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Yeah, lets get back to the people batting right now - TPS.
If they even hit a single, the liquidating trust issue should
die with the POR. Then its time to drink something hard.
Seen it many times and I still laugh, the slo-mo is great. He had to be worried about something being in that pie.
No 3.1a in the examiners report either...but Rosen's reference's to this makes a stronger case for themselves.
Yes, but only after a value has been placed.
After everything we have seen, it would be unwise to just come to that conclusion.
JPMC almost had the FDIC except for one thing...They purposely separated the assets of the TPS group. These were on the books at the time of seizure. Once you prove fraud, all your arguments just fly out the window.
Could they keep the valuation retracted or hidden?
I believe that's why the TPS actions are important now.
Don't think there's anyway we would've had it approved. Too much to risk. The examiner bout nailed it shut. I know the law says we can, but this one is up to the judge.
How can there be a valuation hearing with no numbers!!?
Unless there under seal, which would be highly unlikely.
Blackstone didn't stand behind their numbers with all kinds of crazy footnotes to protect themselves from criminal fraud and Solomon wasn't giving anything from the debtor.
And then the examiner used Blackstone's numbers for his evaluation.
Which of course are unaudited. But never mind that judge, this case is just to difficult and you should just rubber stamp the POR and move on. No numbers needed. CRAZY...but it might happen.
And that's what got me concerned TEX.
How can an examiner with this much experience not even mention anything about Corporate structure in his report and just let everything go to the debtor no matter whom it may belong too and not mention anything about the Veil.
thanks lawrence, I understand now.
Lawrence
Could you show me how your reading only 1million available by the MM's on the chart your posted?
thanks
sf, what happens if they have foreclosed already and you were the home owner? I wonder what those people will do. I have a friend who had a rental foreclosed on, they contacted an attorney and was told they are going to have to take the wait and see approach because this is unprecedented. But they are going back and seeing if one of those paper mills was used for documents they didnt have.
Wow, I hope this is another angle to force JPMC to finish this but I don't think its over for them even after they close this thing.
This is fraud!!!
Don, Fed to release lending info on 12/1
Tried to post on Y, only let me post half.
Mark Pittman Wins: Fed To Disclose Emergency Lending Details By December 1
Mark Pittman's last valiant effort to bring some transparency to the most destructive organization in the history of mankind has succeeded. According to testimony to be delivered to the House tomorrow, "under a framework established by the act, the Federal Reserve will, by December 1, provide detailed information regarding individual transactions conducted across a range of credit and liquidity programs over the period from December 1, 2007, to July 20, 2010. This information will include the names of counterparties, the date and dollar value of individual transactions, the terms of repayment, and other relevant information. On an ongoing basis, subject to lags specified by the Congress to protect the efficacy of the programs, the Federal Reserve also will routinely provide information regarding the identities of counterparties, amounts financed or purchased and collateral pledged for transactions under the discount window, open market operations, and emergency lending facilities." Luckily this action by Bernanke will prevent the rioting that would have followed an appeal to the Supreme court, which would have certainly sided with the secretive group of Keynesian priests. If nothing else, the plethora of data will keep the blogosphere preoccupied for days upon days, rummaging through millions of pages of explicit corruption.
Let's see now if December 2nd leads to the end of the world destruction that the Clearing House Association threatened would happen should the Fed disclose these details, as we reported a year ago. To wit:
The Clearing House submits this declaration because the Court's Order threatens to impair the ability of our members to access emergency funds through the New York Fed's Discount Window without suffering the severe competitive harm that public disclosure of their identity will cause.
Our members have accessed the New York Fed's Discount Window with the understanding that the Fed will not publicly disclose information about their borrowing, especially their identity. Industry experience, including very recent and searing experience, has shown that negative rumors about a bank's financial condition - even completely unfounded rumors - have caused competitive harm, including bank runs and failures.
If the names of our member banks who borrow emergency funds are publicly disclosed, the likelihood that a borrowing bank's customers, counterparties and other market participants will draw a negative inference is great. Public speculation that a financial institution is experiencing liquidity shortfalls - which would be a natural inference from having tapped emergency funds - has caused bank customers to withdraw deposits, counterparties to make collateral calls and lenders to accelerate loan repayment or refuse to make new loans. When an institution's customers flee and its credit dries up the institution may suffer severe capital and liquidity strains leaving it in a weakened competitive position.
