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Not sure about it yet...
Still waiting for confirmation.
You guys did see the thing about the bonds on this board right?
It was weird to say the least.
I don't think so. Looks like they're out do to a conflict. Those bonds they sold through JPM last week could have played a role.
"That is my understanding dude! Dewey & LeBoeuf LLP is still lead council – just not “confirmed” by JMW! … rs"
Killinger still has his shares. I have no idea what you're rambling on about.
Obviously he couldn't talk about what they were asking. It was probably do to a confidentiality clause. He specifically implied he couldn't talk about things that weren't already public knowledge.
It made me nuts that he didn't say it. We'll have to see how this is handled on Friday. Expecting the worst and hoping for the best.
The OTS is obviously fried.
"I'm sure everyone remembers the big push for JPM to convert the Washington Mutual employees accounts to the JPM brand recently. Who would have been the biggest former employee shareholder? None other than KK, I imagine. How could this be verified? Maybe that's why KK never said the J word. Geez is everyone in bed with JPM?"
Yahoo quickly deleted this post and won't allow me to post the links. I threw these vids up so we could comment on them and then anyone looking to watch this for themselves could come across whatever we posted.
Yahoo apparently has other ideas, as in... keeping us quiet and keeping those that don't know any better focused on the "news" instead of reality.
Court Audio 4/9/10
Thanks to Astockinvestor on yahoo.
Barclays: This is the morning portion of the hearing from 10AM-12:30PM.
http://www.viewip.net/LEH/Hearing/2010-04-09/20100409_01.mp3
Examiner's Report
http://www.viewip.net/LEH/Hearing/2010-03-11/20100311_01.mp3
EXAMINER'S REPORT PDF:
http://www.viewip.net/LEH/Hearing/2010-03-11/Lehman%20Examiners%20Report%20-%20Combined.pdf
Court Audio 4/9/10
Thanks to Astockinvestor on yahoo.
Barclays: This is the morning portion of the hearing from 10AM-12:30PM.
http://www.viewip.net/LEH/Hearing/2010-04-09/20100409_01.mp3
Examiner's Report
http://www.viewip.net/LEH/Hearing/2010-03-11/20100311_01.mp3
EXAMINER'S REPORT PDF:
http://www.viewip.net/LEH/Hearing/2010-03-11/Lehman%20Examiners%20Report%20-%20Combined.pdf
Sadly, yes...
I love when sells go through under the bid.
Between that crap and the 200 share BS today was a day I wish I spent doing anything but watching this.
"anyone watching L2? LMAO!!!"
Not sure if it's by her request or not, but they are adding every letter sent in to the docket. Someone called yesterday and it is every letter.
A hybrid security is like WAHUQ. It's a stock backed by something else.
Think trust preferred.
They probably got it on March 1st so as to keep it off the MOR one more month.
No kidding...
But he's not fighting for that stuff. His concern is finding ways of screwing us. Good luck to him. Sadly for them... We know a little too much, as does our equity committee.
You guys REALLY need to pay closer attention. Rosen said they want to give all of that stuff to JPM via this so called "settlement".
They're not fighting for anything except to get rid of equity.
"Yes, if they are fighting for trademarks and domains perhaps they do want to continue in some sort of banking business..hmmm."
Gin, I'm pissed as hell about the Cap Trusts too.
I think this is yet another scam.
All I have are the CTs and I guess we'll wait and see what happens. But I don't think I'm going to hold them if this plan isn't shot down.
Look at how the debt trades...
Lehman bonds are nothing compared to WMI seniors trading over par.
A&M should have waited until September like they had planned instead of making this move.
Personally I think it sucks.
WaMu Shareholders Challenge Kevin Starke of CRT Capital...
Video's back up.
As it turns out they were duplicate claims. I forgot Weil had kept 2 of each claim open in their attempt to wipe us out.
So the 50, was actually 50 that shouldn't have been there to begin with. It was just wiping away a duplicate claim they were trying to use to "bolster" the look of insolvency.
WaMu Shareholders Challenge Kevin Starke of CRT Capital, FULL DISCLOSURE
No problem...
I'm just glad he changed it. It kind of alters the whole dynamic of the article.
Yahoo is like that. 15 minutes can be an hour at the most critical of times.
Take it from someone who knows. To quote a wamu friend over there, "Yahoo is compromised".
They're unreliable at best, hence the 150-250k totals in shares traded which are never accurate.
Someone's not big on us knowing what's going on over there, especially on mornings when instead of syncing up with us, we could very well be syncing to them.
