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WAMU BIG NEWS !!!!!!!!!!!!
Senate to investigate WAMU takeover........... Fantastic News. Maria Cantwell, a Washington Senator, is asking for an investigation of the OTS, FDIC and JPM in this criminal conspiracy.
http://seattlepi.nwsource.com/business/382407_cantwellwamu09.html
WAMU BIG NEWS !!!!!!!!!!!!
Senate to investigate WAMU takeover........... Fantastic News. Maria Cantwell, a Washington Senator, is asking for an investigation of the OTS, FDIC and JPM in this criminal conspiracy.
http://seattlepi.nwsource.com/business/382407_cantwellwamu09.html
PUMA MANIPULATOR RUN TO 0.15 !!!!!!!!!!!!!!!!!!!!!!!!!!
.13 falling now !!!!!!!!!!!!!!!!!!
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
WAMU BIG NEWS READ !!!!!
Last updated October 8, 2008 5:06 p.m. PT
Cantwell seeks explanation of WaMu seizure
By BILL VIRGIN
P-I REPORTER
Sen. Maria Cantwell wants federal regulators to explain the timing and sequence of decisions and actions that led to the seizure and sale of Washington Mutual's banking operations.
The Washington Democrat said the answers she gets will determine whether to pursue an inquiry into the Sept. 25 takeover of the bank, such as formal hearings.
In raising the issue, Cantwell is echoing the complaints of many WaMu shareholders who were left with virtually worthless stock in the parent holding company once the Office of Thrift Supervision took over the subsidiary bank and the Federal Deposit Insurance Corp. sold most of the operations to JPMorgan Chase.
In particular those shareholders question whether regulators acted too hastily in taking over WaMu and should have allowed the company more time to find a buyer or raise additional capital. Regulators have said they had to move in because a run on the bank's deposits threatened its safety and soundness. Shareholders say regulators' notice to potential bidders that they were planning to move on WaMu effectively closed off the potential of a sale that might have returned something to them.
"We definitely want OTS and FDIC to walk us through that," Cantwell said.
Another point of contention with shareholders is why other troubled financial companies were given time to work out sales, while WaMu was taken over. "There have been different approaches to what's happening," Cantwell said, adding that she'd like to hear why regulators took the action they did in the case of WaMu.
Cantwell has raised the issue before. In remarks on the Senate floor Oct. 1, during a debate over a federal bailout plan for Wall Street and banks, Cantwell asked "who were the winners and losers" in the sale of the banking operations to JPMorgan Chase. "It is very convenient for us to now choose that we are going to add to J.P. Morgan's bottom line," she said.
She called on JPMorgan Chase to stand up for retirement and deferred compensation plans (which the bank is doing). She recommended the federal government make equity investments in financial institutions so that it got a share of good assets as well as bad loans.
In other news concerning WaMu:
JPMorgan Chase named David Schneider, who had been president of WaMu's home loan operations, to be head of WaMu's retail banking operations and its 2,200 branches.
Schneider said he'll be responsible for running WaMu branches until they're converted to the Chase brand, and planning for the switch and consolidation of locations that are close to one another. He said no timetable has been set for the conversion. Schneider joined WaMu in June 2005.
Microsoft Corp. filed a notice of appearance in federal court in Delaware in the bankruptcy case of Washington Mutual Inc., the holding company that has filed for Chapter 11 protection. "We filed a notice of appearance because we have existing contracts for software licenses and consulting services with Washington Mutual and we want to make sure those contracts are properly administered through the bankruptcy process," a spokesman said.
Chase Bank said it has linked its network of automated teller machines to Washington Mutual's, allowing WaMu customers to use Chase ATMs without a fee and vice versa. WaMu had nearly 5,000 ATMs. With the addition of WaMu, Chase now operates 14,000.
