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try page 59 of 369 of the examiner's report electronic document Lebo (which shows page 52 at the bottom of the physical report)
I have Td ameritrade and I havent gotten any emails about it either.
Wow, just wow. I read through this and and it's as if all the missing pieces finally fall together and make you go: AHAA!!! No wonder Rosenpuke is so quiet after the examiner's report. No wonder Susman/Nelson/EC are so quiet, they have this Howitzer: the Toronto Dominion WAMU bid. Of course the examiner can't find it cause its under freaking seal. Yeah no wonder WAMU was never given a chance to receive TARP it needed to be 'failed' and 'seized' before Toronto Dominion got it's hands on it. I don't know why, but his scenario just makes gut sense.
So Paulson and Bair-baby were too afraid to let WAMU go to the Communist Canadians "sorry, not off short list, sorry, too late for TARP." Meanwhile, the US Gvmnt keeps printing more money, perpetually raising the debt ceiling and selling the debt to the Chinese communists who are now making the US it's litol economic biotch, but no THAT's ok, we just can't let the Canadians own WAMU.
What a freaking mind job! Thank God for today's elections. Goodbye Pelosi, wake the F up Obama, your shenanigans are OVER (he's gonna wake up today and feel the same way we felt when WAMU opened down 62% yesterday "WTF happened?") LOL. GO WAMU
Yup and this other conspiracy that JPMorgan was shorting commodities like Silver/Gold and probably mortgage backed securities as well through Goldman Sachs that led to the collapse of the economy in 2008 is all hearsay...JPMorgan is good people.
They cares about WAMUS and wanted to saves it and saves the peoples. They cares about our livelihoods and wellbeings and our souls and going to heavens and...OH wait, say what?
http://forum.prisonplanet.com/index.php?topic=96558.0
Daaaang! Those MFkg b*st*rds dont give a sht about nobody JUST INCREASING THEIR POWER AND MONEY
Lol, a fellow WAMUER trying to fish off the WAMU company dock! HA HA HA, dat's funny
Boy don't even get ME started on all that illegals crap. I'm here sitting on my rear end because my legal work permit expired and so obviously I can't work illegaly (because I don't pick up vegetables from the ground) until the next legal permit gets approved, which takes 1 year. There ya go. How is that any different from the unlawful harm that was inflicted upon WAMU and shareholders? Who decides who does and doesn't get to follow the law? It's pretty much the same if you ask me.
Exactly, and how can you claim that the POS POR is sensible without having an asset list/valuation to back up your claims, when now we're finding out in 2008 Toronto Dominion bank was possibly interested in acquiring WAMU's entire East Coast branch network for $30Billion (JUST FOR THE EAST BRANCHES!).
Of course, they had to back down when they saw JPMorgan wanting to acquire ALL OF WAMU'S branches in the US for a mere $1.8BB ("Oh mon dieu, ah, mais non Mr Morgan we cannot compete with your $1.8 Billion dollar offer against our exhorbitant $30B"), what a freaking joke. The first thing a highschool History student learns is to make interpretations based on FACTS not on OPINIONS.
Share price is an illusion just like Voodoo says which causes the panic that makes people want to sell. Who decided that we should open today at $0.06? People owning the shares? Or the Market Makers?And how do they decide overnight that $0.06 is in fact the true representation of the current value of the company? What is the true value of the dollar? Is one dollar really worth a dollar nowadays? Or is it in fact worth 3 cents? If so why doesn't the dollar say "3 cents" instead of "1 dollar". I could go on and on. It's a vicious circle that can only be run with a nice bottle of aspirin and cold water. But I'm just a foreigner so don't listen to me.
Look everybody, I can copy and paste too! I say, gosh, what do we have here? Well I'll be darned. Is he saying WAMU was solvent up to the date of seizure? Oh my. Sorry to ruin your part buddy.
Page 69/369
4. Solvency After Summer of 2008
During the summer of 2008, WMI's market capitalization ranged from a high of over $10 billion in July to under $2 billion in the days preceding its seizure on September 25, 2008. As of September 10,2008, WMI's stock price established a market capitalization of$3.9 billion, which is an indication that it was solvent on the date of the last capital contribution. On September 19 -- less than a week before OTS closed WMB -- WMI traded at a market capitalization exceeding $7.2 billion.
