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Yes we did, still here holding long...
Nice Summery, Happy new Year to You and all long WAMUQers on the Board...
Happy Holidays to all...
USAA INVESTMENT ACCOUNT
Dear Account Holder,
On behalf of USAA, we're notifying you that WASHINGTON MUTUAL, INC. has released
information to its shareholders.
You can view this information at the following web site. When the
information is no longer available through the link, you can contact
the issuing company for the information.
Shareholder Info
https://materials.proxyvote.com/Approved/939322/20101019/OTHER_70065.PDF
Shareholder Info
https://materials.proxyvote.com/Approved/939322/20101019/OTHER_70066.PDF
Distributed by Broadridge Financial Solutions, Inc. on behalf of USAA.
Did any else received this email?
Fsshon, you are an inspiration on off this board, respect my friend. keep on doing what you are doing because there are rewards awaiting for you some where!!!
Good reading/article
Blessed is soul. he is lucky his blood was not contaminated from the the busted appendix. I had a raptured appendix 2 yrs ago and went through surgery, but I was kept in the hospital for 1 week.
He also said on page 28 -
Of those failures, the largest one, WaMu (with
assets exceeding $260 billion), has cost the
FDIC nothing. That is because JPMorgan Chase
bought WaMu. All of the other banks that have
failed were far smaller (the next largest failure
was IndyMac, with $32 billion). All of these
failures combined have cost the FDIC an estimated
$55 billion.
Between deposit insurance and TLGP funding
Rosen objection to Soloman discovery/evaluation will trigger the need for the indepedent examiner. mo
Well said Fish; Most want the Judge to act like a bully,but I think she is lining them all up for a single kill. mo
Did this guy say trustee spt examiner?
I'll take that any time and every time...
“This is an OTS regulated institution, not an FDIC regulated institution. We make any decision on solvency, not the FDIC, and I have staff equally as competent as staff at the FDIC, whom I know well,” Mr Reich said.
One can see that the FDIC was the agecny that prompted the OTC to rape WAMU.
Another 120 m plus today,lots of life here..
Lots of selling going on the morning?
Whats up with so many 100 share buys?
FMN did well today, I think it is time for another run up!
OK, sounds good; at least they cannot play cut throat with the EC when things are going in the common favor.
Thanks:
Q for the board. Does Blackwater have approval from the court to intervene, and or they just showing some source of power? tia
I second that, the judge is well aware of what is going on. EC will address those concerns in the right and proper forums.mo
Is WAMUQ a great stock are what? Good night I am going to sleep, see you all in the mananana!
Starke changing his tone?
JPM was dictating to WAMU what they wanted. Now when THJMW deny the POS POR, WAMU can get back on track and continue the peoples work. (Shareholders)
Great news, we been asking the question, why FDIC not sign off on POR. Now we have the answer from a creditable source WSJ. I'll have Scotch , a Bourbon and a Beer for that.
That could be the situation. get more $ to the WAMU estate and commons get paid. Case goes away, FDIC of the hook.mo
So should JPM get any of the 2.8B, and for what?
You are right, 'vaporize"
I beleive they are just stalling JS court in DC. Make sense and may save some money at the same time, if they do not have to go to court in DC.
The letter also make sense: "The parties agree that it is in all parties interest to preserve the status quo in the Actions until the agreement is either finalized or abandon" So they defiantely want to come to an agreement, and going to DC court could slow down the proceedings.
" Although the parties are optimistic that they will be successful in finalizing the agreement, there is no absolute certainty in this regard or that the Bankruptcy court will approve any agreement presented to it". They are going to present the POR, but are not sure of it being approve, so they will need more time to negotiation, Dc court is not so all important, if a settlement can be reached between all parties. jmo
If WAMU comes out of BK in a reorg status, all bondholders will not be paid off at once. But over a period of time as they become due. So their will be money for WMI to invest in the new operation. mo
The selling today could all so be as a result of the former WAMU, now JPM employees mandatory selling of WAMU stocks in their 401K portfolio. Today is the last day to sell them?
Senate to remove "backdoor bailouts" from bill
By Karey Wutkowski, Reuters
2 hours ago
http://www.comcast.net/articles/finance/20100319/BUSINESS-US-FINANCIAL-REGULATION-BAIR/
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ORLANDO, Florida — The U.S. Senate Banking Committee will remove a provision from the financial reform bill that bank regulator Sheila Bair said could allow for "backdoor bailouts," a panel spokeswoman said on Friday.
Sheila Bair, chairman of the Federal Deposit Insurance Corp, told a conference of community bankers earlier on Friday that the agency had "serious concerns" about a provision in the bill that seems to allow the Federal Reserve to rescue Wall Street firms if their functions were critical to the markets.
That provision will be removed in an amendment as the Senate Banking Committee debates the draft bill, committee spokeswoman Kirstin Brost told Reuters.
"If the Congress accomplishes anything this year, it should be to clearly and completely end 'too big to fail,'" Bair said at a conference of the Independent Community Bankers of America.
Bair said small banks deserve an even playing field and that larger institutions are still enjoying benefits from an implicit government guarantee.
She said the largest banks have much lower funding costs than community banks and are attracting more deposits.
"These signs all point to a presumption in the marketplace that the largest banks are, indeed, too big to fail," Bair said.
The FDIC chief, a critic of some of the government's massive rescues of Wall Street firms, has been one of the strongest advocates of creating a "resolution mechanism" that would allow the government to dismantle a failing financial firm.
That government power, she has said, would help remove the notion that some firms are too big to fail.