P-I reporter Bill Virgin can be reached at 206-448-8319
Last updated October 8, 2008 5:06 p.m. PT
Cantwell seeks explanation of WaMu seizure
By BILL VIRGIN
P-I REPORTER
Sen. Maria Cantwell wants federal regulators to explain the timing and sequence of decisions and actions that led to the seizure and sale of Washington Mutual's banking operations.
The Washington Democrat said the answers she gets will determine whether to pursue an inquiry into the Sept. 25 takeover of the bank, such as formal hearings.
In raising the issue, Cantwell is echoing the complaints of many WaMu shareholders who were left with virtually worthless stock in the parent holding company once the Office of Thrift Supervision took over the subsidiary bank and the Federal Deposit Insurance Corp. sold most of the operations to JPMorgan Chase.
In particular those shareholders question whether regulators acted too hastily in taking over WaMu and should have allowed the company more time to find a buyer or raise additional capital. Regulators have said they had to move in because a run on the bank's deposits threatened its safety and soundness. Shareholders say regulators' notice to potential bidders that they were planning to move on WaMu effectively closed off the potential of a sale that might have returned something to them.
"We definitely want OTS and FDIC to walk us through that," Cantwell said.
Another point of contention with shareholders is why other troubled financial companies were given time to work out sales, while WaMu was taken over. "There have been different approaches to what's happening," Cantwell said, adding that she'd like to hear why regulators took the action they did in the case of WaMu.
Cantwell has raised the issue before. In remarks on the Senate floor Oct. 1, during a debate over a federal bailout plan for Wall Street and banks, Cantwell asked "who were the winners and losers" in the sale of the banking operations to JPMorgan Chase. "It is very convenient for us to now choose that we are going to add to J.P. Morgan's bottom line," she said.
She called on JPMorgan Chase to stand up for retirement and deferred compensation plans (which the bank is doing). She recommended the federal government make equity investments in financial institutions so that it got a share of good assets as well as bad loans.
In other news concerning WaMu:
JPMorgan Chase named David Schneider, who had been president of WaMu's home loan operations, to be head of WaMu's retail banking operations and its 2,200 branches.
Schneider said he'll be responsible for running WaMu branches until they're converted to the Chase brand, and planning for the switch and consolidation of locations that are close to one another. He said no timetable has been set for the conversion. Schneider joined WaMu in June 2005.
Microsoft Corp. filed a notice of appearance in federal court in Delaware in the bankruptcy case of Washington Mutual Inc., the holding company that has filed for Chapter 11 protection. "We filed a notice of appearance because we have existing contracts for software licenses and consulting services with Washington Mutual and we want to make sure those contracts are properly administered through the bankruptcy process," a spokesman said.
Chase Bank said it has linked its network of automated teller machines to Washington Mutual's, allowing WaMu customers to use Chase ATMs without a fee and vice versa. WaMu had nearly 5,000 ATMs. With the addition of WaMu, Chase now operates 14,000.
P-I reporter Bill Virgin can be reached at 206-448-8319
Somebody using ***PUMA*** to manipulate the prize.
FLIPPERS RELOAD NOW !!!!! NEXT STOP 0.22 !!!!!!!!!!
0.12 FALLING NOW !!!!!!!!!!!!!!!!!!!!!!!
JPM MORGAN BUYING !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VFIN INSTITUTIONAL ATTACK !!!!!!!!!!!!!!!!!
TIME TO ROCK AND ROLL !!!!!!!!!!!!!!!!!!!!!!!!
0.115 falling now !!!!!!!!!!!!!!!!!!!!!!!!!
RELOAD RELOAD RELOAD !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VFIN FIRST CLIMBING BID !!!!!!!!!!!!!!!!!!!!!!!!!!
TIME TO BUY VFIN ATTACK !!!!!!!!!!!!!!!!!!!!!!!!!!
HERE WE GO !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Who is PUMA mm ......always try to put down wamuq and lehmq !!!!
From yahoo boards......Fraud ......Playing both sides.
