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My sources say AG has 3000 Ps.
That's where she came up with wanting a payment of $3M, which would be par for her 3000 Ps.
I always thought she would have many more Ps than that.
Dimon hoped for delays. Here's why.
He is a not a stupid man. He knew that if one of two things happened by delaying this saga as long as possible he would likely get to keep the stash he stole.
One delay possibility was to get a dem elected to office in 2020. This would guarantee a favorable situation and the ensuing chaos of markets would cause such turmoil that the WAMU saga would be a distant memory and he could keep the stash.
The other delay benefit, which is now beginning to happen, is a recession and financial chaos. That will turn the financial world on its ear and again, WAMU would be a thing of the past and of no importance with the world finances collapsing.
This is why delaying was so important to him, Rosen, and the FDIC. They knew eventually one of these things would happen, making delay a very important methodology.
And don't forget, IMO, Rosen is vying for a very handsome position with JPM, as Holder was able to get by gifting the WAMU money to Dimon.....Dimon subsequently gave Holder a $75M salary. Pretty good money!
Has hell just frozen over?
Am I seeing things in my old age, or did our Mr. Meat just say:
"The only thing that substantially "helps escrows" is money being left over from the WMI estate...lots of it!!!"
Well Mr. Meat, welcome to the world of reality.
Yes, there is "lots of it!!!"
Trump and Dimon hate each other.
I think this is about to get very interesting.
I highly recommend they resolve this mess soon before Barr's boys start digging.
And they will.
A little birdie told me to keep an eye on wmitrust.com
The bk must be closed first.
Then all can be revealed.
Mr Meat. Assets cannot be investigated yet by ANYONE because it is all under seal/redacted!
I would think you would know that, so either you are oblivious, uninformed, or purposefully in denial.
Rosen is right in that there is no asset money coming from the LT. The LT is his only concern.
For those who think Dimon got it all for $1.8B.
You're kidding, right?
LOL
Billions are at stake and Barr knows it.
He is a busy man but has a huge staff to look into this matter.
I believe Walrath and Rosen should be looked at very closely. And of course Bair and Dimon too. This case stinks to high heaven.
Collyer too. She also signed off on the corrupt FISA applications that fraudulently spied on the Trump campaign.
I never thought I'd see our country get this corrupt. I also feel for the employees and shareholders of WAMU. This whole thing was the biggest financial travesty in history. I sure as hell hope they do not get away with it.
Getting into short squeeze territory.
12 isn't far off now.
AZ was right.
Bban, have you ever class actioned?
I have been involved in 3. I got nothing in 2 of them. In the other I got 600 bucks and lost well north of 100k.
The only people who get money in a class action are the lawyers.
The best way to sue is a straight up contingent deal that gives the lawyer 30-40%. And thats IF you can find a lawyer willing to go up against the DOJ, FDIC, JPM, etc.
Our only hope is that the hedgies go after them and we ride the coattails.
As head of the DOJ, Dimon was the boss of Walrath and Collyer.
Plain and simple.
JPM was given special treatment because Dimon and Obama were close friends. And now Obama is worth well over 100 million?
And Holder gets a $77m salary from JPM?
Come on. This is all so obvious.
Eric Holder, Walrath and Collyer's boss...
Yep, Jamie took quite good care of him.
https://destee.com/threads/eric-holder-takes-77-million-job-with-jpmorgan-chase.81727/
Rosen doesn't just work for the LT.
IMO, he is auditioning for a lucrative job at JPM. Like Eric Holder whose judge appointees took care of Dimon, he is no doubt hopeful Dimon will take care of him too. Holder subsequently got a high paying position from Dimon for the great work he did essentially gifting JPM billions in this obviously unfair taking of WAMU.
Rosen is right in the sense that except for maybe 20 million and possibly some Libor money, the LT has nothing to disburse to escrows.
But why is he sticking his nose into the asset aspect when that has nothing to do with the LT.
