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Yes, the indemnity amount is an unliquidated sum, meaning it can go up.
The bulk of the amount claimed by WMI, at this point, is a restitution of property, which should be easiear to obtain.
If the discussion is prolonged, I will not be surprised if WMI takes measures to have a trustee taking care of the assets claimed by them, which is very bad for JPM.
I hope it finishes before that! But, the worst thing would be to die quietly!
The FDIC is funny! They sold Wamu to JPM and signed a receipt ( the Purchase Agreement ).
However, the understandings between JPM and FDIC ( not to call it something else ) were not documented and, naturally, couldn't be.
Now, as was predictable JPM is leaving the bomb to the FDIC. Is Sheila Bair naive, crazy or prone to unorthodox deals? Did she relly think noone would complain or notice?
I agree that this will be resolved quickly before it goes any further!
Why not?????
I'm not American, but I think that if this mess is not resolved quickly, WMI could sue the FDIC and the government because they treated Citi, Bofa, Goldman, Morgan Stanley, Wells Fargo, JPM and whatever else differently.
The only argument in favor of the FDIC and the government would be thtat Washington Mutual was insolvent, but this wasn't true.
Therefore, the US government and the FDIC violated the US Constitution. Isn't it a case that could be taken to the US Supreme Court?
Well, let's hope for the best!
/Users/isarichter/Desktop/0812229090324000000000062.tiff
Has anyone noticed that on page 3 of JPM's petition they recognize that most assets claimed by WMI belong to it, but the FDIC sold them to JPM?
It is very interesting!!
Just to reinforce the point. This has to have and end:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aUyT3GEOKkD4&refer=home
It could be conveneient for the FDIC to be defeated by WMI. This would create a very good argument to convince Congress that the FDIC, the FED or whatever need more authority to seize other banks, banking holdings and other institutions.
If this does not happen, the country will forever be a hostage of the "too big to fail". Citi, BOFA,AIG and others will forever extort US taxpayers.
I think yesterdy when Obama mentioned Indymac twice and not Wamu, he was trying to give this message.
I don't think that any reasonable person can concieve that JPM bought everything they say they bought for US 1.9 Bi, and this was a fair consideration.
Thanks very much!!!!
Thanks a lot!!!
Thank you!!! Would you have the full text of the petition?
Do you know if JPM is suing WMI and the FDIC, or just WMI?
I don't know if I fully understand. JPM is suing WMI and the FDIC, or just WMI?
I understand! Thanks!
Intersting that Obama mentioned Indymac and was carefull not to mention Washington Mutual in his conference tonight!!
Thanks!!!
Do you know the deadline for the FDIC to file their defense?
Thanks!!!
Well, bottom line is that WMI's shares are worth much more than the current price!
I also think that in the end JPM will just buy WMI shares.
No need to. In the end, JPM would have to return assets to the FDIC, which in turn would return them to WMI.
JPM would, then, be entitled to sue the FDIC for losses and damages in connection with this return of assets.
I think that if the tax issue of WMI is settled, JPM will simply buy the shares of WMI to end this thing. The price to be paid is, perhaps, the sticking poit.
It's great news. It's just that everyone's obssessed with AIG.
CNBC's web page!
It's already on CNBC and Marketwatch!!!
I think the chances that JPM will buy us are incredbly high!!! We just need a little patience.
Cheers!
OK! That's really great!!!!!!!!!!!!!!!!!!!!!!!
Cheers!!!!!!!
Did you include the NOL? I don't think the lawsuit reduces it in any material amount!
It's impossible! If you go through previous posts and court documents, you'll understand it.
The FDIC can always borrow money from the Treasury, if necessary.
My guess is that JPM will buy WMI stocks, paying with JPM's shares.
I asked exactly the same question. In any case, it woud be very stupid of JPM not to try to settle it nicely.
I think we can be quite optimistic!!!!
Did anyone see the news of the filing of the lawsuit on Bloomberg, CNBC, Marketwatch....?
It is strange I have not seen anything!
Crazy world! Mt wife wanted to buy more!
I would add commons. That's what I have.
Agree!!!
I guess this will help us!
Here is an article on the same theme. It also mentions China's investment in TPG.
http://www.bloomberg.com/apps/news?pid=20601089&sid=aVq1dGC2ozoY&refer=china
I think I heard on CNN a mention that Madoff used to deposit investors' ( victims' ) money at Chase!!!
Shouldn't it entail an investigation?