50 billion in claims...
Zapped off the books as of tonight.
GLOBAL UNDERSTANDING coming soon.
Rosen said JPM and the FDIC needed the time to do DD.
Do you honestly think if THJMW was willing to rule on the money today, WMI would have said... "Oh wait, let's give them a week to do some DD that will be used against us. They've only had a year and a half, might as well give them a little more time to try to find a way to screw us?"
There's no way they held things up for an hour today to "argue" over settling the 4 billion. They were trying to get a deal in place and quick because of what we've seen in the past week or so.
Move to replace the board. Financial firm hired by the EC that would scour the books for hidden value. Etc Etc...
Recent docs talking about the timing of Dimon depositions and such...
In my opinion, this is done MUCH sooner than later. I can easily be wrong, but I refuse to believe WMI and the creditors are going to delay to settle on what THJWM was more than willing to rule on in their favor a month ago.
They're running out of time. If there's a dip, it'll be short lived.
You really can't go by the chart with this stock, especially when there's the potential for huge news pending.
I do expect to see it jerked all over the place until there's a ruling.
The day before THJMW was set to rule on this last fall, it only moved up a few cents.
No telling how they play it this time.
Just be careful they don't shake you. So long as there are no delays tomorrow should be pretty cool.
"on a side note, chart seems to be getting dangerous... so theres more than likely a dip coming for those that want to add more!"
http://de.finsearch.yahoo.com/de/?s=de_sort&tp=S&nm=WASHINGTON+MUTUAL
http://de.finance.yahoo.com/q?s=WMI.F
https://chart.consors.is-teledata.com/module.chart?LANG=en&ID_NOTATION=1554182&QUALITY=BST&TYPE_CHART=STAIR&TIME_SPAN=1D&SHOW_PREV_CLOSE=1&TYPE_IND3=SST&INDICATORS_COLOR1=000000&INDICATORS_COLOR2=00FF00&INDICATORS_COLOR3=0000FF&TYPE_IND5=VOLUME&ID_TYPE_SIZE=
Probably their creative way of trying to get away with "sprinkling" a little something down to the "little people".
As time goes on they're be forced with facing a "gusher".
Wamuq is stock in a company. If the company gets a settlement, your stock goes up accordingly. If they buy the company out, they have to buy you out, not the guy that owned the stock before you.
If pre-seizure holders want to file a class action suit, they can... and then they will be treated differently only in the fact that they can do so while post seizure holders cannot since they weren't damaged.
But there's a reason the US Trustee wanted a list of CURRENT shareholders to make up the EC.
"What if preseizure shareholders are treated differntly than post seizure shareholders? Can this happen."
From JPM 10K w/Link
http://files.shareholder.com/downloads/ONE/738353475x0xS950123-10-16029/19617/filing.pdf
Thanks to the people on the other boards that found this.
We face significant legal risks, both from regulatory
investigations and proceedings and from private actions
brought against us.
We are named as a defendant or are otherwise involved in various
legal proceedings, including class actions and other litigation or
disputes with third parties, as well as investigations or proceedings brought by regulatory agencies.
Actions brought against us may result in judgments, settlements, fines, penalties or other results adverse to us, which could materially adversely affect our business, financial condition or results of operation, or cause us serious reputational harm. As a participant in the financial services industry, it is likely we will continue to experience a high level of litigation and regulatory scrutiny and investigations related to our businesses and operations.
Damage to our reputation could damage our businesses.
Maintaining a positive reputation is critical to our attracting and
maintaining customers, investors and employees. Damage to our
reputation can therefore cause significant harm to our business and
prospects. Harm to our reputation can arise from numerous sources, including, among others, employee misconduct, litigation
or regulatory outcomes, failing to deliver minimum standards of
service and quality, compliance failures, unethical behavior, and the activities of customers and counterparties. Further, negative
publicity regarding us, whether or not true, may result in harm to
our prospects.
Actions by the financial services industry generally or by certain
members of or individuals in the industry can also affect our
reputation. For example, the role played by financial services firms
in the financial crisis has damaged the reputation of the industry as a whole.
We could suffer significant reputational harm if we fail to properly
identify and manage potential conflicts of interest. Management of
potential conflicts of interests has become increasingly complex as we expand our business activities through more numerous transactions, obligations and interests with and among our clients. The failure to adequately address, or the perceived failure to adequately address, conflicts of interest could affect the willingness of clients to deal with us, or give rise to litigation or enforcement actions. Therefore, there can be no assurance that conflicts of interest will not arise in the future that could cause material harm to us.
