is leveraging all of Canada's mining industry, lol!
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Cramer. Here's something I did last night on that subject, an "lol", LOL! Enjoy!
http://pixpin.com/viewer.php?file=p_amp_d-y5kP.jpg
My pleasure Rainbow1111, educated traders are our best defense against the misinformation machine that is JPM/FDIC. Knowledge is empowering.
GLTU!
GOOOOOOOO WAMUUUUUUUUU!
Yeah, I just increased my short position there, i'll cover at 30.00.
lol, so you must be the rube that just bought them!
An updated post of links and DD related to this case. I have added links to Equity Committee info, links to the lawyers for the EC, some more selected media, and links to Wamu bond info. Mods feel free to replace my previous post with this one. Good luck to all!
*edit* posted this the other night late, probably didn't get noticed.
Dragynn
http://www.kccllc.net/wamu
Kurtzman Carson Link to Court Filings
http://www.my.calendars.net/wmi
Wamu calendar of court dates (*note: may need to refresh a couple of times, this link sometimes gives an error message)
http://twitter.com/WaMuUpdates
http://twitter.com/Was_Mutual
Twitter updates during court proceedings when possible
http://chap11.epiqsystems.com/clientdefault.aspx?pk=7e177733-2db7-46cf-92cb-30b1fea50bc5&l=1
Wamu Creditors' Committee site, some pertinent info and FAQ
http://investorshub.advfn.com/boards/board.aspx?board_id=11133
I-hub Wamu board, I-box has some useful info and links
http://en.wikipedia.org/wiki/Washington_Mutual Wikipedia Wamu page, info and 50 links to outside news
http://en.wikipedia.org/wiki/JPMorgan_Chase#Controversy Wamu on Wikipedia JPM page
http://www.nwprogressive.org/vault/legal/MAR09WaMuLawsuit.pdf
PDF of Wamu's lawsuit action against the FDIC
http://files.ots.treas.gov/730021.pdf
Office of Thrift Supervision (OTS) fact sheet on Wamu dated Sept. 25th 2008
http://www.fdic.gov/bank/individual/failed/wamu.html
FDIC's Wamu page
http://www.fdic.gov/news/news/press/2008/pr08085.html
FDIC press release about Wamu seizure
http://www.fdic.gov/about/freedom/Washington_Mutual_P_and_A.pdf
Link to FDIC P & A of the Wamu sale
------------------------------------------------------------------------------------------------------
Judges In ongoing Wamu court actions
http://www.deb.uscourts.gov/Opinions/opinions_walrath.htm
Decisions of The Honorable Mary J. Walrath, Judge in Delaware bankruptcy court
http://law.widener.edu/Academics/Faculty/ProfilesDeAdj/SleetGregoryM.aspx
Profile of Judge Sleet
http://www.dcd.uscourts.gov/collyer-bio.html
Profile of Judge Collyer (D.C. suit vs. FDIC)
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2009
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2010
2009 and 2010 opinions/decisions page for the D.C. court, type "Collyer" in the search box to narrow results to just her court
------------------------------------------------------------------------------------------------------
Equity Committee (U.S. Trustee, see other links for the committee sites)
http://www.justice.gov/ust/r03/de/org_meetings.htm
Calendar showing date of Wamu meeting
http://www.justice.gov/ust/r03/docs/Washington_Mutual_Inc.pdf
Information sheet.
http://www.ghostofwamu.com/Audio/EC_Overview_and_Questions.mp3 {Overview / Q&A, etc...}
http://www.ghostofwamu.com/Audio/EC_Formation.mp3
Audio of EC formation meeting Jan. 11, 2009
http://www.ghostofwamu.com/documents/08-12229/08-12229-2130.pdf
U.S. Trustees order appointing the EC with members listed.
http://www.beneschlaw.com/
http://www.venable.com/
Counsel for the Equity Committee
http://www.venable.com/gregory-a-cross/
Profile of Gregory Cross, partner at Venable
http://www.beneschlaw.com/professionals/xprProfessionalDetailBFCA.aspx?xpST=ProfessionalDetail&professional=829
Profile of Bradford Sandler, partner at Benesch
------------------------------------------------------------------------------------------------------
Some selected media links
http://online.wsj.com/article/SB122238415586576687.html
WSJ article of Sept. 26th 2008, first day after seizure
http://money.cnn.com/2008/04/15/news/companies/boyd_goldman.fortune/index.htm?postversion=2008041604
Goldman's recommendation to short Wamu, right after they brokered the TPG deal.
