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U.S. stock exchanges are open for trading Columbus Day, October 10.
Bond markets, Federal Reserve Banks and many of the nation's banking institutions are closed.
GYS
>>He sounds like another loose cannon.<<
exactly my thought after I read XOM's synopsis.
OUCH!
I also wonder if someone could explain to me as to WHY JPIG & FDICK was excluded from mediation.
TIA
GYS
EXDIMER, let me educate you..
Most people have discarded their CC card as well as their account in a major bank,,,,,, and going for "their Credit Unit/local " to park their monies there!
GYS
noneck, I guess it escaped you completely that WGM is JPIG's lawfirm.
Do some DD before you spew nonsense!
GLTY
David, THANKS!
However your post came almost as an immediate "return" to my questions/previous posts to others,,,,,, and that makes me wonder of WHO to trust on this board anymore,,,, despite their eloquent posts!
Take care!
GYS
garyhalvo, you trying to be cute....
OR just devious?
>>judge and rosenturd agreed to take care of billings at the end<<
Say's WHO/filings?
GYS
oilstrike,
I fully agree with you.
GYS
NASCOW, and so what do we need to do to SLASH Rosenfarts/WGM's as well as A&M OUTRAGEOUS billings so far.
The judge = MW, hasn't lifted a finger here towards her "Buddy" Rosenfart's billings, despite multiple objections from David.
She's either majorly DEAF or....... you fill in the blank!
GYS
borbash, WOW and thanks for posting this here.
Maybe you should/could send a copy of this to TOM HALS of WSJ since he seem to have his facts/outlook wrong, but then again who's paying him to do just that?
IMO, Rosenfart/WGM is in a pickle to put it mildly. NEVER in their wildest dreams could they have foreseen/anticipated that SH's/EC are revolting. Look at their previous "spoils" of K-Mart etc... Equity was wiped out then and that seems to be WGM's goal.
So they go by their playbook from many moons ago, albeit it's not working here any more.
The WAMU saga might just re-write a new BK law for the future.
JMW, IMO is still the lose canon in this saga, but maybe, just maybe she'll emerge as "the judge who changed history".
GYS
clawmann, YES it's there, despite your posts.
Please come again?
GYS
clawmann, great and can't wait to hear from you going forward with YOUR Synopsis ++ ON I-HUB!
glty
Large Green, I concur!
Read this weekends posts now and surprised that some of the "longs/major holders" turned sour and talking against Q's now = Interesting to say the least.
Then a flurry of newbies, asking questions and dutifully answered by WC as well as Fsshon/Don, who didn't seem to be around a few weeks back= vacation!
I know my DD and invested accordingly, despite all these NAY-sayers all of a sudden.
GYS
clawmann, however you seem to have forgotten the "FC" whereby JPIG took it upon themselves to sell "properties" belonging to the HOLDING CO. WMI and had nothing to do with the BANK, with the blessing of the FDICK (Sheila Bair) I'm sure!
Interesting that that FDICK announced today that they are closing 2 field-offices. One can only speculate as to why.
Heat getting to them?
ROFLMAO.
GYS
from the Y board
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/threadview?m=te&bn=86316&tid=856657&mid=856657&tof=1&frt=2#856657
that's exactly what I would like to see too, but then we've talked about this years back and none seems to listen or is willing to. And yes, I did write some Congressmen in my district as well as governors, albeit got a form-letter back and nothing else.
Pity!
es1, great WAG though.
We SHs are flying blind as of this point and have been for a while now. S+G have their strategies which we are not privy to unfortunately, but maybe better to keep these close to their vest.
But as to JMW, that's the lose cannon we need to watch out for!
GYS
umaw, LOL wouldn't that be nice.
IMO they are covering their backside. Look Fried Frank is already under investigation for leaking confidential info. Who knows if WGM will be too?
Haven't heard much out of Rosenfart lately!
GYS
NEW YORK, Sept 30 (Reuters) - JPMorgan Chase & Co(JPM) and Bank of America Corp(BAC) were hit with new lawsuits by investors seeking to recover losses on $4.5 billion of soured mortgage debt, expanding the litigation targeting the two largest U.S. banks.