Applying a balance sheet test, the Examiner has not seen evidence clearly establishing that the value of WMI's assets -- principally WMB's mortgage portfolio -- was less than its liabilities as of September 10,2008. While WMI anticipated between $12 and $19 billion in losses over the life of its mortgage loan portfolio, those losses would have been realized over time, and the assets on WMB's balance sheet had not been written down to a significant extent as of September 10, 2008.
Finally, WMB's primary regulator, OTS, concluded two weeks after the September 10, 2008 capital contribution that WMB was "well-capitalized" by regulatory standards. OTS had unfettered access to the books and records of WMB and was in a better position than any outside party to assess the capital position ofWMB. While regulatory capital ratios may differ in some respects from capital analyses used in traditional solvency analyses, the regulators' view that a bank is "well-capitalized" is relevant. Indeed, OTS made clear in its discussions with the Examiner that it viewed WMB as solvent and did not close the bank because of insufficient capital.
In sum, all of the foregoing factors suggest that WMI was solvent up to the date of the bank's closure.
As long as you state what u wanna say without direct expletives, and without making a loud ruckus or bringing a gigantic 4 foot by 4 foot sign that blocks the view from the back, by gosh not even the judge can stop that! It is your right sarge
Says who?
No need, just take a sing with you that states it. That way, everyone can read what you are wanting to say without having to raise your voice and get in trouble. C'mon, the leftists do this all the time, learn from them! LOL
What's worse is if this is truly what things have come to, and there's nothing that can be done to remedy this WAMU fiasco and justice is just an illusion created by those with power versus those without what about all those other 'conspiracies' floating around about the things 'a coming down the pipe to this once great society? I think I may have to leave the country after all. Return to my true home. Maybe that is what is subconsciously being hinted to me. AIMO.
Okie shop, yes I own some of all three of the U's, P's and K's. GLTY too!
Great. Thanks!
Ah, then I haven't received it yet, whew! Just to be sure, it's not a big 1" thick booklet right?
We're supposed to have mailed a voting ballot? WTH? I never got a letter from Susman asking to vote NO. What does this look like? Links? Sorry I've been away several days
You are correct http://online.wsj.com/article/SB10001424052748704830404575200413908733450.htmlhttp://online.wsj.com/article/SB10001424052748704830404575200413908733450.html
BUSINESS APRIL 23, 2010
Filing Favors J.P. Morgan's WaMu Bid Over Citi's
By DAN FITZPATRICK And RANDALL SMITH
Citigroup Inc.'s unsuccessful bid for the teetering banking operations of Washington Mutual Inc. proposed that the U.S. government absorb a majority of the thrift's loan losses and limited Citigroup's financial exposure to $10 billion, according to a document released by regulators.
Terms of the offer by the New York bank previously were kept secret by the Federal Deposit Insurance Corp., which sold the failed banking units to J.P. Morgan Chase & Co. for $1.88 billion in September 2008. The document was disclosed following a Freedom of Information Act request by The Wall Street Journal.
The document appears to weaken claims by Washington Mutual's now-bankrupt parent company that the FDIC bent over backward to give J.P. Morgan a sweetheart deal on Washington Mutual. Citigroup offered no upfront cash as part of its bid and didn't want to assume Washington Mutual's uninsured deposits.
Citigroup also wanted the FDIC to cover 80% of "first losses" on the thrift's loans, including mortgages battered by declining real-estate values. Losses by the New York bank on the remaining 20% would have been capped at $10 billion, the document shows, with the FDIC stuck with any additional loan losses.
In comparison, J.P. Morgan sought and received no loss-sharing agreement from the FDIC. It also took control of all deposits held by Washington Mutual, whose collapse was the largest bank failure in U.S. history. "It would appear from publicly available documents that J.P. Morgan was far and away the best bidder," said Kevin Starke, an analyst with CRT Capital Group LLC in Stamford, Conn. "In hindsight, Citi's bid was too conservative."
J.P. Morgan and Citigroup were the only banks to bid for Washington Mutual as part of the auction process that is customary when insured U.S. banks and savings institutions fail. Under federal law, the FDIC must accept the "least-cost" offer from potential acquirers.