http://www.marketoracle.co.uk/Article14326.html WaMu Insider Trading and Naked Short Selling
http://www.marketoracle.co.uk/Article13894.html The Biggest Banking Heist in World History: Washington Mutual
Interesting articles/opinions about Wamu, the FDIC, JPM, and the trading activity that went on prior to seizure.
http://www.portfolio.com/industry-news/banking-finance/2009/12/07/why-federal-regulators-closed-washington-mutual/
Kirsten Grind's excellent article of 12-07-09, shows in detail that Wamu was railroaded by the FDIC. Also, a previous article by Grind, written on the anniversary of the seizure and giving a good synopsis of events leading up to the seizure, may be found here:
http://www.portfolio.com/industry-news/banking-finance/2009/09/25/washington-mutual-downfall-anniversary/
And more from Kirsten:
http://www.portfolio.com/industry-news/banking-finance/2009/12/28/what-a-deal-jp-morgan-got-for-wamu/
http://www.ghostofwamu.com/Audio/DaveRoss.mp3 *9.5 mb Mp3 file, so allow some time for download, cut down to just the interview portion.
Radio 97.3 Seattle 12-09-09, Dave Ross interview with Kirsten Grind and Al Scott of the Puget Sound Business Journal-Why did they close Wamu?
Posted in the sticky at the top of this board.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44592527
Glad I held off on covering! JPM sinking like the guilty dog it is, I see sub 40.00 coming soon, and sub 30.00 when the Wamu case starts removing billions from their bottom line.
That's because he's waiting on molasses walrath.
I think we are past that point now. The whole thing should just go ahead and be moved to Sleet's court IMO, I get the feeling he's not the type to diddle around. How many millions more in lawyer fees have her delays cost the estate? And how much are we the taxpayers paying for her to take 4 months to make a ruling, to actually JUDGE something?
Agreed with that sentiment Chiron, IMO it needs to be looked into now, this circus has been drawn out for far too long now, the delay on SJ ruling is beginning to be ludicrous.
Nice place to short here, I did so at just under 45.00 the other day, tempted to cover some, but IMO JPM will have some serious adverse material events this quarter which will mostly wipe out any profits (though not their "bonuses" mind you).
You know it Jimz! Though they may still be loading, as the rhetoric has only changed slightly, watch for the pumps to start soon.
You are wrong IMHO. And based on the facts of the case.
6.5 billion in cap contributions alone, that's WMI's. 5.6 billion in tax refunds, so there is 12 billion right there, add to that the 4 billion in cash that belongs to WMI, now we are at 16 billion, so JUST that, BEFORE damages, trademark infringement, RICO, breach of fiduciary duty etc., is more than double that estimate you just pulled out of gawd knows where.
If you are basing your post upon what you hear from blogger/preferred-pumpers like Kevin Snarke, boy howdy have I ever got a hot tip for you.
An updated post of links and DD related to this case. I have added links to Equity Committee info, links to the lawyers for the EC, some more selected media, and links to Wamu bond info. Mods feel free to replace my previous post with this one. Good luck to all!
Dragynn
http://www.kccllc.net/wamu
Kurtzman Carson Link to Court Filings
http://www.my.calendars.net/wmi
Wamu calendar of court dates (*note: may need to refresh a couple of times, this link sometimes gives an error message)
http://twitter.com/WaMuUpdates
http://twitter.com/Was_Mutual
Twitter updates during court proceedings when possible
http://chap11.epiqsystems.com/clientdefault.aspx?pk=7e177733-2db7-46cf-92cb-30b1fea50bc5&l=1
Wamu Creditors' Committee site, some pertinent info and FAQ
http://investorshub.advfn.com/boards/board.aspx?board_id=11133
I-hub Wamu board, I-box has some useful info and links
http://en.wikipedia.org/wiki/Washington_Mutual Wikipedia Wamu page, info and 50 links to outside news
http://en.wikipedia.org/wiki/JPMorgan_Chase#Controversy Wamu on Wikipedia JPM page
http://www.nwprogressive.org/vault/legal/MAR09WaMuLawsuit.pdf
PDF of Wamu's lawsuit action against the FDIC
http://files.ots.treas.gov/730021.pdf
Office of Thrift Supervision (OTS) fact sheet on Wamu dated Sept. 25th 2008
http://www.fdic.gov/bank/individual/failed/wamu.html
FDIC's Wamu page
http://www.fdic.gov/news/news/press/2008/pr08085.html
FDIC press release about Wamu seizure
http://www.fdic.gov/about/freedom/Washington_Mutual_P_and_A.pdf
Link to FDIC P & A of the Wamu sale
------------------------------------------------------------------------------------------------------
Judges In ongoing Wamu court actions
http://www.deb.uscourts.gov/Opinions/opinions_walrath.htm
Decisions of The Honorable Mary J. Walrath, Judge in Delaware bankruptcy court
http://law.widener.edu/Academics/Faculty/ProfilesDeAdj/SleetGregoryM.aspx
Profile of Judge Sleet
http://www.dcd.uscourts.gov/collyer-bio.html
Profile of Judge Collyer (D.C. suit vs. FDIC)
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2009
https://ecf.dcd.uscourts.gov/cgi-bin/Opinions.pl?2010
2009 and 2010 opinions/decisions page for the D.C. court, type "Collyer" in the search box to narrow results to just her court
------------------------------------------------------------------------------------------------------
Equity Committee (U.S. Trustee, see other links for the committee sites)
http://www.justice.gov/ust/r03/de/org_meetings.htm
Calendar showing date of Wamu meeting
http://www.justice.gov/ust/r03/docs/Washington_Mutual_Inc.pdf
Information sheet.