Sealink Funding Ltd said between 2005 and 2007 it bought nearly $2.4 billion of residential mortgage-backed securities (RMBS) from JPMorgan(JPM) and $1.6 billion from Bank of America(BAC) in reliance on offering materials that were misleading about the quality of the underwriting and underlying loans.
According to court papers, Sealink is an Irish entity that oversees RMBS purchased by special purchase vehicles once sponsored by SachsenLB .
Another plaintiff, Landesbank Baden-Wurttemberg , raised similar claims in a separate lawsuit against JPMorgan(JPM) over $500 million of RMBS that it said it bought.
WTF is happening to the PPS as of late?
Under 1mil trading today +4 hours since start.
Despite Katz's and others chiming in = derogatory IMO, YOU GUYS are so far in LA-LA land = HF's posting galore as to the outcome = here I-Hub as well as YAHOO!
GYS
SO then bring it on, mega time.
GYS
JoePick, YOU Said it right!
AMEN.
sometimes_right,
I doubt it, PAID OFF JUDGE - JMW!
'nough said
GYS
well, will she?
IMO, she's been "tainted" to put it mildly in this process.
....and soon to be discovered by an INDEPENDENT COURT = DC/Collyer (sp?).
GYS
Monica, DUNNO, but since this is a UK HF and one of the biggest there and globally to have withdrawals of 6bil, I suspect they "might have been" in WAMU too + other BK's etc....
Will be interesting to see OUR 4 horsies 3.Qtr filings and hopefully soon so that we can see for ourselves of whether "investors" bailed already or not, barring "a second set of books".
Hence their filings yesterday which actually should "pizz off" JMW for their language/questioning the court, albeit self-induced!
Maybe she'll finally getting "her back" up against them and regarding their shenanigans and this strong language in their filings.
But then ........!?
ROFLMAO.
GYS
not only that and I looked at the tape the past few days, some short-covering occurring(ed), but knowing also that they consider themselves TOO SMUG/CLEVER together with HF's a melt-down will be inevitable.
G.Soros and NO I didn't like him one bit, but a very smart cookie and dismantled his HF some months back, others might have to feel some pain first........?
http://online.wsj.com/article/SB10001424052970204138204576598030110725102.html?mod=googlenews_wsj
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/28/bloomberg_articlesLS82070D9L35.DTL
Man Group Assets Shrink by $6 Billion
GYS
Italian City of Cassino Ordered to Disclose Details of JPMorgan Swap Deal
By Lorenzo Totaro and Elisa Martinuzzi -
Swap Deal With Cassino Must Be Disclosed
JPMorgan Chase & Co. and Cassino agreed in 2009 to terminate the contract, without disclosing financial terms. Photographer: JB Reed/Bloomberg
Elio Lannutti, senator for the Italy of Values party
Elio Lannutti, senator for the Italy of Values party (Italia dei Valori) and head of the Italian consumer association Adusbef, speaks during an interview in Rome, on June 24, 2008. Photographer: Victor Sokolowicz/ Bloomberg News
The Italian city of Cassino was ordered by a court to disclose the terms of a settlement it reached with JPMorgan Chase & Co. (JPM) to terminate a derivative that cost taxpayers as much as 2 million euros ($2.7 million).
An administrative court published a ruling yesterday saying Bloomberg News should be granted access to the swaps contracts and settlement after a lawsuit under the country’s freedom-of- information laws. The central Italian city and the bank agreed to end the swaps contract in 2009 without disclosing the terms.
Faced with shrinking income and growing expenses, cities throughout Italy bought swaps to cut their short-term interest expenses, while putting them at the risk of rising interest costs. About 300 were losing a total of 912 million euros on derivatives as of March, Bank of Italy data show.
“This ruling will create a precedent,” said Elio Lannutti, a senator and member of the opposition Italian Values party, who also heads the Adusbef consumer group. “This ruling re-establishes the law, which was violated by the obscure dealings that prohibit taxpayers from choosing and judging their local administrations and their relations with banks.”
The city of 33,000, and site of heavy fighting during World War II, sought to keep the settlement secret, citing a confidentiality clause in its agreement with JPMorgan, the second-biggest U.S. lender by assets.
