Still chairman of the board:
http://www.jpmorganchase.com/corporate/About-JPMC/board-of-directors

If I am not mistaken, I believe Jamie had a dual role as Chairman of the board and CEO of JPM. There was a proxy fight a few years ago to strip him of the chairman position, but I think he still retained it.

When is the reverse split coming? It's about due based on the history of this company.

Interesting read. now the big question is will those harmed by the illegal activity get compensated when the FDIC wins ( and they will as there is so much smoke here it was a raging fire).

I wonder if this had anything to do to the big banks push to repeal The Glass-Steagall Act that prevented associations between commercial banking and securities firms. If exotic securities are tied to Libor in any way, all I can say is wow, did they pull a fast one.

I still go back to a very basic question: Why was WAMU not on the No-short list? Was it so certain parties in the know could short WAMU into oblivion at the expense of all other market participants who were not in the know? Was it to give Bonderman an exit that minimized TPG losses on their WAMU investment?

I hope one day some journalist with some guts will hunt down answers to these thorny questions.

spot on Blue-Fox. I would add that It was highly likely that Hanky Panky Paulson tipped off Bonderman to the plan early on. So the insiders shorted WMI to oblivion at the expense of common investors.

Yes, you are correct, millions as the numbers are reported in the 10Q in 000s.

If you look at the las 10Q UWBK filed in June of 2010, they had $2,221,183 in Total Assets. The first citizens balance sheet in Table 4 (page 25) shows $1,823,054 in total assets. So where did $400 million in assets go?

So I matched up the two balance sheets and a line item called "loans held for sale" of $279 million is missing from the First Citizens Table 4 Balance sheet. Where did it go, thin air?

Renoldman, why do you put up numbers without reading the footnotes? that $553 Million includes "Cash received from FDIC for loans repurchased during the second Qtr 2011".

So it is very misleading of you to present that number as a total loss to the FDIC.

Nah, it was something like a gazillion they lost...if you ask the FDIC that is....

In my opinion the D&O suit is just a money grab. I am willing to bet you can review loans at any bank in the country, select loans that went bad, and second guess how those loans did not conform to lending policy.

Yes, Joseph J. McMahon deserves a lot of credit for standing up for the people. If he were ever to run for a prominent public office position, it would be an absolute disgrace if he were not elected by a landslide. People like him make me think there is a glimmer of hope for this country. He would be one person that would serve the interests of the people rather than the interests of big money. Thank you Mr McMahon for you service.

Catz,

Not sure what you mean by this:
"Escrows through the 'Trust' are not securities in WMIH. "

The trust does keep an escrow account for disputed equity claims containing 2.9 million WMIH shares if I recall correctly.

How did you get that the 17 RMBS were not included in the settlement? I read it that they were included.

how do you get 515M?

That 515M was for 39 RMBS of which UWBK had 17.

here is a link to a document that RMBS values listed. Values vary considerably. Go down to page 33 (table 2)

http://www.fhfa.gov/webfiles/22597/FHFA%20v%20JP%20Morgan.pdf

Very, you can't assume those bonds each had the same principal value. To get a good number we really need to get you the original value of each RMBS security.

Because Hanky Panky Paulson promised to give WMI to JPM because JPM helped him with BS. My theory is also that Hanky Panky told Bonderman about the plan and Bonderman shorted the hell out of WAMU to recover his losses. Why do you think WMI was not put on the no short list?

All my opinion of course.

I sure as he'll hope that our trustee is investigating how much the FDIC is recovering from various parties involved it RMBS litigation on behalf of the UWBK bank. I would think that whatever is recovered > than cost to FDIC should be returned back to the holding company.

I find it odd that the FDIC reported the RMBS that were part of the settlement but did not report the original principal values of those RMBS. I found a number of class action suits that identify the RMBS in the suit and their principal value.

So if we can identify the principal values for each of the 39 RMBS involved in the settlement between FDIC and JPM we can derive a good number for the amount of the settlement that flows to UWMB since we know which 17 belong to UWBK.

If the trustee for our chapter 7 has a duty to maximize the value of the estate, then they sure as hell better be tracking what the FDIC is recovering. I am assuming that the FDIC cannot allocate funds recovered to losses incurred in other seizures and is obligated to return excess funds associated with UWBK back to the original parent holding company.

What a bunch of hypocritical pigs. The commercial loans went sour due to the Actions of the FDIC seizing WAMU and stoking the fires of fear that sent the entire economy into a tailspin. Now they want to go after bank executives because loans during that period went bad? They need to look in the mirror in my opinion.

I you were a thief and just robbed a home in the middle of the night, would you back during the day and work on that home and interact with the home owners who suspect you as the thief?

interesting article which mentions JPM sold Visa shares for $1.1 Billion. Would be interesting to see what portion of that can be attributed to the Visa shares they got from WAMU.

http://finance.fortune.cnn.com/2014/01/15/jpmorgan-earnings-2013/?source=yahoo_quote

No, say it ain't so JPM, you didn't mis-represent the ask and bid on MBS bonds did Ya?...

http://www.bloomberg.com/news/2014-01-08/jpmorgan-ubs-said-to-be-among-banks-in-mortgage-probe.html?cmpid=yhoo

Funny how a lot of us here are also involved in WAMU. I think we saw the injustice in both.

I find it interesting there is no year end tax loss selling of this stock and the window for tax loss selling has closed. Next year should be interesting.

Nope, jokers only filled 4250. The MM are sadly mistaken if they think I will chase this as I have plenty of shares as it is.

Yup. only got 750 of a 50k order. Not many shares out there at my price.

No, did not get filled. It was not AON and I got nothing so I canceled it.

Merry Xmas to you too and Happy new year.

Was not fake very careful, was mine that I pulled. Just testing the waters.

The reason we are down is very simply. There have been some class action lawsuits filed by attorneys challenging KKRs purchase of KFN. Lawyers smell money and they want more of the pie :(

So if KFN has anything to do with WMIH, it just got more complicated.

Sullivan and Cromwell are JPM attorneys and represent JPM and JPM is a creditor in the UWBK case. They do not represent the UWBK Debtors as far as I know.

renold, can you point me to where you found the First Citizens loan information? Now I want to read through the numbers myself.

And even then I will read them with a skeptical eye because I know it is in their best interest to value UWBK assets as low as possible.

"I think what is really against UWBK is that they did act too slow to rectify the situation. "

Really? Think about that statement in the context of the environment at the time. The FDIC/OTC was seizing banks left and right at the time. Who in their right mind would invest in a bank without being absolutely sure their investment would not be seized /stolen? Raising $200 million in that environment is no easy task by any measure.

So what is to prevent IBC from selling stock to drive the price down as far as possible to maximize their conversion rate? That paragraph does not make it clear if the conversion rate is tied to a single trade or an overage over a period of time.

Nice to have friends in high places :)

anyone notice FCNCA is at $119? and on low volume....

You forgot to count my shares :)

I just listened to that link. Where do they get these puppets on these shows???

The idiot said that JPM Morgan bought the assets and liabilities of Washington Mutual!!! (He made the statement they bought the stock and liabilities of both Bear Stearns AND Washington Mutual) And these people are feeding information to the masses??? What a joke!!!

Who are you and what have you done with Fred Scott???

Why do they need all these lawyers if this is a chapter 7 liquidation. How many lawyers does it take to liquidate assets....