http://www.ghostofwamu.com/Audio/EC_Overview_and_Questions.mp3 {Overview / Q&A, etc...}
http://www.ghostofwamu.com/Audio/EC_Formation.mp3
Audio of EC formation meeting Jan. 11, 2009
http://www.ghostofwamu.com/documents/08-12229/08-12229-2130.pdf
U.S. Trustees order appointing the EC with members listed.
http://www.beneschlaw.com/
http://www.venable.com/
Counsel for the Equity Committee
http://www.venable.com/gregory-a-cross/
Profile of Gregory Cross, partner at Venable
http://www.beneschlaw.com/professionals/xprProfessionalDetailBFCA.aspx?xpST=ProfessionalDetail&professional=829
Profile of Bradford Sandler, partner at Benesch
------------------------------------------------------------------------------------------------------
Some selected media links
http://online.wsj.com/article/SB122238415586576687.html
WSJ article of Sept. 26th 2008, first day after seizure
http://money.cnn.com/2008/04/15/news/companies/boyd_goldman.fortune/index.htm?postversion=2008041604
Goldman's recommendation to short Wamu, right after they brokered the TPG deal.
http://www.marketoracle.co.uk/Article14326.html WaMu Insider Trading and Naked Short Selling
http://www.marketoracle.co.uk/Article13894.html The Biggest Banking Heist in World History: Washington Mutual
Interesting articles/opinions about Wamu, the FDIC, JPM, and the trading activity that went on prior to seizure.
http://www.portfolio.com/industry-news/banking-finance/2009/12/07/why-federal-regulators-closed-washington-mutual/
Kirsten Grind's excellent article of 12-07-09, shows in detail that Wamu was railroaded by the FDIC. Also, a previous article by Grind, written on the anniversary of the seizure and giving a good synopsis of events leading up to the seizure, may be found here:
http://www.portfolio.com/industry-news/banking-finance/2009/09/25/washington-mutual-downfall-anniversary/
And more from Kirsten:
http://www.portfolio.com/industry-news/banking-finance/2009/12/28/what-a-deal-jp-morgan-got-for-wamu/
http://www.ghostofwamu.com/Audio/DaveRoss.mp3 *9.5 mb Mp3 file, so allow some time for download, cut down to just the interview portion.
Radio 97.3 Seattle 12-09-09, Dave Ross interview with Kirsten Grind and Al Scott of the Puget Sound Business Journal-Why did they close Wamu?
So you are publicly accusing Cetek of hiring undocumented labor in violation of several U.S. laws on a public message board?
I have forwarded your post.
"I think that once the EC lawyers file their response, Walrath can rule on it."
Yes, hopefully in something less than, oh, MONTHS.
And on TDA.
Right on amigo, not sure if this will be the "BIG BIG" one, but it will be Neo on the phone telling the Source;
"I'm not here to tell you how this is going to end, i'm here to tell you how it's going to begin."
<cue Rage Against the Machine music>
Oh yeah! Thirding that motion. But I read that the total tax refunds would be closer to 5.6 billion, so total should actually be for 16 billion roughly, and as you said, that's just what's owed to them in cash right now on those three claims. And now further evidence has been submitted of ownership. Nice triple play!
Good question Uzual, but the tax refunds are already known, 3 billion was before the NOL passed, it's now up to 5.6 billion I believe, but more importantly, there's 6.5 billion of capital contributions that aren't previously listed, is this a new claim for WMI against JPM?
