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WAMU in Video of Jamie Dimon’s House of Ill Repute!
Just found this video that talks about WaMu. Can not compare with EU filing tonight but I am enjoying seeing Jamie trashed.
http://finance.yahoo.com/blogs/daily-ticker/taken-task-jamie-dimon-house-ill-repute-160317480.html?sec=topStories&pos=5&asset=&ccode=
Untouchables with Susman vs. THJMW
THJMW releasing and making the sealed documents public reminds me of the movie Untouchables when G-man Eliot Ness (Kevin Costner) was in trial with Al Capone and convinced the Judge to switch the jury from another courtroom. When asked “how did you convince the judge to switch the jury” Eliot Ness replied, “that was easy, I just told the Judge his name was on the list of corrupt Judges”. Looks like similarities to the movie taking place right before our eyes.
I believe she is the only person that could release them. If that is the case we are solidly in the drivers seat. Thanks for responding.
Who unsealed the documents?? Great night for longs. My suggestion is to save the documents on your desktop.
Might even close green today. Everything that is happening today is positive for a settlement. Time will tell but I added more shares today. A lot of smart investors on this board. Thanks for all your help.
Mortgage exec gets 30 years for $3 billion fraud!
http://finance.yahoo.com/news/Mortgage-exec-gets-30-years-apf-3638288024.html?x=0&sec=topStories&pos=6&asset=&ccode=
Jamie might want to start paying attention:
Eric Tucker, Associated Press, On Thursday June 30, 2011, 6:29 pm
ALEXANDRIA, Va. (AP) -- An executive convicted of orchestrating a nearly $3 billion fraud as chairman of one of America's largest private mortgage companies was sentenced Thursday to 30 years in prison by a judge who accused him of lacking remorse..............
ORDERS SIGNED TODAY!
Order To Shorten Motion to Compel
http://www.kccllc.net/documents/0812229/0812229110627000000000007.pdf
Order To Extend Deadline
http://www.kccllc.net/documents/0812229/0812229110627000000000006.pdf
Great Post.
We knew the court had over turned the lower court but this was very informative to read. Thanks,
Strong Buy!!
I to will pray for Chelse and Cat. They are also in our thoughts.
I appreciate your clarification. Looking forward to the depo’s. Going to be very interesting the next few days and weeks. I am betting on a settlement.
I believe depos are June 30th.
http://www.kccllc.net/documents/0812229/0812229110622000000000011.pdf
Thanks Irene. I also wanted to thank you for your efforts in keeping us posted. I think the breakdown in talks was predictable but I also think by next week there will be an agreement. Will wait and see.
Must read this thread. This is one of the best news I have seen. FDIC may be on the hook and JPMorgan will settle. Sounds good to me.
I agree! The delay changes nothing other than longs have to wait a while longer and some traders get shaken out. I expected the delay for this very reason. The agreement will come together shortly and this is nothing to get to excited over or read more into it than necessary.
Lehman Brokerage Gets $2 Billion From Barclays in Ruling on Margin Assets!
Just found this and don't know if it has been posted and wanted to share.
http://www.bloomberg.com/news/2011-06-06/lehman-brokerage-gets-2-billion-from-barclays-in-ruling-on-margin-assets.html
By Linda Sandler - Jun 6, 2011 1:09 PM MT .
Barclays Plc (BARC), which bought Lehman Brothers Holdings Inc.’s North American business, must return $2 billion in margin assets to the trustee liquidating the remains of Lehman’s brokerage, a bankruptcy judge ruled.
Unbelievable! Thanks for the post.
The FDIC sold the banking subsidiaries (minus unsecured debt or equity claims) to JPMorgan Chase for $1.9 billion, which reopened the bank's offices the next day as JPMorgan Chase branches. The holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt, after being stripped of its banking subsidiary by the FDIC.
According to Delaware Shareholder Services via FB on 6/3:
"NEWS FLASH: The Washington Mutual hearing previously scheduled for Monday, June 6th has been taken off the calendar. The next hearing is now on the Court's calendar for 9:30M, June 8th." [Prior information: One hour hearing, confirmed with court by astock.]