Our acquisitions and the integration of acquired businesses may not result in all of the benefits anticipated.
We have in the past and may in the future seek to grow our
business by acquiring other businesses. There can be no assurance
that our acquisitions will have the anticipated positive results,
including results relating to: the total cost of integration; the time required to complete the integration; the amount of longer-term
cost savings; the overall performance of the combined entity; or an
improved price for our common stock.
Integration of an acquired business can be complex and costly, sometimes including combining relevant accounting and data processing systems and management controls, as well as managing relevant relationships with employees, clients, suppliers and other business partners.
Integration efforts could divert management attention and resources, which could adversely affect our operations or results.
We cannot provide assurance that any integration efforts of
acquisitions already consummated or any new acquisitions would
not result in the occurrence of unanticipated costs or losses.
We may continue to experience increased credit costs or need to take
additional markdowns and allowances for loan losses on the assets
and loans acquired in the merger (the “Bear Stearns merger”) by
JPMorgan Chase and The Bear Stearns Companies Inc. (“Bear
Stearns”) and in connection with the acquisition of Washington
Mutual Bank’s (“Washington Mutual”) banking operations (the
“Washington Mutual transaction”). We cannot assure you that as our
integration efforts continue in connection with these transactions,
other unanticipated costs or losses will not be incurred.
Acquisitions may also result in business disruptions that cause us to lose customers or cause customers to remove their accounts from
us and move their business to competing financial institutions. It is possible that the integration process related to acquisitions could result in the disruption of our ongoing businesses or inconsistencies in standards, controls, procedures and policies that could adversely affect our ability to maintain relationships with clients, customers, depositors and employees. The loss of key employees in connection with an acquisition could adversely affect our ability to successfully conduct our business.
Chances are if they wipe out equity they'll kill the prefs as well. They're safer but no guarantees.
WAHUQ is about as close to a sure thing as you'll find, but it's priced accordingly.
I'm gambling that equity survives. I've got the Ps I've accumulated since they were 1.65. I have less than many as I've got far less money than most... but I've also accumulated a nice amount of commons.
I moved all of my WAHUQ into Ps a while ago.
Going to bat with what I'm holding and hoping for the best.
Be careful with your decisions from here on out. Don't forget the difference in long and short term cap gains tax when thinking about moving money/shares.
And seriously... this isn't a sure thing. So please please please be careful and don't risk more than you can afford to lose.
All of that being said, I still like our odds at this being a life changing event for more than a handful of us. Just use temperance and caution when investing... and DO NOT put anyone else's opinions above your own logic and brainpower.
Trust no one but yourself... but take in and verify as much knowledge as you can so you can make educated decisions and so you have a strategy going. There's no telling where we'll be in a week or two.
My words shouldn't mean any more than anyone else's. This has been a team effort from day one in trying to understand all of this. Even some of the more notorious bashers started out contributing a ton to "the cause".
All we can really do it this point is wait and trust that our EC is doing all they can for all of us. I've been friends with Joyce for a long time and I know they are. I couldn't trust them more.
But we're not exactly dealing with the most honest people here. JPM, the FDIC, the bondholders, and the WMI BOD couldn't care less about us.
I don't think this is over by a long shot. If I had to I'd bet a POR comes out that attempts to claim further insolvency and that there's nothing for us... prior to a settlement.
It'll be up to the EC to argue on our behalf. That's what they're there for and that's why Venable was hired.
I like our odds, but I hope people are strapped in because I am betting things are going to get mighty bumpy before we hit smooth seas.
I'd love to be proven wrong though.
"Watching carefully..Your words mean a lot..thanks!"
They all have preferreds and all but one has commons as well.
"I agree..I am sure some of those EC members ONLY HAVE COMMON."
http://www.ghostofwamu.com/documents/08-12229/08-12229-2420.pdf
A&M Billing For January Sums it All Up... They're close to a settlement and were closer to a settlement pre EC as per Rosen's statement at the formation of the EC and now as per A&M's billing.
I'm sure you've all seen this but I'll repost it for you.
Page 5:
"Review of settlement agreement and call with professionals."
"Review of settlement agreement. Review of litigation strategy."
"Meeting with FDIC and JPM. Discussions with Attorneys. Review of term sheet."
"Review of bankruptcy issues and follow up. Review and follow up pertaining to litigation issues. Call with UCC. Call with JPM."