Or maybe, just maybe, the banks will survive, and all their bull---- will be exposed for the hollow threats it has always been, very much like the end of the world that would have occured had Goldman and AIG been, gasp, allowed to fail.
Below is the relevant section from the Bernanke testimony to be given tomorrow before the Committee on Banking, Housing, and Urban Affairs:
A final element of the Federal Reserve's efforts to implement the Dodd-Frank Act relates to the transparency of our balance sheet and liquidity programs. Well before enactment, we were providing a great deal of relevant information on our website, in statistical releases, and in regular reports to the Congress. Under a framework established by the act, the Federal Reserve will, by December 1, provide detailed information regarding individual transactions conducted across a range of credit and liquidity programs over the period from December 1, 2007, to July 20, 2010. This information will include the names of counterparties, the date and dollar value of individual transactions, the terms of repayment, and other relevant information. On an ongoing basis, subject to lags specified by the Congress to protect the efficacy of the programs, the Federal Reserve also will routinely provide information regarding the identities of counterparties, amounts financed or purchased and collateral pledged for transactions under the discount window, open market operations, and emergency lending facilities.
In last years JPMC quarterly meeting (I forget which one). Dimon was asked straight up, "Is there any way we could lose WAMU's assets?" He said "NO!". Nothing more was said.
So I don't think their is anyway they are thinking of returning anything.
This will be an evaluation fight to the end.
Biz, what does this mean? anything.
They were probably threatened, a lot of that was going on during this time.
Well the fdic did throw Rosen and his POS POR under the bus in their last filing.
The Fdic only wants how the GS came about to be examined (shot down). Rosen wants all communications to be characterized as attorney/client privilege (crazy because that leave it up to his discretion).
So what were seeing here is a dog fight to control who will be held responsible after any wrongdoings are exposed and to limit the findings of any personal responsibility. Someone either broke some laws or fiduciary responsibility. And someone doesn't want the examiner to make it public.
But nowhere does this proposed order touch on assets and value. Which is what everyone should be concerned about. And that's what we what, infighting over info while we search the bag of goodies JPMC received.
Good point, and also there is nothing in this proposed order that prevents the examiner from finding the true value of the assets conveyed and who they originally belonged to WMI vs WMB.
Rosen is trying to do another CYA, and we have become addicted to the desire of his downfall. We see the examiner as step one, but lets not lose focus. Even if nothing Rosen did every comes up and the examiner finds billions, so be it. Let fate deal with him, but pay us in the meantime.
This would shake the confidence of markets world wide and cannot happen. This is a dream of many people hear, and is only right if fraud is involved. But this will never happen. It might go as far as Rosen and his BS DS. But if any injured party can be bought off, and we can, this information will never see the light of day. Including what Susman filed, and whatever the examiner finds.
To many negative ramifications, especially with the new Financial Regulations being signed off on today.
What is this?
Does this mean the DS will be approved and there will be a vote on the plan?
We need to monitor L2 during lunch.
Cant get access here at work, can anyone post one?
Oh its getting "hot in here"!!!
(somebody play on some NELLY)
They cant have an examiner granted, no matter what!!
Even if they did seize them within their rights, they still have to pay equal value for the seized assets. So no...this is not bad news. You just cant take everything and put a sale value you feel is right. It just doesnt work that way.
Biz, Tonight?!! I didnt even think of that as a possibility.
I was thinking the 502 would allow the judge an out so she wouldnt have to rule for an examiner.
It will start before then.
cici...I was under the impression that the EC has no numbers to evaluate with. They haven't received any doc's from Rosen and thats the reason for the appeal for the examiner. So I dont know how they'll be able to submit a POR soon.
GN -- Or, he can let all deadlines pass
and not get the POR approved and just keep fighting and dragging things along. He doesnt care about lying so He can add months on appeals and delays.
Gotta have an amended agenda today!!
....
can we get an L2
Disclosure Statement?
How important is this? Been debating today about this and see this as a way for Rosen not to submit some important info with the POR just like they do with the MOR eventhough we know the monies are there or available for distribution. Then, the FDIC can come under cover of it and approve the POR.
Is this just crazy thoughts?
Trying to think like a thief would and see this as a possibility.
Then you just get the current BOD to sweeten the pot to bond and note holders with the tax refunds and there you have it.....thief KMART style.
I hope this isn't the case, but this is hard to figure out.