Well looky looky here, at who has "sources" on Capitol Hill, is already bashing the proposed big bank tax that would cost JPM 1.5 billion, and was recently the bain of Wamuq:
http://www.businessweek.com/news/2010-01-14/obama-tax-may-cost-jpmorgan-bank-of-america-1-5-billion-each.html
Jan. 14 (Bloomberg) -- The Obama administration’s proposal to tax financial firms may cost JPMorgan Chase & Co. and Bank of America Corp. more than $1.5 billion each, hinder the industry’s recovery and stifle investor interest in bank stocks, analysts and investors said.
“This is not conducive to an investor-friendly environment,” said Peter Sorrentino, who helps manage $13.8 billion at Huntington Asset Advisors in Cincinnati. “Profit will be hampered by this tax. It keeps the industry hobbled and it never gets healthy or out from under the thumb of the government.”
Bank of America, the largest U.S. lender, would owe $1.53 billion, or 18 cents a share, while JPMorgan, the No. 2 U.S. bank, would owe $1.52 billion, or 38 cents a share, according to a report today by Wisco Research LLC analyst Sean Ryan. The tax would amount to 22 percent of Bank of America’s expected 2010 earnings per share and 12 percent of JPMorgan’s, Ryan wrote.
The measure will probably fail to pass in the Senate, FBR Capital Markets analysts led by Paul Miller wrote in a note to investors today.
“Our sources on Capitol Hill indicate that the TARP tax has a very low probability of passage in the Senate, as nearly all Republicans and a sufficient number of Democrats would likely vote against the measure,” the analysts, who are based in Arlington, Virginia, said. “The proposal has a higher probability of passage in the more populist-driven House.”
Exactly my friend. My thoughts as well, see my previous posts here for some links etc.:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44649087
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44541186
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43814495
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43794944
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44457919
Schapiro spoke about ratings agencies specifically, and how they had been "shielded" from liability up until now, but that going forward that shouldn't be the case.
Moody's is toast! Breuer warned that ANYONE who had committed fraud, better come forward now, before the DOJ came knocking at their door.
Eric Holder up now.
*edit* And now Moody's HAS come forward as we know, and we are about to see how deep the rabbit hole went.
I hear pigeons singing.
No not at all, I was just replying to rickszy, I added the disclaimer for my own benefit, lol, I have no wish to be on Joyce's bad side, look at what's about to happen to JPM!
Anyone who has ever had an exchange with Joyce, knows that nobody speaks for Joyce, but Joyce. That said, it's my opinion, that Joyce represents all classes of Wamu equally and fairly, and again IMO, we could not have a better or stronger EC than we have been given, backed by THOUSANDS of hours of research in this case, armed with facts and ready to fight for justice for ALL shareholders and persons harmed by this travesty. I am a HAPPY camper for the first time in weeks about this case, seriously guys, we now have a VOICE and EYES of our own involved in this case. Check out our lawyers:
http://www.beneschlaw.com/
http://www.venable.com/
Counsel for the Equity Committee
http://www.venable.com/gregory-a-cross/
Profile of Gregory Cross, partner at Venable
http://www.beneschlaw.com/professionals/xprProfessionalDetailBFCA.aspx?xpST=ProfessionalDetail&professional=829
Profile of Bradford Sandler, partner at Benesch
Game over man, game over for JPM.
tick-tock.
Was watching it! He gave 'em some serious h**l! Took Bair to task, and suggested some questions for her tomorrow!
LOL! Great analogy! But you're kinder than I when it comes to Rosen, I was thinking more along the lines of Wormtongue....
Baruk khazâd, khazâd ai-mênu!!!!
Not surprising to me. Based upon evidence we've seen and the reactions and statements made, I believe they were close to a settlement, one that would have dumped the rest of us in the grease. And WMI's filed objection to the EC, and Rosen's statements, tell me EVERYTHING I NEED TO KNOW about the hardcore manipulation we've seen, that has kept the PPS in check for these last few weeks.
Too bad boys, dump all that paperwork and figuring you worked out, add another 30 billion or so, and get ready to deal with OUR LAWYERS!
YOU ROCK JOYCE!
More importantly, are all the Virgos, this bodes well because Virgos are almost always correct! We are the Opterons of human processors.
Curses! Fred Gnuf was right! I should have stayed away from this stock, now I have this dang 100% profit to pay taxes on, whatever will I do?
Yeah, shocking huh? LOL! Tell you what's worse, is how they are only posting around a 3 billion dollar "profit", while paying out 29 billion in bonuses to themselves. The real amount of profit they are making from Wamu's assets, is hidden in those bonuses and the ever-popular "selling, administrative, and general" expense category.
