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David -- That's my point. Exactly what will become available to Solomon. The 7 million pages, or can they do things such as refute every conclusion that debtors, JPM, etc have made and how much time will they get. Does it even matter? If they come out with that POS POR what can we do now? Can EC not agree to it and have any legal standing at this point, or has the judge (lost all respect for her) basically dissolved the EC without ruling as such?
Does this mean Solomon can have access to all documents and take his time putting out numbers?
They have spent alot of time investigating everything, but have yet to produce any numbers. How can they say they looked at the Visa stuff and didn't say selling it for $50 million was a crock?
WAMUQ at .17!! EOM
Question about agenda for today -- In a case with apparently many items now added to the agenda, is there any set order they are presented in, or is it simply the judges discretion? Thanks.
Rickszy-- Would you happen to be able to speak enough legalese to expand on what pdf 66 represents and if/how it is intended to negatively imact us (EC, shareholders)?
Will JPM lawyer speak tomorrow if Walrath asks "Are you for or against examiner"?
Tall -- While it appears FDIC didn't officially object, that document has the writings of not wanting an examiner all over it, IMO.
Joe -- You are making an assumption that Walrath trusts Rosen in his statement that numbers are there to be reviewed. How come they haven't been seen yet? I can almost see her ruling for yet another delay to allow EC to review all findings about numbers then if not satisfied that numbers are legitimate, re-ask for examiner at which time it would be granted, though I think she will actually try to move this case along one way or the other.
We shall see tomorrow.
Can Walrath make her decision based merely on the motion, objections and support of the UST WITHOUT hearing arguments from lawyers? Or is she required to let them say something, then can say, that's enough, I've made my decision? Also can her decision be appealed?
It is going to be either a VERY good day or a VERY bad day for us WAMU shareholders tomorrow.
Wall Street Journal article
Interesting article relating to politicians and family members and derivatives. I wonder if it will affect any of the hearings going on, especially if some media can get all their transactons via freedom of information act. Hopefully we get as settlement for WAMUQ soon, because I have less and less faith that any politician is honest.
Stockseasonality question -- Once you sign up, is there any way to make it so that the subscription is not renewed automatically? Not that I won't like the service, but my wife can't stand anything that automatically renews. We got burned once and couldn't stop monthly payments from being taken out for over 2 years after we cancelled? Thanks to anyone who answers. Looking forward to signing up after work, so I can't do it from work.
Any updates on Washington State request for shareholders meeting?
XOM -- Thanks for the input. I find it interesting that Rosen is on that case as well. It definitely looks like Sussman may be the difference here. It sounds like Walrath likes attorneys that know what they are doing and none better than Sussman. I hope she sticks to her "these cases need to be wrapped up" belief and tell Rosen to either get a legitimate settlement soon or she rule rule against them in favor of the EC.
Aggie -- I see the same thing for ENTB, but my Fidelity account has closing price of $1.50 and my value of stock reflecting the same thing. It looks like that $1.50 is the current bid, so maybe Fidelity just made a mistake. Thanks for the input.
Was ENTB just an innocent victim of yesterday's market or are there other concerns with this stock?
Not sure if posted yet, but a ruling from Walrath in another case:
http://www.cbsnews.com/stories/2010/04/26/ap/business/main6434345.shtml?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CBSNewsVideoISP+(ISP%3A+CBSNews.com)
I would hope that our case is much more winnable than this one.
Uzual -- From this article it sounds like there is a possibility that FDIC can get off here as acting properly. Do you have an opinion or any documentation as to how the FDIC shouldn't have just said, let's go back to the $8/share offer insteaad of the 1.9 billion? One would think that $8 would be a starting point, instead of just a give away. Something just still sounds like collusion here, though I think it is becoming harder to prove "legally"
Pizza- Some good points -- I don't think we however will get any help from current BOD. I have a feeling that JPM can compensate them to make up for any losses they suffer for a settlement that doesn't include commoms.
Up 2% in FF
Slightly OT -- But reading articles like this one lead me to believe that justice is still a LONG way off for all of us WAMU shareholders. I have very little faith in the courts. After Judge Mary finally gave us some kind of ruling, we now have to immediately go to another court to get our shareholder meeting, then worry about if Rosen can make the EC Discovery issue last a long time. JPM can make this last forever.
BTW -- Holding about 55,000 shares at average of .20 and 500 K's (average 1.95)and 50 P's (average 60.00)
http://news.cincinnati.com/apps/pbcs.dll/article?AID=/AB/20100420/NEWS010702/4210362/
Is Willingham on BOD? Over a million shares will go a long way in voting.
19 months of work to come up with that settlement offer? Rosen is a complete idiot. If I were the jusdge, I'd just throw him and his BS out of the courtroom.
Hopefully Susman is not "one and done"!
From report : (Thanks Uzual for link.)