"Call with JPM."
"Review of settlement agreement issues."
"Review of bankruptcy issues and follow up. POR review and follow up call with FDIC. Call with JPM."
"Equity motion review and follow up. Call with JPM."
"Equity motion review and follow up. Review of settlement agreement and POR."
Here's Rosen back in January and he seems clearly confident that a settlement will happen and happen soon.
http://wamuqd.com/RosenResolution.mp3
I own stock in a company that was wronged. When I bought it and accumulated it, many of the factors included in those decisions revolved around what I believed the company was worth post settlement. I gambled they'd get one.
I don't feel I should be paid for the pain and suffering of others.
But I do feel I own stock in a company that was wronged. Billions in cash were stolen. Copyrights and IP rights were violated. Assets valued beyond my comprehension were taken. The company was systematically attacked and destroyed via illegal actions taken by a competitor. Confidentiality agreements were violated. The press was exploited. This wasn't business as usual, it was an illegal conspiracy against the company.
The reason the government told me this happened was a lie. There was no failure. The bank was solvent. There was no liquidity crisis as they had 30 billion on hand.
I expect to be paid according to what the company should have been paid for these things but still hasn't been. I bought when others sold. That's how people like Warren Buffet make their money. Buy while other people are panicking. Truth be told, I couldn't have afforded more than a handful of Wamu shares before this happened. That doesn't mean I did something wrong by purchasing shares.
The suffering of others is something that I don't mind being addressed, but that's not what these settlement talks are about.
This settlement is between WMI and JPM/FDIC. If people who lost out choose to take up a class action suit against JPM that's a completely different story and one I'd obviously have no part in.
The Equity Committee is there to represent ALL equity of WMI.
They're there to maximize our return, which at this time means they will be charged with keeping the bondholders and BOD from wiping us out prior to a settlement.
2-4 bucks is a great return on most stocks. I simply believe wamuq at .02 or .30 is still WORTH substantially more than 2-4 bucks post settlement. I bought a piece of the company when I bought my shares and anything they get back beyond the money needed to get rid of debt holders is partially mine represented by the shares in the company which I hold.
I know many many many people that lost everything. They're not making the differentiation of pre vs post that you are. I find that to be an interesting dynamic, especially coming from a long term holder.
Simply put, I don't expect to be paid for the suffering of others. I expect to be paid for my ownership in a company that I bought in the wake of the chaos that ensued when they were wronged.
If someone sold me a beat up "classic car" they deemed of little value for a very low price even though I knew once fixed up it would be worth a fortune, it would be ridiculous to think that I should then only sell it for a fraction of its value because I paid so little for it.
I own the car. I gambled that the car wasn't junk when everyone on the planet told me I was nuts.
I own shares of WMI. If the illegal actions taken against it are made right, then I am privy to a piece of that because I own part of the company... not because I'm leeching off of the pain and suffering of others.
The same goes for the preferred shares and bonds which have face values.
By your own standards, how many of the bondholders should just get a handful of chump change simply because they bought their bonds after the fact? Why are many of those same bonds trading above face value? It's not because they'll expect to be paid less due to the fact that they didn't initially "lose everything". It's because they know what those bonds will pay them in full with interest... and in the meantime they can try to steal the company from the shareholders.
You're within your rights to hold out hope for a 2-4 dollar settlement. At one people people would have been happy with .25 cents.
I expect much more than 2 bucks on the commons and I expect to see my prefs paid in full. That's because I believe WMI will wind up being worth that much or JPM will buy us out. Not because shareholders lost everything, but because WMI lost everything.
"I for one would be happy with $2-4, that would be a great return, I think a lot of ppl on this board think that they should get paid for the ppl that actually lost everything."
JPM still owes Lehman 17 billion and there's a 1000 page document still under lock and key laying out JPM's role in the destruction of Lehman.
This was Lehman giving JPM 500 million and taking back some bad assets they gave them as collateral for a loan.
It's not a big deal and it's not JPM making good on settling on any front. It's more like Lehman settling with them than the other way around.
I seriously hope JPM settles with us before the Lehman thing whacks them in the face because a double whammy of this size could seriously effect all JPM shareholders and if there's an paper deal, I want to be out of JPM before the Lehman thing rears its ugly head.
I don't think JPM can afford to settle with WMI for cash. I certainly don't think they can handle paying WMI and Lehman... which really means I'm convinced that without stealing Lehman's money, WMI, and BS, JPM was dead in the water in the fall of '08.