"The FDIC was able to sell WaMu through an unassisted transaction that protected all depositors and resulted in zero exposure to the government," an FDIC spokesman said. "No other bid accomplished this." Citigroup, J.P. Morgan and the Washington Mutual holding company, now in bankruptcy proceedings, declined to comment.
Former Washington Mutual Chief Executive Kerry Killinger told a Senate subcommittee last week that the seizure was unnecessary, accusing regulators of helping only financial institutions deemed "too clubby to fail." The old parent company has contended the banking operations were worth more than the $1.88 billion paid by J.P. Morgan, while bondholders have accused J.P. Morgan of fostering the conditions that led to the seizure. The FDIC, Washington Mutual's old parent company and J.P. Morgan are battling in a federal court over billions of dollars in deposits, pension benefits and tax refunds. A tentative settlement would split the assets among the three parties.
Citigroup initially considered buying Washington Mutual after being approached by the beleaguered thrift, according to people familiar with the matter, but didn't make an offer. Shortly before Washington Mutual was seized, FDIC officials sought bids from potential buyers. The day before the failure, Citigroup submitted what it called an "indicative" bid.
In a letter, Edward Kelly III, now chairman of global banking in Citigroup's institutional-clients group, wrote that the offer did "not conform to the bidding instructions for Washington Mutual." Still, the letter added, "our suggested approach will in fact provide greater systemic stability and lower losses than would any conforming bid."
In October 2008, Citigroup reached an agreement to buy struggling regional bank Wachovia Corp. as it neared collapse. That deal was torpedoed by Wells Fargo & Co., and Citigroup was forced by year end to get two taxpayer-funded bailouts that left the U.S. government with a 27% stake in the company.
The government now is working to sell off its Citigroup stake over roughly a six-month period.
Write to Dan Fitzpatrick at dan.fitzpatrick@wsj.com and Randall Smith at randall.smith@wsj.com
I think it was Citi but forgot how much.
Johnny, Examiner, Rosenhose, ANYBODY, can you please just show me the 3.1a asset list prior to the seizure? The valuation of the +2,000 branches, etc? Just show me the 3.1a asset list, say "see your honor, here's the asset list, yada yada, the branches are worth X, WMI was only worth $1.8 BILLION, cased closed" and we can end this nonsense and everyone can go away (some mad, others relieved).
SHOW ME THE ASSET LIST, 3.1a. WHERE IS IT? $3 million dollars up in smoke for a dog gummit examiner to state "err, current POR is reasonable your honor" BUT, I gotta cover my arse, so "You're honor any court could conclude that WMI was solvent when seized", no valuation, asset list disclosure WTF??? What kind of double talk none sense is this? You call that an examination? I want our $3 million back, what a bunch of crock. Gees.
I can't blame ya!
The following is certainly befitting:
Aaahhh why you sneaky lil' rat, that's genius!
Yup I received a 1" booklet titled "NOTICE OF FILING OF FURTHER REVISED PROPOSED ORDER (I) APPROVING THE PROPOSED DISCLOSURE STATEMENT...(IV) ESTABLISHING NOTICE AND OBJECTION PROCEDURES FOR CONFIRMATION OF THE DEBTORS' SIXTH AMENDED JOINT PLAN." In it are blank pages titled "General Ballot for Class 12" or "Master Ballot for Class 3"
Is that what they got?
Sell why?
BWAHAHAHA!! The lies are finally catching up, these crooks are toast!
Plus, lo and behold, as it turns out, the DTCC is owned by the Federal Reserve and if they feel like it they can choose NOT to give you any of your WAMU stock certificates. HAHAHAHA dat suks . Maybe it's not such a bad idea to pull some out while you still can
.
http://ming.tv/flemming2.php/__show_article/_a000010-000923.htm
Hey Jamie Dimon, err I mean Johnny Winter welcome back!
Well, looks like we (equity) are screwed huh? Looks like the DS is gonna get approved and so will the POR. Examiner's not likely gonna find squat right, and gaaame over.
Soooo, why the need to extend the retention of Blackstone?
http://www.kccllc.net/documents/0812229/0812229101019000000000004.pdf
Isn't their evaluation already done? What the hell else are they gonna evaluate? Wait, is it to try to evaluate the examiner's report? But I thought examiner's not gonna find squat? Right? No? What happened? Please explain this to me so I can sell aaaall my shares right away!
