and to drive down WMB’s credit
rating."
Whoops...
A September 11, 2008 email from a JPMC & Co. executive shows that JPMC &
Co. did not intend to deal directly or honestly with Washington Mutual, but instead planned to obtain WMB from an FDIC receivership, in which JPMC & Co. would “acquire assets and liabilities of West’s thrift subsidiaries but leave behind senior and unsecured debt with the FDIC ($15.2bn).”
"During this time, news media ran many stories that discussed Washington Mutual’s unsuccessful efforts to sell itself, the FDIC’s pending involvement in the sale of WMB assets, and other aspects of Washington Mutual’s financial health. Many of these news stories were sourced by
unnamed “investment bankers” close to the negotiations."
Whoops...
"In September of 2008, JPMC & Co. shared the confidential information with outside investors in order to arrange an $8 billion capital infusion that would enable JPMC Bank to maintain its Tier 1 capital ratio."
Whoops...
"JPMC’s & Co.’s disclosures, misstatements, and other misconduct fomented panic relative to WMB’s liquidity and viability. JPMC’s & Co.’s direct communications with credit rating agencies substantially caused such agencies to downgrade WMB’s credit rating."
Whoops...
"On Tuesday, September 23, 2008, according to a September 29, 2008 Wall Street Journal article, the FDIC purportedly sought bids from select bidders, including JPMC & Co., through its subsidiary, JPMC Bank, for the sale of WMB. Upon information and belief, an agreement had already been reached at this time between the FDIC and JPMC & Co. for the seizure and sale of WMB to JPMC & Co. In addition, the requirements for a “conforming bid” had been reached after previous negotiations between the FDIC and JPMC & Co."
Now that's a breech of the FDI ACT.
Whoops...
(D) DISPOSITION OF ASSETS.--In exercising any right, power, privilege, or authority described in subparagraph (A) regarding the sale or disposition of assets sold to the Corporation pursuant to paragraph (1), the Corporation shall conduct its operations in a manner which--
(i) maximizes the net present value return from the sale or disposition of such assets; (ii) minimizes the amount of any loss realized in the resolution of cases;
(iii) ensures adequate competition and fair and consistent treatment of offerors;
http://www.fdic.gov/regulations/laws/rules/1000-1500.html#fdic1000sec.13d