The fall of Washington Mutual wasn’t a surprise to the government. Nor was it a surprise to J.P. Morgan.
Three weeks before J.P. Morgan bought WaMu’s deposits for $1.9 billion, officials at the Federal Deposit Insurance Corporation had called J.P. Morgan to say that the FDIC was carefully monitoring WaMu and that a seizure of its assets was likely. The FDIC said it would want to immediately auction off WaMu’s assets if a seizure was necessary, people familiar with the situation told Deal Journal.
Associated Press
J.P. Morgan was well-prepared, then, when the FDIC asked for bids on Tuesday, Sept. 23. On Wednesday night, the regulators told J.P. Morgan that the bank had won the bidding, one person close to the situation said. The Wall Street Journal reported the sale at around 7 p.m. on Thursday, and J.P. Morgan hurriedly called a conference call in two hours to discuss the sale.
But that was just the first step. J.P. Morgan had known for three weeks that if WaMu was seized, and J.P. Morgan won the assets, the big bank would want to raise enough capital to keep its Tier 1 capital at at least 8%. Tier 1 capital is the gauge of a bank’s health watched by regulators, and it measures whether a bank has sufficient capital to cushion future losses. The federal government requires a minimum Tier 1 ratio of 4%, and 8% is typically thought to be robust. J.P. Morgan’s plan was to gather $8 billion in one big capital-raising, which would put its Tier 1 ratio between 8% and 8.5%
JPM DOWN 5% IN premarkeT !!!!!!!! WHY??????
Senators emails......... senator@shelby.senate.gov;senator@sessions.senate.gov ;senator@biden.senate.gov;senator@akaka.senate.gov;sena tor_lugar@lugar.senate.gov;olympia@snowe.senate.gov;sen ator@kennedy.senate.gov;senator@stabenow.senate.gov;sen ator@levin.senate.gov;senator@klobuchar.senate.gov;kit_ bond@bond.senate.gov;mccaskilltransition@mccaskill.sena te.gov;senator@bennelson.senate.gov;senator@ensign.sena te.gov;mailbox@sununu.senate.gov;senator_bingaman@binga man.senate.gov;senator@dorgan.senate.gov;arlen_specter@ specter.senate.gov;tim@johnson.senate.gov;senator@hutch ison.senate.gov;senator_leahy@leahy.senate.gov;senator@ warner.senate.gov;senator_murray@murray.senate.gov;sena tor_byrd@byrd.senate.gov;senator@rockefeller.senate.gov ;senator_kohl@kohl.senate.gov
Morgan list........
timothy.diliberti@wsj.com,xochilt.llamas@wsj.com,ray.b.bashford@jpmorgan.com,jack.r.dunn@jpmorgan.com,allister.fowler@jpmorgan.com,stefania.signorelli@jpmorgan.com,colette.c.campbell@jpmorgan.com,david.m.wells@jpmorgan.com,lauren.m.francis@jpmorgan.com,tasha.pelio@jpmorgan.com,brian.j.marchiony@jpmorgan.com,mary.sedarat@jpmorgan.com,tanya.m.madison@chase.com,paul.hartwick@chase.com,thomas.a.kelly@chase.com,darlene.r.taylor@jpmchase.com,joseph.evangelisti@jpmchase.com,ray.b.bashford@jpmorgan.com,jack.r.dunn@jpmorgan.com,allister.fowler@jpmorgan.com,stefania