But she said the bill before the Senate Banking Committee, unveiled on Monday by the panel's chairman, Senator Christopher Dodd, appeared to have loopholes.
"We do have serious concerns about other sections of the Senate draft which seem to allow the potential for backdoor bailouts through the Federal Reserve Board's 13(3) authority," she said.
In Dodd's bill, the Fed's emergency lending authority is changed to prevent it from propping up individual institutions.
However, it still allows the Fed to extend "systemwide support for healthy institutions or systemically important market utilities with sufficient collateral to protect taxpayers from loss during a major destabilizing event."
Bair said that loophole could mean that practically all Wall Street firms could still receive bailouts.
"It's time that the big players understand that they sink or swim on their own," she said.
Dodd's bill will change as the committee starts to debate and amend it, a process scheduled to begin Monday. The removal of the provision, if agreed to by the committee, would mark another win for Bair. She also successfully lobbied lawmakers to pre-fund a resolution mechanism, instead of collecting fees from financial firms after an institution collapses.
THANKING THE SMALL BANKS
Bair praised community bankers for the role they play in extending credit to borrowers. Bair, a Kansas native who once worked as a bank teller herself, received a standing ovation at the ICBA's annual conference.
The conference -- five days at a plush resort in Florida -- brought together hundreds of small bankers seeking exemptions from sweeping new financial rules being drafted by Congress.
Community banks have already succeeded in being largely spared the burdens of consumer protection and fee proposals.
"You kept this nation going when it slid into the heart of financial darkness," ICBA President Cam Fine told the bankers in a fiery speech that included a montage of his television appearances.
The recovery of small banks, however, is lagging big institutions, largely because of concentrations in commercial real estate loans that took longer to unravel. Bank failures will likely peak in the third quarter of this year, Bair told CNBC Television on Friday on the sidelines of the conference.
Despite the industry's troubles, Bair said community bankers are continuing their tradition of being a critical source of lending. She said large banks have pulled back on credit more than smaller institutions, and this is hampering the economic recovery.
Last year, banks' loan balances fell by 7.5 percent, the steepest decline since 1942.
Bair noted that the largest banks accounted for more than 90 percent of the total drop in bank lending in the 2009 fourth quarter. Small banks, on the other hand, increased their loans by more than 0.5 percent, she said.
"While so many big banks keep pulling back, you are hanging in there, doing your best to support the credit needs of our struggling economy. That deserves recognition in Washington, and all of our thanks," Bair said.
(Reporting by Karey Wutkowski; editing by John Wallace)
All those who sell earlier in the week, fighting to get back in now! Should see at least .25 today
Just seeing the good news. But a lot of poster made some unjust comments today about the Judge. Being inpaitient can cause that, and I hope they would remain calm and keep their gripe off the board. jmho
Posted by: BigWill Date: Friday, March 12, 2010 9:08:09 PM
In reply to: None Post # of 176529
A Piece on Weil - Just for read
SemGroup Emerges From Chapter 11 Restructuring
(December 9, 2009, Weil Gotshal News)
SemGroup® Corporation has emerged from Chapter 11 as a newly reorganized public company, with a plan to distribute more than $2.5 billion in value to its stockholders. One of the largest bankruptcy filings of 2008, SemGroup was represented throughout the filing and restructuring process by Weil, Gotshal & Manges LLP.
Partner Martin Sosland, who led the Weil team, commented, "This was a particularly complex case, involving US and Canadian cross-border insolvency issues and conflicting priorities of various US state oil and gas lien statutes and UCC filings."
SemGroup L.P., a Tulsa, Oklahoma-based energy trading company and certain of its direct and indirect subsidiaries filed for Chapter 11 bankruptcy on July 22, 2008, involving approximately $5 billion of debt. Given the diversity of its businesses, the bankruptcy and restructuring process was extremely complex and contentious, involving negotiation, litigation and settlement of numerous disputes between the various parties. Weil Gotshal successfully led the company through the process, and negotiated and drafted a Chapter 11 plan of reorganization supported by all major creditor constituencies. The Plan of Reorganization was confirmed by the Bankruptcy Court on October 28, 2009 after 80 separate objections from 59 different parties were resolved by Weil Gotshal or overruled by the Bankruptcy Court. Effective November 30, 2009, the Plan is supported by three new financings:
$500 million US and Canada facility;
new £30 million facility for a UK subsidiary that was not part of the bankruptcy filing;
$125 million US financing for pipeline.
The Weil Gotshal team representing SemGroup was led by partners Martin Sosland and Sylvia Mayer along with partners Adam Strochak, Andrea Bernstein, Marsha Simms, Michael Saslaw, David Hird, John Strasburger, Angela Zambrano, Yvette Ostolaza, Vance Beagles, Yolanda Garcia, Jared Rusman, Larry Gelbfish and now retired partner Peter Gruenberger. The UK facility was organized by London partners Dominic McCahill and Michael Nicklin and associate Katy Byatt. The cross-disciplinary team included bankruptcy, corporate, litigation, environmental and tax attorneys from the firm’s Dallas, Houston, New York, Washington, DC, London and Silicon Valley offices.
There is about 720 BK cases on file in Delaware BK Court. Does not include chapter 7 cases?? for about 7 Judges.
One thing I am thinking is that in the re-org plan they are going to keep he cammon shares (WAMUQ)?
td31,
Last Friday could have been a stunt for real; but that was a very imporpant point of Rosen and friends not objecting to the EC interventing???
He left the DoJ in 2001, one of Reno's guy, he has no connection. He is now an outsider now, new administration.
VooDoo
Which one of the 12mpg files it is on?
You all can have a cold green one from my refer; WAMUQ on Tap!!!