Washington Mutual Mortgage Reinsurance, Inc. - stock holders won in this major bankruptcy case.
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Definitely, interest too.
I don't see how JPM can keep the money they are getting from interest on this.
It's all unbelievable.
What argument can be made in favor of JPM and why does this simple justice take months. Amazing.
No wonder cynicism is rampant.
I saw that but it doesn't contain anything WMB or WMI related that I can see.
It's lynchin' time in the Ol'West if our judge favors the railroad this time!
I know I'm dangerous but I don't think I'm doing enough damage yet!
I mean, we are still waiting for JD to get real.
What's it going to take?
How is a good judge going to rule in favor of the FDIC or JPM when her history is to help keep the pigs at bay?
I know that WMB managment made mistakes but hey! WTF?
Do all but JPM have to pay for that? It was a systemic problem and Indymac and other banks have gotten a much less raw deal.
Now, let's see, who does the 4 billion belong too?
This is my research department! Think I can get some DD done here?
Now, if I only knew what I was doing!
LOL
http://www.delawaregrapevine.com/jan04stories/1-04%20walrath.htm
This one may be most informative regarding Judge Walrath's prejudices in this case:
https://www.nixonpeabody.com/publications_detail3.asp?ID=2309
I'm not even going to comment on it 'cause it's complex enough as it is.
Summary of my opinion: She hates swine.
That's another whole story that lead to the demise of WMB, naked short selling. I'm sure Weil has the dirt on that too.
He was trying to sound bold and courageous but he really didn't hit the issue on the head: How can the FDIC justify taking over WMB?
He complained about some small banks but really didn't get down to the issues as I see them.
So, if we logically work backward from that we get:
WORK OUT OF SOME SORT.
The work out is probably close to being detailed already.
If no trial then no the law suits must be settled. That's a must.
If settled then money is exchanged.
If money is exchanged stocks will go up, not down.
Bet is good here.
What you write is accurate, I believe.
http://www.filesavr.com/wmi520b40eh I play it in Windows Media Player.
It's true. He is cooperating while acting the part of a rebel.
He even dissed WAMU as though it was worse than those who ran up exotic derivatives into the trillions.
Bair dug in with her statement about the standard they use to close banks. I imagine she is saying that WMB met those standards. I don't know if they did or not. The OTS sheet says they were solvent but obviously that isn't the only condition.
I heard her say banks that can't fund themselves should be closed. So, the TPG money may have actually been the problem!
Thoughts about hamstringing China are not out of line here.
Walrath... are you ready?
Yep. That's us!
Cleanup in aisle MINE.
Look at that! Nice break out and I don't even get it all but it makes sense because it's conservative and doesn't add damages.
Sheila B is on with Cramer now.
Sheila B is on with Cramer now.
Sheila B is on with Cramer now.
Not now! I think it may be after Cramer. Sorry. It said next but hey, I may have misread it.
Sheila Bair on CNBC now.
I just looked at www.secinfo.com and didn't see an 8-k that outlined some funds set aside. I'm not a real pro at reading or even finding everything on there but I saw 2 files with 8-k in the title.
From that article: "It is noteworthy that Wamu never showed up on the 'problem bank' list. This is a good reminder than not all problem banks fail, and not all failures are identified as problem banks before they go under. The 23.2% cost of failed assets in the first quarter is much more representative of a typical bank failure."
NOTE THAT
By the way! The governor of Indiana is taking a stand against the FDIC about the very same topic but in a different business: GM BK.
He was on CNBC yesterday saying the very thing about the pension fund and preferred bond holders that we are saying here: the government can't just walk all over the most precious aspect of the investor incentives!
With the banking system it's even more important that a reasonable redistribution of debt and equity be done. The auto industry had 30 or more years to catch on; the day a Toyota landed on U.S. soil auto makers should have changed their tune.
But it's been only a few years now since bankers saw the writing on the wall with the subprime and derivative mess.
I just have to believe some type of compromise will be made here and WMI will be paid at least half of what they were worth discounted!
That is IT in a nutshell.
Judge W has to make the next move unless there is an announcement from the principals of an imminent settlement.
I wish there was a someone at the Treasury that would take over for the good of the depositors, the stock holders and the tax payers. After all, even the banks, i.e. the smaller banks, want to know if the FDIC can legally pillage billions on a whim.
Now there's someone making sense.
thank you.
I knew you were going to ask for a screen shot.
The ans is NO. I'm too busy and I don't want to start doing that on this stock particularly. It's not a hot moving item. It's slow and steady anyway.
It seems like there maybe some selling of U's and K's to get P's this morning.
I see NITE on there.
Nice bump up today; up $1.88 a share now.
No problem, but thanks for the advice.
I've been married twice... I may have learned my lesson! lol
It is funny how much one can learn about people, let alone business on this board.
Bi female desired, definitely.
No question.
Cool Sidedraft. I remember that post from January.
I hope Mordicai gives us a little insight into this invoice.
http://www.newworldeconomics.com/archives/2008/101208.html
Reposting this for the DD lovers. It's a great overview and I'm sure these figures are being use to argue WMI value in settlement talks.
I sent that link to Senator Cantwell of Washington state.
I would not say that, I am not saying that and I unless I had inside information I couldn't say that without lying.
I have not been watching the Level 2 today but in the past the MMs, particularly NITE; KNIGHT, buys as bid shortly after a sell at ask.