The city will comply with the court order once received, said Enzo Salera, Cassino’s finance chief. The city can still appeal to the country’s highest administrative court, the Council of State. A JPMorgan spokesman declined to comment.
‘Greater Transparency’
“The taxpayers of Cassino deserve to understand how the government managed to lose millions of dollars in their interest-rate swap with JPMorgan,” said Matthew Winkler, editor-in-chief of Bloomberg News. “We continue to seek greater transparency, accountability and disclosure of the financial terms in this case to shed light on how taxpayer money is being used.”
In 2003, Cassino entered a seven-year swap with Bear Stearns Cos., which JPMorgan bought in 2008, to adjust payments on about 22 million euros of debt. The swap switched the city’s 4.7 percent fixed interest rate payment for a variable rate, according to a June 2009 report by Italy’s financial police.
The city paid a floating rate based on the U.S.-dollar London interbank offered rate, an “extremely risky” bet given that Libor was at a record low, police said in testimony to the Italian Senate.
Dollar Libor
Three-month U.S. dollar Libor was at a 1 percent in June 2003 and by January 2006 had surpassed 4.7 percent, according to data compiled by the British Bankers’ Association. The measure climbed as high as 5.7 percent in September 2007 as credit markets began to seize up, before declining to a record low of 0.25 percent by December 2009 after policy makers cut rates.
JPMorgan was named an interested party in the lawsuit because of the potential impact on the firm. The bank is separately on trial in Italy in the first European criminal case involving swaps. Together with Deutsche Bank AG (DBK), Depfa Bank Plc and UBS AG, JPMorgan faces charges in Milan for fraud for tricking the municipal government into buying the contracts. The lenders deny the allegations.
In a judgment published earlier this month, Italy’s highest administrative court ruled that Pisa’s provincial government has the right to annul swaps contracts with Dexia Crediop SpA and Depfa Bank Plc.
Bloomberg News also sued the European Central Bank in December to make it release documents showing how Greece used derivatives to hide its fiscal deficit and helped trigger the region’s sovereign debt crisis. The case is pending.
To contact the reporters on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net; Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net
To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net; Craig Stirling at cstirling1@bloomberg.net
http://www.bloomberg.com/news/2011-09-27/jpmorgan-swap-deal-with-cassino-must-be-disclosed-court-says.html
Oh really?
Doesn't make enough money?
Jamie Dimon Explodes During Private Meeting At The IMF Conference, Says Anti-American Regulations Will Kill Recovery
Courtney Comstock | Sep. 26, 2011, 10:24 AM | 6,699 | 66
Jamie Dimon reportedly exploded in a meeting at the IMF conference when the governor of the Bank of Canada argued in favor of tighter bank regulations.
The governor, Mark Carney, who many believe is the future head of the Financial Stability Forum, supported what bankers call "growth-killing" capital requirements.
According to the Financial Times, Carney and Dimon were at a private meeting of the Financial Stability Forum in Washington DC at the IMF conference.
Arguing against the regulations, which he believes will kill jobs, growth, and the recovery, Dimon "launched a tirade" against Carney in a "closed-door meeting in front of more than two dozen bankers and finance officials," the FT says.
According to the FT, Dimon said:
Many of [Basel III's] rules discriminate against US banks, and I'm going to continue to use the phrase “anti-American” [which he first used in a Financial Times interview this month] because it seemed to resonate with people who might be able to modify the reforms.
The confrontation reportedly got so bad that the CEO of Goldman Sachs (who is head of the Financial Services Forum bankers’ group which arranged the session) had to step in. Lloyd Blankfein emailed Carney, currently the Bank of Canada Governor, to try to smooth relations, says the FT.
Besides what we quoted above from the FT, what Dimon said exactly is not known. However because Dimon has been outspoken about the issue before, at a June speech by Ben Bernanke, we can surmise that it was similar. Back then, he said -
Banks passed 2 stress tests with "flying colors"
Many successful improvements that have been made since the financial crisis
And now there are going to be even higher capital requirements, and we know there are 300 rules coming.
Has anyone bothered to study the cumulative effect of the regulations authorities are about to impose?
Dimon predicts they will be the reason that it will take so long our banks, our credit, our businesses, and most importantly, our job creation, to start going again
Basically: regulations kill growth. Imposing them during a crisis might curtail a recovery.