As much as I hate them, if JPM goes... ALL of the US will suffer. They're far too big to fail, only because if they do, so to will the US economy collapse.
If the FDIC didn't have enough cash to cover Wamu if they failed, they sure as heck won't have enough to cover JPM in its current behemoth state.
Scary stuff.
This "settlement" had nothing to do with the additional goods Barclay's stole and lied to the court about as exposed in 2004 discovery.
It dealt with loan issues pre-sale so these assets were transferred TO Barclays, not from Barclays TO Lehman.
"According to court papers, the $7 billion in cash and securities stemmed from a sum Barclay's had expected to receive after loaning $45 billion to the Lehman brokerage business on September 18, two days before the court approved its purchase of the unit...
Barclays had expected $49.7 billion to be returned to it from Lehman as part of its loan, but only $42.7 billion could be transferred before the court ordered the liquidation of Lehman's brokerage business."
As you can see, Barclays filed a motion to have the lawsuit in question tossed out on January 29th.
http://www.scribd.com/doc/26023812/Barclays-Defense-in-Lehman-Brothers-Estate-Lawsuit
This article mentioning a settlement was posted on 12/22.
http://uk.reuters.com/article/idUKTRE4BL3UM20081222
Two completely different animals.
It's not touch. JPM was in contact with the FDIC about this long before anyone else. Go back through the discovery docs. We're talking months.
The FDI Act is supposed to keep this from happening. No one is allowed an unfair advantage. Yet JPM obviously had one. They even had a power point presentation showing the outcome of the purchase and assumption agreement a week or two before the auction even took place.
There's an email in there where JPM asks the FDIC to get information for them because Fishman wouldn't hand it over without a call from Scharf explaining what he needed it for.
The FDIC then said, "We'll try to get it. If you have any more problems with Data Room access, let us know."
The FDIC didn't have the bank in receivership. At that time no auction had taken place. But... they were going behind WMI's back and were obviously feeding JPM with information and access to the data rooms.
Meanwhile Dimon is off running his mouth to other banks telling them not to buy because the risk is too great in direct violation of the confidentiality agreement he signed with WMI... which is the only way they'd let him see anything.
Wamu has to prove JPM paid less than it should have for the bank.
They have to prove the FDIC pushed them into bankruptcy via the transfer of assets. That's the textbook definition of fraudulent conveyance and that's how they'll get back their capital contributions.
WMI paid WMB's taxes in advance. Post seizure WMB refuses to give them the money they owed, so JPM has little to no chance at touching the tax refunds either.
They don't have to prove outright collusion. They just have to show what's theirs and what should be theirs based upon the letter of the law.
JPM and the FDIC will have to defend their actions and there's enough evidence in the discovery already released to show neither have solid ground to stand on.
WMI stands to gain a good deal. JPM and the FDIC stand to lose and worse, to lose face.
JPM and the FDIC will settle... and settle soon or JPM can expect its stock to plummet each time it loses another block of cash.
Factor the Lehman investigation into the puzzle, as well as angry and suspicious eyes looking at the email about Dimon and the head of Banco Santander deciding who would take which banks, and JPM is likely to be on the defensive for a very very long time. They won't even be able to solely focus on WMI anymore.
I think the Lehman thing is really going to wind up being an issue for them.
Timing is funny isn't it? Check out who's taking care of the Lehman stuff and run it by those handling WMI.
I don't think it's a coincidence that the report is coming out next week. It just adds more flames to the fire.
The worm has turned on JPM.
A COURT-APPOINTED investigator is this week expected to shine fresh light on the role of JP Morgan and other financial institutions in the events running up to the collapse of Lehman Brothers, the American investment house.
Anton Valukas, a whitecollar crime specialist who played a leading role in the Conrad Black fraud investigation, was recruited by a New York bankruptcy court. His long-awaited report, which is understood to run to more than 1,000 pages, should be published this week.
It will focus on whether JP Morgan, Lehman’s main short-term lender, dealt a fatal blow to the bank by increasing collateral demands on loans in the days immediately before its demise.
Valukas’s findings will be pored over by all those who lost money in Lehman’s collapse, and by the Lehman estate, which holds the bank’s residual assets and is charged with recovering money for creditors. According to one source, the estate, which represents the interests of all the bank’s creditors, is planning to launch a $17 billion (£11 billion) claim against JP Morgan....
JP Morgan has emerged as one of the strongest survivors of the credit crunch. Last week it paid its boss, Jamie Dimon, a $17m bonus. If it is singled out in the report, it could trigger multi-billion-dollar claims from Lehman’s creditors and bondholders.