Are you kidding me? I LIVE for that stuff! I've seen Kenny Wayne in fact, and likely I could mention about a dozen others that you would be nodding your head and saying "yup!" to.
Bring 'em on brother!
Yes! Come sit at our table when we get to Vegas, we are bringing our own!
Some Crema de Almendrado too if you're familiar with it, gonna run down to Nuevo Laredo and pick up a case before we head that way.
GLTU!
Buying op. Not gonna say it again! And JMHO.
I don't think some people actually get, how big of a deal, the EC really is, because unlike the 4 billion cash, and the 5.6 billion in NOL's, there's not a price tag attached to the EC. IMO it's worth an extra 20 billion.
Tick-tock!
Hey Uzual, guess who got booted from the other board? MUAHAHAHAHAHA!
Good luck in everything you do this week to all Wamu longs!! Stay frosty baby, endgame is HERE! Looking forward to watching Dimon squirm in the hot seat later this week!
Good find Diane, adds to the mounting rhetoric I am seeing across the media and the government about these issues, I think there is momentum building here in this mid-term election year, and the public is NOT happy with this mess. And it might be that this would be simply lip-service, if it were not for the fact that the DOJ is busy investigating these shylocks. Coincidence that the DOJ starts an investigation into Moody's a couple months ago and now HOLY COW, GET OUT OF THE WAY, WE GOT TO ESTABLISH AN EQUITY COMMITTEE FOR THOSE WAMU SHAREHOLDERS NOW!?
I'm thinking there will be an orc's hide or two nailed to the barn wall before it's over with.
http://www.marketwatch.com/story/holder-details-focus-of-financial-fraud-task-force-2010-01-08
Holder details focus of financial-fraud task force
By Greg Morcroft, MarketWatch
NEW YORK (MarketWatch) -- U.S. Attorney General Eric Holder said Friday that the newly mandated interagency Financial Fraud Enforcement Task Force will focus on rooting out four specific areas of financial crime, ranging from simple mortgage fraud to complicated scams designed to steal money from the government-stimulus programs.
"In establishing the new entity, President Obama recognized that mortgage-, securities- and corporate-fraud schemes have eroded public confidence -- both at home and abroad -- in the strength and integrity of America's markets." Holder remarked in a speech in Palm Beach, Fla., at a meeting of the Forum Club of the Palm Beaches.
One Year On, Lessons From the Satyam Scandal
On the one-year anniversary of the Satyam scandal in India, personal finance reporter Shefali Anand talks to WSJ's Anirban Roy about the rights of individual shareholders in the event of a fraud and lessons learned.
"These crimes have only added to the challenges we face in overcoming the financial crisis that has gripped our economy for the past two years. And they have led to a growing sentiment that Wall Street does not play by the same rules as Main Street," he added.
The remarks come a few weeks after Obama raised some eyebrows by referring to "fat-cat" bankers in taking financial-industry executives to task for the recent credit and market crises.
"These crimes have devastated and driven away many who were once willing to invest in our economy. They've robbed people of their homes and their economic security," Holder said.
Funny thing Penny, EXACT same thing was happening to me when I moderated this board, frustrating isn't it? And more than a might suspicious.
I believe I understand only TOO well.
I'm very much for that as well Ramirez, and I look forward to meeting you there and sharing a celebratory shot of tequila!
(They DO drink tequila in other states besides Texas right? cause I can bring my own and enough for everybody else if they don't )
The commons converted to JPM commons on a one-to-one basis, we all sell in the 40.00's, the stock takes a hit anyway due to the dilution, then we all use our gigantic proceeds from our sales, to massively short the ever-loving bejeesus outta JPM, thus crashing them big-time and causing the largest bear-raid in history. This causes a massive run on deposits as customers get wind of JPM's shaky financial situation, the FDIC steps in and seizes them because they are a significant risk to the system, and sells them to Goldman for a penny on the dollar.
That would be karma of the finest sort.
Hah-hah!! Dan Freed got burned AGAIN! This time by Judge Collyer, and literally only minutes later!! OMG! I am laughing so hard I did a spit-take with my Coca-Cola!
JUSTICE IS UPON US! The D.C. suit goes on! FDIC-JPM-Moody's are TOAST!
He is working in conjuntion with DOJ on other issues and should have a feel for how this went down and is not going to let equity get shafted again. IMO
Spot-on brother! Not to put too fine a point on it, but he in fact works FOR the U.S. Department of Justice, the selfsame DOJ that now has a full blown investigation of Moody's right now...and i'm wondering what evidence the DOJ might already have found..they sure moved to have the Trustee intervene on behalf of the shareholders in this case AWFULLY QUICK once that investigation started.