.signorelli@jpmorgan.com,colette.c.campbell@jpmorgan.com,david.m.wells@jpmorgan.com,lauren.m.francis@jpmorgan.com,tasha.pelio@jpmorgan.com,brian.j.marchiony@jpmorgan.com,mary.sedarat@jpmorgan.com,tanya.m.madison@chase.com,paul.hartwick@chase.com,thomas.a.kelly@chase.com,darlene.r.taylor@jpmchase.com,joseph.evangelisti@jpmchase.com,ray.b.bashford@jpmorgan.com,jack.r.dunn@jpmorgan.com,allister.fowler@jpmorgan.com,stefania.signorelli@jpmorgan.com,colette.c.campbell@jpmorgan.com,david.m.wells@jpmorgan.com,lauren.m.francis@jpmorgan.com,tasha.pelio@jpmorgan.com,brian.j.marchiony@jpmorgan.com,mary.sedarat@jpmorgan.com,tanya.m.madison@chase.com,paul.hartwick@chase.com,thomas.a.kelly@chase.com,darlene.r.taylor@jpmchase.com,joseph.evangelisti@jpmchase.com,cavuto@foxnews.com,bullseye@CNBC.com,closingbell@cnbc.com,fastmoney@cnbc.com,madmoney@CNBC.com,managing-editor@nytimes.com,Mary.Woolery@dowjones.com,nytnews@nytimes.com,president@nytimes.com,powerlunch@CNBC.com,publisher@nytimes.com,wakeupcall@CNBC.com,admin@drpennystock.com
timothy.diliberti@wsj.com,xochilt.llamas@wsj.com,ray.b.bashford@jpmorgan.com,jack.r.dunn@jpmorgan.com,allister.fowler@jpmorgan.com,stefania.signorelli@jpmorgan.com,colette.c.campbell@jpmorgan.com,david.m.wells@jpmorgan.com,lauren.m.francis@jpmorgan.com,tasha.pelio@jpmorgan.com,brian.j.marchiony@jpmorgan.com,mary.sedarat@jpmorgan.com,tanya.m.madison@chase.com,paul.hartwick@chase.com,thomas.a.kelly@chase.com,darlene.r.taylor@jpmchase.com,joseph.evangelisti@jpmchase.com,ray.b.bashford@jpmorgan.com,jack.r.dunn@jpmorgan.com,allister.fowler@jpmorgan.com,stefania.signorelli@jpmorgan.com,colette.c.campbell@jpmorgan.com,david.m.wells@jpmorgan.com,lauren.m.francis@jpmorgan.com,tasha.pelio@jpmorgan.com,brian.j.marchiony@jpmorgan.com,mary.sedarat@jpmorgan.com,tanya.m.madison@chase.com,paul.hartwick@chase.com,thomas.a.kelly@chase.com,darlene.r.taylor@jpmchase.com,joseph.evangelisti@jpmchase.com,ray.b.bashford@jpmorgan.com,jack.r.dunn@jpmorgan.com,allister.fowler@jpmorgan.com,stefania.signorelli@jpmorgan.com,colette.c.campbell@jpmorgan.com,david.m.wells@jpmorgan.com,lauren.m.francis@jpmorgan.com,tasha.pelio@jpmorgan.com,brian.j.marchiony@jpmorgan.com,mary.sedarat@jpmorgan.com,tanya.m.madison@chase.com,paul.hartwick@chase.com,thomas.a.kelly@chase.com,darlene.r.taylor@jpmchase.com,joseph.evangelisti@jpmchase.com,cavuto@foxnews.com,bullseye@CNBC.com,closingbell@cnbc.com,fastmoney@cnbc.com,madmoney@CNBC.com,managing-editor@nytimes.com,Mary.Woolery@dowjones.com,nytnews@nytimes.com,president@nytimes.com,powerlunch@CNBC.com,publisher@nytimes.com,wakeupcall@CNBC.com,admin@drpennystock.com
WAMUQ ALERT to BUY?
WAMUQ Boards HOT acrooss de WEBBBBBBBBBBBBBBBBBB!!!!!!!
$1.........$1.........$1.........1$........? Good Luck to all!!!!
She said they pay something not 4.30$
Good point River !!!!!
picking more Monday at Pre market !!!!! We flyyyyyyyyyyy!!!!