Delayed to 6/29 [Confirmation Hearing, 9:30 AM (Del).]
http://www.my.calendars.net/wmi
My take this is positive news.
I bought more today. Look like a very reasonable beat at these levels. Good luck longs. We will have an answer soon.
cont.
Martin Bienenstock
Partner Dewey & Lebouef
Martin Bienenstock is chair of the firm's Business Solutions & Governance Department, and a member of the Executive Committee. He also teaches Corporate Reorganization as the Robert B. and Candice J. Haas Lecturer in law at Harvard Law School where he received that title in recognition of his work. At Dewey & LeBoeuf, Mr. Bienenstock has created a unique, next generation, multidisciplinary group providing clients solutions that combine necessary experience from corporate law, governance, reorganization and litigation.
As a leader in the fields of governance and reorganization law, Mr. Bienenstock provides legal and strategic advice to directors, businesses, investors and creditors. He advises on complex restructurings, acquisitions, trials and appeals, including the Owens Corning appeal reversing substantive consolidation to increase the value of his clients' bank claims against Owens Corning from $600 million to over $2.2 billion. He also charted the takeover of troubled Finova for Berkshire Hathaway and Leucadia's joint venture, and won the successful reorganizations of companies such as Enron and Republic Engineered Products over multiple objections.
Mr. Bienenstock's practice areas encompass governance advice for healthy or troubled companies, crisis management and restructuring, and international restructuring. He designs methods for companies and their boards to establish risk reporting systems so they may stay abreast of all material risk factors facing the company, as well as reducing risk and increasing shareholder value.
The National Law Journal ranked Mr. Bienenstock as one of the "100 Most Influential Lawyers in America." He has been ranked in the top tier for Bankruptcy by Chambers Global 2007 and recognized in Chambers USA - America's Leading Lawyers for Business 2007 in the field of Bankruptcy and Restructuring. In addition, he has been consistently listed in the top of his field by leading legal publications and organizations, including Turnarounds & Workouts, The International Who's Who of Business Lawyers and Euromoney Legal Media Group's "The Best of the Best."
Representative Clients and Experience
¦Lead lawyer representing Enron Corporation in its chapter 11 case;
¦Lead lawyer representing General Motors in the Delphi Corporation Chapter 11 case;
¦Lead lawyer representing the W.R. Grace ad hoc shareholders' committee;
¦Lead lawyer representing Republic Engineered Products in its chapter 11 case;
¦Lead lawyer representing third lien bonds in Calpine Generating chapter 11 case;
¦Lead lawyer representing the statutory equityholders' committee in the United States Gypsum case;
¦Lead lawyer for G-1 Holdings, Inc. in a mass tort asbestos case for one of the country's largest building materials companies;
¦Initially drafted what became Ireland's reorganization statute.
Dewey & Lebouef is Significant as taken from Yahoo Board.
http://westlawnews.thomson.com/Bankruptcy/News/2011/01_-_January/Court_hands_Ambac_victory_in_overhaul_plan/
<<"It's a gigantic step forward because the rehabilitation of the insurance company is what creates value for the debtor in Chapter 11," said Martin Bienenstock, of the law firm Dewey & LeBoeuf, which is representing Ambac Financial Group in bankruptcy.>>
Ambac's petition was filed in U.S. Bankruptcy Court, Southern District of New York. Dewey & LeBoeuf's Peter Ivanick filed the petition on behalf of Ambac.
Look up Dewey & LeBoeuf --
Dewey & LeBoeuf
Headquarters New York City
No. of offices 25
No. of attorneys 1200
Date founded 1909
Dewey & LeBoeuf LLP is a prominent global white shoe law firm, headquartered in New York City. Originally founded in 1909, the firm currently has over 1200 lawyers spread throughout 25 offices in 15 countries on 4 continents, and is known primarily for its corporate, insurance, litigation, tax and restructuring practices.
Just found on Bloomberg. Starting to get traction. Remember there are millions of these securities sold around the world as AAA then turned quickly to junk. Bad for Banks but Good for ABK.
http://www.bloomberg.com/news/2010-10-13/mortgage-flaws-may-lead-investors-to-challenge-1-3-trillion-of-securities.html
Potential paperwork errors on some of the $1.34 trillion of securitized home mortgages may give investors an opening to challenge the legality of deals, threatening to unnerve financial markets, according to Joshua Rosner, managing director at Graham Fisher & Co.