One bondholder said: “This is just the first move. We will be going after JP Morgan for a long time.”
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7017828.ece
It's coming. Anyone that was at the hearing last week had to feel it. Between the bank bondholder dope saying "There's been no settlement... YET!" but we're hoping all parties will be happy... JPM, FDIC, WMI, WMB bondholders... but there's no money for shareholders", to me that was huge.
Then you had Rosen pleading his case at the EC formation... "Talks have been fruitful. We've narrowed the gap... All parties are hoping for a settlement... etc etc".
You can hear the WMB bondholder in the youtube EC video and Rosen's EC formation rant is on wamuqd.com in the post about the lawyers turning on shareholders.
I think we're witnessing the end. I know some don't even think they'll allow THJMW to rule on the 4 billion. Others believe she'll hear it and then sit on it and wait for them to settle.
I kinda wonder if the FDIC is giving this one last show and if they lose the money then they end it and end it fast.
Honestly, I'm holding indefinitely now so while I'd like to see it over and done with yesterday a few more months won't kill me.
But this could come to a head out of the blue. Maybe they weren't prepared to do a deal this quickly and they need more time for the lawyers. Maybe they were just waiting to see if they could get rid of equity first.
I have no idea.
But I do know that JPM/FDIC haven't got a snowballs chance in hell of any victory if a jury is in the mix (not with emails like that one I posted kicking around in Weil's arsenal). And neither group needs to deal with media scrutiny of any kind over this. And while they've kept it quiet for all this time I can't help but to think you throw a jury trial in the mix and people are going to catch wind of the details and flip out.
All just my late night ramblings.
"WaS, I am just wondering why all the delay tactics? This is a smoking
gun. Quinn could say "either settle now or else...""
Uh huh...
And Mr Chucky Scharf isn't exactly a nobody either...
Go back and listen to him rave about the move during the initial conference call.
You tell me what jury is going to read that email knowing how many jobs were destroyed and how many shareholders were wiped out and not put the screws to JPM... ROYALLY.
That's ONE email. There's tons of this stuff that we already know about. God only knows what Weil hasn't shared with the world yet and what depositions will bring.
There's NO WAY JPM isn't going to settle this. If they let it go to fruition they'll destroy the "franchise".
If this crap made the nightly news... FORGET IT! Kiss the US financial sector good bye.
I read these posts about appeals and this going on for years and years... the only appeals that will be made will be appeals used to possibly delay a settlement. I can't imagine Dimon doesn't want this over with... and soon.
And if Dimon isn't stewing in a wet diaper, Scharf, Main, and the JPM BOD sure are.
"Needless to say, that Tim Main, author of that email, is not a low-level clerk. According to this article he is a high-ranking manager:
"Mr Dimon immediately called in Tim Main, the financier who heads JPMorgan’s Financial Institutions and Government department in New York, to lead a rescue."
Uh huh...
And Mr Chucky Scharf isn't exactly a nobody either...
Go back and listen to him rave about the move during the initial conference call.
You tell me what jury is going to read that email knowing how many jobs were destroyed and how many shareholders were wiped out and not put the screws to JPM... ROYALLY.
That's ONE email. There's tons of this stuff that we already know about. God only knows what Weil hasn't shared with the world yet and what depositions will bring.
There's NO WAY JPM isn't going to settle this. If they let it go to fruition they'll destroy the "franchise".
If this crap made the nightly news... FORGET IT! Kiss the US financial sector good bye.
I read these posts about appeals and this going on for years and years... the only appeals that will be made will be appeals used to possibly delay a settlement. I can't imagine Dimon doesn't want this over with... and soon.
And if Dimon isn't stewing in a wet diaper, Scharf, Main, and the JPM BOD sure are.
"Needless to say, that Tim Main, author of that email, is not a low-level clerk. According to this article he is a high-ranking manager:
"Mr Dimon immediately called in Tim Main, the financier who heads JPMorgan’s Financial Institutions and Government department in New York, to lead a rescue."
Posted it on Y the night the doc was released... I think most if not all there are aware of it. It's a doozey.
Cheers Viva!
Viva...
That email I posted is right from the 2004 Discovery docs. Weil filed it... it's legit.
That's why I KNOW JPM is going to settle and they're going to settle right on down to the commons.
If they hold back on doing so they'll be begging for a class action suit that reopens discovery right where Weil left off.