España
Lo que dijeron dias atras sobre las pérdidas de Wamu es solo una justificación de cara al proceso del examiner y la division de los Nols y 4 bill.
En el informe de la última junta de accionistas por el cierre del año 2009 ya dejaron bien claro los beneficios obtenidos en el apartado Wamu y eso no lo pueden borrar, una cagada más del amigo Dimon que espero le pase factura.
Bop’s thoughts “on the smoking gun may be difficult to find”, however that is not my belief, as the cumulative and collective facts from all parties will piece the puzzle together for a strong circumstantial case or a conspiracy, which will be tossed over to the DOJ to prove out. Why spend WMI dollars when you can have the government come in with there raptors and get (more) info than WMI could, not to mention an unlimited pocket book.
I have also called for a Trustee to be in place by the end of the year, as that’s the only way this BK will eventually be resolved and it may play out first in JMW court and then afterwards in both civil and criminal courts depending on the plaintiff’s complaint. Class Actions lawsuits could be enormous as they could represent almost every party that was defrauded in one way or another. In other words, every shareholder, Pfd, bondholder, etc who sold out prematurely.
If the DOJ proves it out, all the companies involved and miscreants will be facing very damaging civil suits that will break there backs, financially and professionally. Settlements will come in waves.
As I see it, in concurrence with BOP, WGM is in very big trouble and Rosen is the first chump they throw into the water to appease the posse, but there will be more sanctions and fines to follow. On the first of Nov., Rosen’s as DOA as his DS/POR. And, A&M might as well book a double coffin with WGM as they are tied to the hip on this one.
IMHO, Forget Quinn Emanuel, who were duped into this fiasco, as well as Blackstone ($1 million for an accounting job worth less than what H&B charges for a year end tax filing), mere hand-slapping and maybe testimony against WGM and A&M,..although they may be giving back there payday to the estate and avoid further civil charges.
Another culprit not talked about is Kosturos who controlled the entire executive posts and the BOD of WMI. He is a major participant in constructing this fraud and also the weakest link and he will have no support from anyone, including the help from that giant O&D insurance package that Rosen set up for him last year, on the grounds that fraud has occurred. I think he will suffer an incredibly dismal fate of fines, jail time and endlessly being named in complaints. The dollars he tried to heist from the estate are in the class of Madoff, Ebbers, etc., certainly enough to buy him 10 years at the minimum and why not have this flunky take most of the heat. Remember, this devious plan could not have happened without his agreement, participation or possibly “direction”.
Sheila will exhibit "blatant shock" at the Examiner's disclosure of such evil intentions and while she walks away from the mess, she will surely have to sidle up to Sussman and the EC to make sure her position on the final price from JPM is in accord with what is needed to facilitate a real GS..and she will do this with out chipping the enamel on her nails. In the end, she survives standing on Jamie's head, well out of the dangerous currents.
And, as I have said before, Jamie is the big bag-holder but may use his fortunes to avoid the clink. Although, the DOJ may be interested in bagging one of the biggest heads to hang in there trophy room to show that they are indeed there to protect the “small people”, Fines yes, dollars coughed up yes, but “don’t acknowledge or deny“ is a big maybe. At this time, he has no friends in the WH and that may tip his fate into a “full tilt boogie” trial? One never knows, do one!
We will have a few more answers to where this goes by Nov 1st…nuff said.
We have PR stating that JPM is looking for over 6b from FDIC for possible litigation from WMI. They never would have come forth with this if they thought the POR/DS would be confirmed thus protecting JPM through those releases. JPM also must think it is a strong possibility that they would not get the tax refunds since this money would be a windfall and would be used against any litigation expense. So, JPM made a preemptive strike against FDIC by trying to take a position that the FDIC is ultimately responsible for any settlement costs with WMI.
So, what claim would result in JPM paying over 6b. I suspect it is the capital contribution that Gibs has been so adamant about arguing that this surely must go back to the estate. I do not believe it is to settle the TPS assets because I believe that either those assets are still with WMI and will ultimately stay there or those assets will have to be returned to WMI as that JPM had no right to them. Thus, they would not need 6+b to hand over to WMI for these assets.
So, here is what I believe is what will be in WMI estate as per examiner AS A STARTING POINT.
1. 2b assets remaining in WMI (probably much more as this has been established by the debtors and includes remaining subs.)
2. 5.2b tax refunds (all will stay with WMI)
3. 4b deposit (rounded including interest)
4. 6.5b capital contribution (the number that JPM is expecting to pay)
5. 2+b in TPS assets (this takes the 6+b TPS assets staying with the estate less the 4b in preferreds that will be properly attached back to those owners but leaving at least 2b in the estate)
So, I am sure that the Examiner will show that these are the assets that should be part of WMI estate and that WMI should get these assets at a minimum. Of course, each of these items will have to go before the court and I am sure Susman will be able to win on each one once WGM is removed.
This puts us at 18.7b in assets with around 7.7b in liabilities (rounded) leaving us with at least 10b not considering everything else such as litigating the fair value of WMB and its subs. Preferreds are made whole with potential recovery on back dividends and commons have around 6.5b sitting in the remaining estate. This puts commons trading somewhere around $4 per share even before figuring all the other possible windfall from the fair value, TORT claims, other subs improperly conveyed, etc.
Más vale que le mandeis estos emals al examinador a ver si os hace caso, porque si no lo vamos a llevar crudo el 1 de noviembre.
Saludos
I must be one of the few people who weren't unnerved on March 12th. I watched the MMs drop the price and as I told Gib a while back knew that there were people who bought @ $92 and probably sold in the teens or lower. I knew there was no way the price would not rise again -- that very day. It did and I watched helplessly knowing the MMs had fleeced many, including, probably, some fairly 'sophisticated' longs.
Accordingly, while I was as shocked as anyone by what Rosen revealed, I was unmoved by the MMs behavior. My stoicism as always been the product of my absolute conviction that ALL classes of WMI equities would fare well.
As for what we've seen over the past 10 trading days, I've been unsurprised. I consider today's downward manipulation to be a temporary tactic as between receipt of the tax refund and the examiner's report the Ps will certainly head north between now and the end of the month.
“You know how many suits go on, the class-action suits, the stock drop, the Bear Stearns suits, the WaMu suits, the mortgage suits,” said Dimon, adding that not all reserves are linked to mortgages. “And it ain’t going away, it’s becoming a cost of doing business,” he said. “When we’re wrong, we’re going to settle, and when we’re right, we’re going to fight.”
WHEN WE'RE WRONG, WE'RE GOING TO SETTLE.
No way in hell does he think he's 'right' when it comes to WaMu does he? haha..
Bueno ya hemos perdido casi toda la ganancia, se acabo lo que se daba. Una cosa está clara de filtración de algo favorable nada, la especulación pura y dura que caracteriza nuestras queridas wamu.
Saludos
Más claro agua...pero por favor, dejad el pumpeo...