Mr Cooper Group Inc (COOP)

[cerebrox]

From Yahoo Boards....JPM PIG - THE NEWS BREAK OUT AROUND THE WORLD ////////////////////////////// 2-Oct-08 05:02 pm Chrology of Events: PERFECT ROBBERY

Apr 08- JPM has eyes set on WAMU. It finds WAMU books really attractive and valuable and offers $8 per share. WAMU turns down and gets $7 bil investment from private group TPG
Fast Forward- Sept 08 - its been 5 months since JPM offered $8per share.
WAMU assures investors that it is well capitalized till 2010 with $50 billion liquidity
As per this video, WAMU CEO also sends out letter to stock holders assuring things are good

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Investors invest in WAMU as it is well capitalized, assurances from CEO and also a bailout is surely going to pass. They are in this struggle with wamu and determined to come out flying. They believe in america! They know to the core, WAMU wont be going bankrupt anytime soon. Ofcourse what they forgot is they could be ROBBED!
In all the turmoil in credit crunch, JPM sets its eyes on WAMU again. And FDIC does to. They start plotting failure of WAMU? even before single penny was withdrawn - http://online.wsj.com/article/SB12227476...
FDIC calls JPM and says be ready 3 weeks before final act!
Coincidentally in the same these 3 weeks, rating agencies cut rates from "junk" to "junk".
Coincidentally in these same 3 weeks, $16.5 billion is withdrwan, still a small percentage.
During this time, WAMU tries to sell itself
On one hand JPM is dealing with FDIC in closed doors, and on another hand, they are acting like they are bidding in open market sabotaging any other true bids.
Finally Congress steps in and discusses bailout package to save wallstreet and mainstreet. Guess what there is wamustreet, which is mainly mainstreet. Wamu investors feel good!
Bidders decide to wait one more day. ONE FREAKING MORE DAY! wait for bailout.
FDIC & JPM sense WAMU slipping out of hand, they move quickly and seize wamu thursdaynight. Obviously would a Robber notify the owner of a house before robbing the house? Hell NO!. JPM & FDIC maintain total secrecy not to notify the CEO & board.
FDIC makes sure they dont halt trading right after seizure decision. This would allow leaking of new. They makesure reports leaked well in advance so all big fish gets out in time! http://seattletimes.nwsource.com/html/bu...
FDIC brags about the great WAMU save, forgets to mention its true owners wont get a penny, not even a penny from $1.9 billion that JPM paid
FDIC says WAMU failed
Media buys it. No mainstream media person asks what exactly does "Failed mean?" and how did you measure it?
Some People loose lot of money, Some people loose life savings, and some people even goto depression
Meanwhile another intersting story unfolds, Citi acquires Wachovia. Guess what? Citi has some heart. Unlike greedy, crooked JPM, they do leave WB shareholders with fair value. It is a common practice for many huge companies to honor shareholder value to certain extent. BAC bought countrywide and honored their deal even after repeated calls from analysts to drop. Well guess what JPM is different!
And what does an average WAMU investor do? well, they blog, they helpout each other, they share their pain, they protest, and they hope -- they HOPE may be there is one soul in WAMU board, or CEO, or management OR employees OR powerful media OR one with big investment, big bucks --who is atleast couregeous enough to demand justice and for a hearing & FBI investigation.