Some loans to borrowers with poor credit before 2007 may not have been transferred to mortgage trusts in the manner required by their pooling and servicing agreements. That raises questions about the ownership of the loans and may allow investors to force lenders to buy back the securities, Rosner wrote yesterday in a note to clients.
The failure to include MBS trust names on documents and to properly assign loans to the trust may encourage MBS holders to challenge the entire securitization, rather than press lenders to take back individual loans that were fraudulently issued, according to Rosner, whose firm advises investors and regulators. That could set off legal fights over almost all subprime MBS sold to investors.
“If plaintiffs bring suit it could rock the market,” Rosner, 44, said in a telephone interview. “If courts allowed those suits to proceed it would well feel much like 2008,” when the bankruptcy of Lehman Brothers Holdings Inc. led to the biggest market collapse since the Great Depression, he said.
Foreclosure Fraud - Not the Big Liability to Banks!
We know the mortgages themselves are invalid because of non recording documents “wet ink” that is required by state statutes. The second problem are the faulty notarized documents that banks created to try and cover up the broken chain of title. This is fraud. The banks will throw billions at this problem and work with homeowners to write down mortgages to try and cure this fraud issue with the 40 states attorney generals. I hope the banks can come to a solution to this massive fraud quickly because I do not want to see our economy hurt further by these crooks. We don’t need the real estate market to come to a grinding halt BUT……..
The real liability to the banks is the broken title to the mortgages and separated notes as Wall Street sold these mortgages 100‘s of times that were sliced and diced into traunches, mortgage back securities, CDO’s derivatives, etc around the world. Investors were guaranteed clear title of ownership as were insurance written to owners by monolines.
This broken title would have never come to light if not for the foreclosure fraud issue. Now that Pandora is out of the box and I believe investors around the world will start lawsuits against the banks for trillions of dollars that they have lost and will require the banks to unwind the chain of title on these mortgages to show proof of title when they purchased these creative financial vehicles. I don’t think the banks can unwind most of these titles because they have been lost or destroyed because of their new electronic record keeping which now is shown to be faculty. This is a mess beyond comprehension caused my bank’s unrelenting lust for power and greed.
I cannot think of a better place to park your money than in the monolines, if that monoline has no ownership in MERS. We all know ABK has the greatest possibility of return if BK comes off the table and they can restore credit rating and write new business. Money will flow to them and servicing debt will not be a problem. A lot of “ifs” but things are starting to look very positive.
It don’t care if investors agree or not with me. In fact I hope no one buys any stock based upon someone’s opinion. Everyone should do their own research and be responsible for their financial decisions. Just wanted to give everyone one last thought before I go work.
I posted this on another board but wanted to share because it goes hand in hand with Moody's ground work for an upgrade. I also think the foreclosure crisis with voting rights of monolines will escalated settlement from the banks.
Moody's - Increasing Momentum Around Guarantors' Put-Back Claims!
http://www.ambac.com/pdfs/RA/2010/September/putback_special_comment_Sept_2010.pdf
I recall that Lehman had a suit against ABK for around 1.2 billion plus a few hundred million. I can dig this up but does anyone have the exact figures or confirm the amount?
I personally think there will be some money exchange hands coming back to ABK from the settlement but even if it is a wash it might help clean up the balance sheet enought to allow OCI to up stream funds to ABK.
Thanks geohani,
He link works fine. Just have to copy whole link and paste if anyone else has problem. I have read this plan many times but the rating under review for possible upgrade from Moody's Investors Service, Inc. and Standard & Poor's Ratings Services slipped by me. Thanks for sharing.
I am a ABK throwback from the Yahoo Board and enjoy reading posts on your board for additional information. Yahoo Board has many paid bashers that try and wreck the board instead of contributing but there are a few knowledgeable posters who do contribute. Thanks again and perhaps I can stop by from time to time and check in.
Would you please supply a link to the Moody's possible upgrade. Would be really great news. Thanks