BUY AND HOLD STRONG !!!!!!!!!!!!!!!!!!!!!!!
goood post time to fly!!!!!!!!!!!!!!!!
Yestarday 100,000 number of reads this Board !!!!!!!!! TIME TO BUY !!!!!!!
Sept. 26 (Bloomberg) -- JPMorgan Chase & Co. became the biggest U.S. bank by deposits, acquiring Washington Mutual Inc.'s branch network for $1.9 billion after the thrift was seized in the largest U.S. bank failure in history.
Customers of WaMu withdrew $16.7 billion from accounts since Sept. 16, leaving the Seattle-based bank ``unsound,'' the Office of Thrift Supervision said late yesterday. WaMu's branches will open today and depositors will have full access to all their accounts, Sheila Bair, chairman of the Federal Deposit Insurance Corp., said on a conference call.
WaMu is the latest casualty of a financial crisis that drove Lehman Brothers Holdings Inc. and IndyMac Bancorp out of business and led to the hastily arranged rescues of Merrill Lynch & Co. and Bear Stearns Cos., which was itself absorbed by JPMorgan. WaMu in March rejected a takeover offer from JPMorgan Chief Executive Officer Jamie Dimon that the savings and loan valued at $4 a share.
``This is a fabulous franchise,'' Dimon, 52, said in an interview. ``We think we got this at a price that protects us, where if we were wrong, it still protects us.''
WaMu collapsed as its credit rating was slashed to junk and its stock price tumbled. Facing $19 billion of losses on soured mortgage loans, the lender put itself up for sale last week. WaMu fired CEO Kerry Killinger on Sept. 8 and replaced him with Alan Fishman, who was awarded a $7.5 million signing bonus and $1 million salary.
WaMu's Decline
In most bank seizures, little or nothing is left for shareholders. WaMu, down 95 percent in the past year, dropped to 45 cents in extended trading following the announcement, which came after the close of regular trading.
David Bonderman's TPG Inc., which led a $7 billion capital infusion for WaMu earlier this year, lost most of its initial $2 billion investment. TPG, based in Forth Worth, Texas, said in a statement yesterday it was ``dissatisfied with the loss'' and that the WaMu investment was a ``small part of assets.''
New York-based JPMorgan, which separately announced plans to raise $8 billion by selling common stock, had its outlook lowered to negative by Moody's Investors Service. Moody's left its Aa2 rating on JPMorgan unchanged.
JPMorgan won't acquire WaMu's liabilities, including claims by shareholders and subordinated and senior debt holders, the FDIC said. JPMorgan paid $10 a share for Bear Stearns in March as the New York-based securities firm teetered on the brink of bankruptcy.
`They're Going to Win'
``This is one of the reasons I own JPMorgan: They're going to win from all this,'' said Anton Schutz, president of Mendon Capital Advisors Corp. in Rochester, New York. ``They're taking on credit risk, but they're not taking on any debt obligations.''
JPMorgan will add branches in California, Washington and Florida, among other states, and will have 5,400 offices with about $900 billion in deposits, the most of any U.S. bank. The branches and credit cards will carry the Chase brand and will be integrated by 2010, JPMorgan said.
JPMorgan had 75 people involved in the transaction and ``bid to win'' because it wanted WaMu's assets, Dimon said on a conference call yesterday. JPMorgan used its own investment bank to value the mortgages, he said.
``We don't know and we don't care'' about rival bids for WaMu, he said.
Dimon also said on the conference call that he's in favor of the government's proposed $700 billion plan to prop up the banking industry, but didn't rely on it to complete the deal. The plan was jeopardized yesterday as congressional Republicans failed to agree on its details.
Write-Offs
JPMorgan is taking on $176 billion in mortgage-related assets and writing down the value of it and other portfolios by about $31 billion, the company said. The bank will make a one- time payment of $1.9 billion to the FDIC as part of the deal.