Well that was easy , thanks for participating gophilip
EOM
Right. It doesn't give them the right to gift them to JPM and FDIC. So why then aren't they now automatically part of the WMI estate valuation? Why are the tax refunds being put into a separate escrow account from WMI? Or is this what the examiner report will also clear up?
Johnny Winter hasn't shown up to rant in our face about the DS 'victory' (which is slightly befuddling and worries me) so I'll play devil's advocate today to hopefully clear up doubts about our WAMU trial in layman terms.
A lot of people use Bear Sterns as an example of how JPMorgan can settle in our WAMU proceedings (myself included). However, when JPMorgan offered $2pps, Bear Stearns shareholders opted to block the merger, so Bear Stearns executives urged James Dimon to settle at a higher price to avoid costly BK proceedings and because they felt they were in financial trouble. So Dimon hesitantly settled at $10pps. But this was PRIOR to going into bankruptcy proceedings.
http://money.cnn.com/2008/05/02/news/companies/bear_stearns.fortune/
Now compare with another bankruptcy proceeding, Lehman Brothers, which had +$600Billion in assets, where shareholders proceeded into BK and felt JPM robbed them of $8Billion in collateral due to insider information prior to the announcement of Lehman's failure. So an examiner was appointed and the examiner report released in March of 2010 found no wrongdoing and that in fact Lehman had been fudging their balance sheets. The examiner was excused from the case. Now the trial is going into litigation which probably won't be till 2012. LEHMQ now trades at $0.053 down from $0.16 before the examiner's report was released in March (WAMU is at $0.17 prior to examiner report)
http://uk.reuters.com/article/idUKN1325935920100713
http://lehmanreport.jenner.com/
Eerily similar to our WAMU case, and guess who was acting on behalf of the debtors? Yup, Weasel, Gotcha and Mangle. There is no asset valuation (as far as I can tell) in this POR either (but I'm no genius so I could be wrong).
http://www.scribd.com/doc/28423136/Lehman-s-Chapter-11-Reorganization-Plan
I know there's myriad arguments that raise a red flag such as the seized overnight on a Thursday on WAMU's 119th anniversary, Hank Paulson "you should've sold to JPMorgan when you had the chance-we're not adding you to the Do Not Short list", JPMorgan offered $8pps to buy WAMU prior to the seizure, +2000 branches, $3.7B in cash, etc, etc.
So how do we know for certain that WAMU's executives weren't fudging THEIR balance sheets like Lehman's? I know examiner report will reveal the truth but hey look at what happened with Lehman. Sorry if this is a stupid post, I'm an engineer not a financial guru and I just want to help clear any doubts that this isn't just another Lehman and is in fact a unique BK case.
Lol, which one was it:
- Oh oh oh it's maaagic: (shhh) we stooole WAMU?
or
- JPMorgan, the way forward >>>> *
*Mortgages actually go that way <<<< (blame WAMU)^
^Actually we're not sure if we even own the mortgages yet. Actually we're positive we don't own the mortgages yet...Err, we'll try to get back to you on that. In faaact can we just use one of our sneaky lawyers in cahoots and buy you off for $0.01 on the dollar like we did with WAMU? (but don't tell anybody or we'll kill you).
Man, I hope someone takes you up on it. I'd hate to see all the great facts accumulated here gone one day :(
Well we're still at $0.175 so, as of yet, no we're not done IMO
Completely agree. And I also agree with Voodoo that the 'audio' issue was probably orchestrated as well. I mean, my! WHAT a coinkidenk huh? Lol.
Me either :(
I agree with this frame of thought. JPMorgan is no charitable organization. Everyone knows Dimon had been ogling and salivating over WAMU desperately trying to get his hands on all those +2,200 plus branches for what? More power, more control and more money (duh): a cheap cash cow.
Sorry, but to think that you can attain more power by acquiring a supposedly insolvent company like WAMU is in direct conflict with the logic that a CEO, interested only in increasing the worth of his/her company, would also go out of their way to help out an 'insolvent' company in need of help and absorb their debt.
If WAMU really had that much more power/money to infuse into JPMorgan, how could WAMU become insolvent/sold overnight having such power/money? This logic is flawed and the examiner's report will prove this. Nothing in this universe/life is free.
LOL, awe...