Attached for your information is a copy of an evaluation report that the Offices of Inspector General
(OIG) recently completed concerning the supervision of Washington Mutual Bank (WaMu). The
objectives of the evaluation were to (1) determine the cause of WaMu's failure, (2) assess the Office
of Thrift Supervision's (OTS) supervision of WaMu including implementation of Prompt
Corrective Action, (3) evaluate the Federal Deposit Insurance Corporation's (FDIC) supervision and
monitoring of WaMu as deposit insurer, and (4) assess the FDIC's resolution process for WaMu.The fourth objective will be addressed in a later report after ongoing litigation is completed.We made three recommendations in the report — one for OTS and two for the FDIC. OTS concurred
with our recommendation and has completed action to address the recommendation. FDIC also
agreed with our recommendations and proposed actions to be completed by December 31, 2010.
FDIC's proposed actions are responsive to our recommendations.
Isn't the resolution of #4 objective critical to the litigation (our case) mentioned in objectives
Dragynn -- Can you clarify your comments about Walrath -- I beleive she still has many things to rule on. These delays are aggravating, but are you saying you see us (shareholders) as having lost this case because of today's testimonies? TIA
ILOveStocks -- I hope you recorded CSPAN for the testimony because I'm sure when this gets to court, the parts that help us will somehow have mysteriously disappeared!
Reptile -- I would assume that if Levin were to somehow request the results be sent to the justice department then Reich and others would be allowed to fully testify as opposed to getting cut off before they answer. I have to hope that somehow someway the truth gets out.
Uzual -- I'm beginning to thik that the WHOLE financial collapse was orchestrated by the US Government in order to to give banks like JPM TARP Money so they could make even more money off the taxpayers backs. Taking of WAMU was just another piece of the whole puzzle that the government hoped would lead to several super banks that they could run (possibly with Dimon in charge)
Taurus -- Do you know if they are found guilty, would they pay a fine or would they be required to reimburse investors?
UMAW -- Does Walrath have to use the information the Senate "finds" by saying something like "The Senate Panel says ....... so it must be so", or can she say "The senate panel is full of sh*t, so we need to dig deeper, let's see Solomon's numbers, let the shareholders vote, etc"?
I think Sly's "jumping for Joy" was referring to a person, whether real or imaginary, only he knows. Good play on words, IMO. Maybe he is married to Joy or maybe he is trying to lighten up the board a bit, since I don't think the share price has even been mentioned all week, just the hearings and what will come next. We are definitely in a prolonged, unknown time of holding and waiting.
Civil War General -- If your beliefs (which I tend to agree with) about JPM destroying documents, how can we possibly hope to win? I have to ask, shouldn't some government agency have these documents as well? Heck, I have to keep all my documents for 7 years in case I get audited, yet they can destroy important evidence related to "the biggest bank failure in history". If Solomon provides figures that are in our favor, what kind of documentation can JPM fabricate to counter it? Dimon and others need to be in jail!!!
XOM,
Dimon may be throwing FDIC under the bus, but he is also lying out of his *ss. He has to get caught eventually and be forced to testify.
Is thestreet.com even considered news stories or just an opinion piece?
http://www.thestreet.com/story/10725564/1/dimon-doesnt-buy-too-clubby-to-fail.html
"WaMu, which was sold to JPMorgan in September 2008 after being seized by the Federal Deposit Insurance Corp., was the largest bank failure in U.S. history. JPMorgan is still feeling aftershocks from WaMu's implosion. The company's latest quarter includes another $1.2 billion provision for credit losses related to WaMu's loan portfolio."
What about all the profits of WAMU's branches they are getting? Hopefully DImon is going to say the wrong thing in one of these articles then be called on it really soon!
Fish,
See Bullnutz post 188314:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48971000
You may find it shocking, but it's from thestreet.com!!
Bullnutz -- Do bail out and steal mean the same thing? According to this article, JPM bailed out WAMU. Either that is some poor journalism, some biased journalism or I don't know what.
FRom article:
"What would become of the Chase and Washington Mutual operations if the bank had to make a choice between the $2.5 billion net income from investment banking and the $131 million net loss from retail services?
And if such rules were in place during the financial crisis, JPMorgan might not have been allowed to bail out WaMu (a compelling argument for angry WaMu investors to support new regulations).
Leaving aside the whole WaMu debate, today's JPMorgan earnings may steer the banking regulation debate to the question of whether the balancing cycles of investment banking vs retail banking are beneficial.
That is, after all, the whole logic of the JPMorgan - Chase combination. "
Large --- I like your numbers, but has anyone ever won a case like this where the damages are that large and widespread? Is this case winnable -- Or do you see a settlement?
Is Rotella or Killinger up?
CENTS --- Voinovich is on the committee? I sent him an email yesterday reqesting he sit on the meeting not even knowing he was on the committee. I even had several questions I wanted him to ask Bair. Still haven't heard from his office.