Citigroup Inc., which had been among five potential acquirers, elected not to bid for WaMu because presumed loan losses outweighed benefits from the deposits, said a person familiar with the situation. Wells Fargo & Co., Banco Santander SA and Toronto-Dominion bank had expressed interest in buying all or parts of WaMu, said a person with knowledge of the process.
The acquisition may add 50 cents a share to earnings in 2009, JPMorgan said in a statement yesterday. The firm said it may save $1.5 billion in pretax costs by 2010, offsetting the $1.5 billion it will take in merger-related charges. JPMorgan will close less than 10 percent of the combined retail shops.
Customer Deposits
WaMu had about 2,300 branches and $182 billion of customer deposits at the end of June. Its $310 billion of assets dwarf those of Continental Illinois National Bank and Trust, previously the largest failed bank, which had $40 billion ($83 billion in 2008 dollars) when it was taken over in 1984.
JPMorgan rose $2.96, or 7.3 percent, to $43.46 yesterday in New York Stock Exchange composite trading before the deal was announced. It is little changed for the year.
WaMu has $28.4 billion in outstanding bonds, with Capital Research and Management the largest debt-holder, Bloomberg data show. All three major credit agencies rate WaMu junk, the only company in the 24-member KBW Bank Index that's below investment grade.
During the past three quarters, WaMu lost $6.3 billion. It kept skidding even after joining a list of financial companies the U.S. Securities and Exchange Commission protected from short selling in an effort to stabilize stock markets.
`No Mystery'
``It's no mystery to depositors that WaMu shares have collapsed over the past couple months,'' said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. ``The FDIC is primarily concerned about the deposit base and that's been safely transferred.''
WaMu was the second-biggest provider of option ARMs, behind Wachovia Corp., with $54 billion held in its portfolio in the first quarter, according to Inside Mortgage Finance. Of the $230 billion in loans secured by real estate at the end of the second quarter, $16.9 billion were subprime mortgages. WaMu, which ranked sixth among U.S. mortgage companies last year, was the 11th-biggest subprime lender in 2006, according to Inside Mortgage Finance.
WaMu estimated losses of as much as $19 billion in the next 2-1/2 years. Standard & Poor's cut the bank's credit rating twice in nine days, leaving it at CCC. Fitch Ratings and Moody's Investors Service cut WaMu to junk this month and have BBB- and Ba2 ratings, respectively.
``There were extreme liquidity pressures on this institution exacerbated by some ratings downgrades,'' FDIC's Bair said.
Rise of WaMu
Killinger, WaMu's ousted CEO, joined Washington Mutual in 1982 when the company bought a securities firm. He was promoted to president in 1988 and CEO two years later, assuming control of a company with about $7 billion in assets.
Beginning in 1995, Killinger went on a shopping spree, making at least 14 acquisitions in the next seven years and boosting assets to more than $300 billion.
Between 1990 and the end of 2006, Washington Mutual shares jumped almost 20-fold, while the Standard & Poor's 500 Index quadrupled. Then the subprime rout started and defaults hit a record, as falling home prices and rising mortgage rates left borrowers with the weakest credit unable to repay their loans.
``There's a lot of sadness and a lot of people are hurt,'' Lee Lannoye, 71, who was chief credit officer at WaMu from 1988 to 1998, said yesterday. ``Having worked with Kerry Killinger for 10 years, I still absolutely cannot fathom where or why he went wrong, and what caused him to lead the company into taking the kinds of risks that they did.''
JPMorgan said in a regulatory filing that it expects to record $1.5 billion in pretax related costs related to the purchase of WaMu's branch network. It expects to close less than 10 percent of combined branches. The deal will 60 cents a share to JPMorgan's 2010 earnings, and 70 cents a share in 2011, the firm added.
TARGET ABOVE $1!!!!!!!!!!!!!!!!!!!!
tIME TO buy NO ?
WAMUQ FOLKS WAMUQ !!!!!!!!!!!!!!!!