It's obvious to me. He is interviewing for a job.
"Most importantly, it doesn't point to anything coming torward us"
Who said it did?
If you took a course in reading comprehension, my point was that Chase can spend money like a drunken sailor, especially having gotten windfall gifts from the fdic and doj, while the WAMU shareholders have languished in nothingness. Oh yeah, let's not forget that 30B that Dimon the thief giggled and bragged about.
Forgive Canadian credit card debt, and they throw a used rubber at the WAMU shareholders.
Where is the outrage? Crickets from the shareholders, employees, and hedgies. Like they've given up.
Chase forgives all Canadian credit card debt.
They made so much money fleecing WAMU that they can afford to blow off an entire country's debt.
Incredibly sickening.
I say Sept 26 will be much more significant than most here realize.
I understand the skepticism after all we've been through. Many dates have come and gone. But we are coming to the end now. Surely everyone must realize that. Even the meat man. 2 to 10 would only be a down payment.
Many a truth is said in hypotheticals.
Think about it. Hypothetically.
I think Walrath's 10B comment was not meant to be an accurate number by any means.
I think she was just trying to hint that there was indeed money under seal, i.e. safe harbor. It could be less but it likely is much more.
It was like she couldn't contain herself and she had to say something. She knows the angst that's out there among retailers, some who have lost their life savings, homes, spouses, health, etc. She could've just as easily said, look, there will be no further money so people shouldn't get their hopes up. But she didn't.
I find it hard to believe that she, Rosen, and others involved are so cold and cruel that they care nothing about those whose lives have been so profoundly devastated.
Walrath's $10B comment was well thought out and purposeful.
Judges do not make flippant remarks. This comment was a premeditated remark to say, yes there is money.....hint hint.
The questions remain, how much and when.
Living in California I can only imagine how much tax they will want from my escrow payout.
Time to get an offshore LLC.
Yes. Highly probable.
Compounded.
Plus performance which you have not factored in.
Remember also that Ps were trading at around $1300 at time of seizure.
Par for Ps is much more than $1k with 11 yrs of compounded dividends. I would calculate current par in the $3k range.
Having analyzed this case for 11 yrs, Ron and AZC are most accurate in their research IMO.
I tend to be a skeptic on pie in the sky sagas, but I truly believe that escrows will get paid. Dmdmd is also right, but I'm not sure if it will hit his numbers due to the corruption involved in this mess.
I expect news to hit any time now. There will be 8500 very angry retailers in addition to the hedgies if this is not resolved with a fair and reasonable result.
Hypothetical Q&A with Dimon at trial:
Hedge funds attorney: So, Mr. Dimon, when you found that extra $30B from the WAMU holdings that was unanticipated, didn't you think that should be a special consideration and as such, returned to the escrow shareholders of WAMU who lost everything in the fiasco?
Dimon: No. That was "found money". I jumped up and down like a kid when we uncovered that money. The WAMU shareholders had no claim to it. Screw them! Too bad about them! I bought a couple mansions for my children in the Caymans. My children needed new offices down there. The WAMU shareholders can go pound sand.
So what exactly is an omnibus hearing?
An omnibus hearing is a pretrial hearing. It is usually held soon after a defendant's arraignment. The main purpose of the hearing is to determine the evidence, including testimony and evidence seized at the time of arrest.
In our case, Sept 26 could be the precursor to a trial. It could also involve the wrapup of the BK.
To take it one step further, it could involve 5th amendment unfair taking, and even the start of RICO charges.
I believe it will be the beginning of the end of the BK based on information...
I do not believe that Rosen and Walrath want this to turn into a long, drawn out ugly trial. They have both indicated they want this over and done with.
And Dimon and Bair certainly don't want this to go to trial.
Nightdaytrader. Guess you didn't talk with him. I did.
He is "confident" this can be wrapped up this quarter or early in 4th Q.
Those are his words. Know that facts.
