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

Hey Venerando!! ¿vas ya cargadito de comunes? :-)

¡¡QUE EMPIECE EL BAILE!!

Noticia de hoy día 20 a la tarde por Kirsten Grid......
Esto esta que arde, el Senado de los EE.UU. está investigando el tema, la FDIC esta jodida......

http://seattle.bizjournals.com/seattle/stories/2010/01/18/daily31.html

A congressional subcommittee is investigating the Federal Deposit Insurance Corp.’s role in the seizure and sale of Seattle-based Washington Mutual Bank in September 2008, a court document shows.

A document recently filed in U.S. Bankruptcy Court in Delaware as part of the Washington Mutual bankruptcy case shows that the Senate Permanent Subcommittee on Investigations (PSI) has subpoenaed the FDIC for documents related to the resolution of WaMu.

The document describes the subpoena as “broad” and indicates that the PSI’s jurisdiction includes investigations into companies and regulatory bodies. The filing says the FDIC is responding to “a massive document request from Congress regarding the resolution of Washington Mutual Bank.”

PSI, a subcommittee of the Senate Committee on Homeland Security and Governmental Affairs, declined to comment on whether an investigation exists.

The FDIC sold Washington Mutual to JPMorgan Chase & Co. (NYSE: JPM) after the federal Office of Thrift Supervision (OTS) seized the bank in September 2008.The holding company of the bank immediately filed for bankruptcy.

The FDIC disclosed the PSI subpoena in an objection it filed in the WaMu bankruptcy case. The bank’s holding company has requested permission to subpoena the FDIC, OTS, credit rating agencies and others for information about how WaMu was seized and sold.

Last summer, the Wall Street Journal reported that the PSI had subpoenaed JPMorgan Chase regarding WaMu. An investigation, according to the Journal, appears to focus on whether bankers had private doubts about the soundness of complicated financial products.

The PSI also investigated Seattle-based Quellos, a giant manager of hedge funds that was later sold to BlackRock, a global investment manager. In a 2006 report, the PSI said that Quellos, “designed, promoted and implemented” a tax shelter that was used to shield $2 billion in capital gains from U.S. taxes, costing the U.S. Treasury $300 million in revenue.

The Office of Inspector Generals for the FDIC and the Office of Thrift Supervision, WaMu’s primary regulator, also are investigating the circumstances of WaMu’s seizure. Richard Del Mar, counsel to the Inspector General of the U.S. Treasury, said his office is aware of the congressional investigation. It’s unclear, however, whether the two agencies are working together.

The Inspector Generals’ WaMu report was initially planned for release in the fall of 2009 but has so far not been released.

Buenas noticias Chaarles, a Bair cada vez le quedan menos salidas que no sean pasar por la caja de WAMU o bien ir directamente a un juicio público. Lo segundo me sorprendería bastante, sin embargo me llama mucho la atención y me tiene un poco mosqueado, como a pesar de tener un caso que parece perdido casi seguro, tanto la FDIC como JPM han preferido tirar hacia adelante y no llegar a un acuerdo.
A mi esto particularmente me hace tener alguna duda razonable.

http://businessweek.mobi/detail.jsp?key=102051&rc=to

http://data.cnbc.com/quotes/LHHMQ

Yo estaba con ganas desde hace unos días de ver las Lehman, pero estoy con todo en las Wamuq.
Ahora, Venerando, tené cuidado porque esas Lehman que posteas son una de ellas, las comunes y las preferentes (Lehmq y Lehjq) cerraron neutro y en rojo respectivamente.
Saludos.

De todas formas, de entrar en Lehman lo haría con las preferentes (basta de este sufrimiento, dos veces mi corazón no lo aguantaría :) , estando al mismo precio que las comunes y pensando en el recorrido que tienen, es una jugada atractiva.
Que lindo sería que lo de Wamu se resolviera rápidamente y con parte de los beneficios sentarnos tranquilamente a esperar a las Lehman...

Tal y como anuncie hace un par de dias, los acontecimientos parece que van en la dirección de que Weil está ya mas fuera que dentro de lo cual me alegro muchisimo. A partir de ahora será Quinn Emmanuel nuestros lead attorneys en el 2004 Discovery. Esperad que hablen los abogados de Venable y ya vereis la que se monta.

http://www.kccllc.net/documents/0812229/0812229100115000000000005.pdf

Weil Gotshal & Manger es culpable de obstrucción de justicia (ellos lo saben) así que nada de un acuerdo de minimos. Vamos a por todas !!!
El US Trustee se dio cuenta a tiempo que Weil lo unico que buscaba era cancelar las comunes y pagar 20 centavos en el $ a las preferentes y les dio en toda la cara con la creación del EC.

Esta es la mejor noticia de esta semana y dice mucho de quien conduce ahora nuestro autobus.
:) :) :) :) :) :) :)
---------------------------------------------

The debtor's (WMI) have made a motion to amend the retention of Quinn Emanuel Urquhart Oliver & Hedges, LLP, as Special Litigation and Conflicts Counsel to the Debtors by expanding their role.

Page 3 describes the "further issues" for which Quinn will now represent WMI:

1) In coordination with Weil Gotshal, objecting to the claims asserted against the Debtors' estates by certain ad hoc groups of holder of notes issued by the Debtors' primary operating subsidiary...

2) the Seattle U.S. Attorney's investigation into certain Debtor attorney-client privilege issues...

3) other matters, which, due to the other conflicts possessed by Weil Gotshal, it would be most efficient for Quinn Emanuel to be engaged in connection therewith.

The motion is made by Charles E. Smith, General Counsel of WMI. Once approved, this motion would appear to allow Quinn to take over most of what Weil has been doing. Coming, as it does, immediately after the the sudden creation of the Equity Committee by the UST, suggests that WMI is not happy about something and might be changing direction.

Más sobre este tema y pensamientos sobre Bonderman...

A couple of other things... Rosen comments were inappropriate and are borderline in violation of SEC rules and possibly illegal.

Weil trying to restrict the EC lawyers to 250K in compensation... BS. This alone makes me believe that he is in bed with the Bond holders. He bills 250 K ever week... and he has the gaul to try to restrict how much the EC lawyer can make. This would seriously restrict who we could get for the EC lawyers by capping the costs. Ridiculous

Now for the 8 Ball stuff...

Bonderman hired Weil.

I believe Bonderman is likely going to make a land grab with the distressed Corus assets due to the nature of the distressed loan portfolio that he acquired in the deal.

Bonderman knows something – I wonder if it is about the Subs? Do you think with all his Texas oil money friends, they could find something to do with the mineral rights and railway right of ways? And property? I know there is oil under the Abramson (sic) properties that WMI was trying to develop in the late 90's Hmmmmm

Flush all the equity (makes it look like a normal BK)
Do a Reorg of WMI into a shell corporation for Litigation
Pay off the bonds and give them litigation warrants.

Here is the payoff for Bondermans - under the table (well not really)

Sell the remaining assets (subs) to TPG/Bonderman/Nortwest investments for a song – cause no one knows what they are worth.
Foreclose the distressed construction loans. Seize the property and bundle it with the Mineral rights and other land assets of the WMI subs.

Create a REIT. Sell interest to people.

Wait 10 to 20 years for a MAJOR PAYOFF….

Some one here said... The Rich are extreamly patient. They will wait for their $$$ to come... Especially if it is backed with real estate holdings picked up for a tap dance or the old soft shoe.... on the heads of the equity owners.

BTW: I have not trusted Weil's motives for some time. Too much ick between the lines....
Rosens comments sealed it for me... Get Weil out of this game.