Sept 26th is the possible wrap. Nothing is definite in this saga but we are getting close to something.
Barr's boys may soon be breathing down their necks. They know it.
BK closing Sept 26. End of Q3 beginning of Q4. Just like Rosen said.
Libor may be part of that. Finally coming to a head.
Then COOP issues new Ps. All falling in place like a big puzzle.
I may be wrong. But I doubt it.
Might start to happen sooner.
Yes, thank you Ron.
It is obvious now that AG created this crisis for her own benefit. Those who threw money at her must feel as used as a two bit hooker.
BTW, my summary to Attorney General Barr goes in the mail today as promised. His staff will have fun with this one.
Denying 8500 shareholders their money will go over like a fart in church.
Tens and perhaps hundreds of billions being blocked from the economy will get priority treatment, no doubt.
Dimon, Bair, Walrath, and company have some splainin' to do.
Seamus, I am embarrassed for him too.
I can't imagine a 24 7 effort like his to try to disprove a future event.
Oh and BTW....
AZ was right. COOP is the tell. Watch and learn.
Billions of assets boarded.
Hmmmmmm....lovely.
Posting nonsense posts denigrates the good posters and constructive DD.
I wish it would stop, but it never does.
It likely also discourages good posters from posting.
Will escrows receive payment?:
As a review....
Rich Delgado from COOP said, on the record, that he did look into this matter about money coming back to escrows. His conclusion was that there would be no money coming to escrow holders in the future.
Janice Hearns, director of the FDICR, said to porkchopranch that there was nothing left for escrow holders and the FDIC would not be making any payments to escrow holders.
Brian Rosen has said repeatedly that safe harbor was a fantasy and dreams of money coming to escrows were unfounded.
Mike Willingham said dont hold your breath. The EC disbanded.
Judges Walrath, Collyer, and Claster couldnt care less about the moms and pops. Walrath giggled like a schoolgirl with a crush and acquiesced to Rosen
about everything he presented.
Dimon finds a bonus of $30B.
Instead of the court calling him out on that and demanding that be returned to the shareholders....we heard crickets, and they allowed him to keep it.
So many dates for payments have come and gone. With this above litany you might certainly think escrows are done like a dinner.
But they are not. Having followed this closely for 11 years, I feel strongly that money will be paid out.
Again, there is a new sheriff in town. Bill Barr has his hands full. But bet your bottom dollar that his staff will get to the bottom of it if we do not get news on restitution very soon.
Alice and her 3 million delay.
For all who extolled the virtues of her suit, and it is a suit, now do you feel stupid for giving her your cash?
She was in it all along for her own self interests IMO. Now that is evident to me.
If she demands payment from the LT this could present a protracted delay for any possible escrow payments.
Sure, keep giving her your money.....(rolls eyes).
And Walrath is ok with A&M getting all this money from the estate.
So either she is the most crooked judge in financial case history, or she knows exactly what is under seal and must be managed.
I hope, and think, it is the latter.
Thank you cura. Please read!
Look, this says it all. How much clearer can it be?
On September 25, 2008, the FDIC announced that JPMorgan acquired the banking operations of Washington Mutual at no cost to the FDIC’s insurance fund [xv]. In an SEC filing that evening, JPMorgan said it “acquired all deposits, assets and certain liabilities of Washington Mutual’s banking operations from the Federal Deposit Insurance Corporation (FDIC), effective immediately. Excluded from the transaction are the senior unsecured debt, subordinated debt, and preferred stock of Washington Mutual’s banks. JPMorgan Chase will not be acquiring any assets or liabilities of the banks’ parent holding company (WM) or the holding company’s non-bank subsidiaries. As part of this transaction, JPMorgan Chase will make a payment of approximately $1.9 billion to the FDIC”
Two relevant elephants.
What has A&M been managing all these years?
Why were there so many lawyers in court for bop's UW hearing?
Oh right. I forgot. There's nothing there.
Ha!