Dimon confronted Carney during a small meeting at this weekend's IMF conference in D.C., in front of around 30 bank officers.
Now the fight is ON. Two days later, Carney hinted publicly that Dimon's speech had no effect on his opinion.
From the FT:
"Carney delivered a speech to global bankers at the Institute of International Finance, warning them “it is hard to see how backsliding [on implementing new capital rules] would help” the global economy.
Carney said:
“If some institutions feel pressure today, it is because they have done too little for too long, rather than because they are being asked to do too much, too soon."
“Authorities are increasingly hearing concerns about the pitch of the playing field for Basel III implementation. Everyone is claiming to be a boy scout while accusing others of juvenile delinquency.”
“However, neither merit badges nor detentions will be self-selected but, rather, determined by impartial peer review and mutual oversight.”
Please follow Clusterstock on Twitter and Facebook.
Follow Courtney Comstock on Twitter.
http://www.businessinsider.com/jamie-dimon-lloyd-blankfein-mark-carney-capital-requirements-2011-9
BIZ, please send this article to MARYANTANO, who thinks I'm affiliated with VOODOO, laughable at this point, but also Question as to her/his affiliation with JPIG/FDICK etc. to say the least...I-HUB???
GYS
PS: I've saved this post as well off-line as well as others, for fear it would get thrashed by the I-HUB police.
GYS
marayatano,
HUH?
What did you just say?
Please explain and very much appreciated.
TIA
GO4AWILDRIDE, and HOW does he know this?
YEP, no mediator elected so far!
Is WC in the loop now, don't think so!?
OUR EC & S+G are more than capable to do just that!
GYS
WithCatz, and says WHO?
>>But those who are claiming that there is MEDIATION going on already are incorrect.<<
YOU are in the know now?
PLEASE CLARIFY ASAP!
GYS
WithCatz,
PS, answer this:
WHY were they left off the SH list???
JPIG in full force?
WHY didn't WAMU get TARP?
Please answer this.
TIA
WithCatz, great on deciphering filings, you are very good on these,,, but the FDICK together with JPIG having internal doc's as of 2004 and then 2008 when they JPIG offered about $8.00/sh. to WAMU which was subsequently declined.
They made a run towards WAMU/their shorts to bring them to their knees in order to buy them on the cheap (West Coast branches) to further their agenda and have a presence there. So far it had been denied!
Same with LEH, JPIG stopped their lending/cut them off by their knees and called in their loans.
COME again, will YA?
GYS
es1, good one to be sure and I remember it very well. Pull up Marcia Goldsteins synopsis of WAMU early on where she discloses that WAMU was in the money about 300+Bil and YES it's a KCCLC doc.
BUT since then Rosenfart/WGM had switched sides and IMO pressured by JPIG to do just that.
GYS
Voodoo, not surprised, but maybe S+G can snatch him up to work for the EC and I as well as others would be happy to pay him to spill these beans, shucks we are paying the multiple HF lawyers coming out of the wood-works for them, ALBEIT all being paid by the state, WHO DOESN'T have any monies!
HUH?
ROFLMFAO!
GYS
mypenneys, heck they'd billed $1000.- for lunch previously and this/OUR country is in turmoil/unemployment over 9%(more in individual states) makes me absolutely sick that JMW authorized these payments so far.
IMO, she has absolutely NO SHAME and in bed, regardless what fsshon/Don claims that she's honorable?
I don't think so anymore.
GYS
es1, trust me that that will happen rather sooner than later together with A+M's billings for not "knowing SHIAT/Kosturous".
Plus the billings of the fringe lawyers for the HF's. So far the estate had to pay everything/everyone. However once HF's found guilty, and they will, they'll have to eat their own fees.
GYS
PS: still hoping that JMW has the stomach for it/ruling accordingly.
However if not, then "lets just say" other forces will either force her to do just that and the EC/S+G will take over,,,,, and that includes the "pathetic report from HOCHBERG" for 3mil against the estate!
HUH, I thought the estate didn't have any monies?
es1, agreed.
So where and when are the Short #'s coming out?
I've been watching like a hawk, albeit no such luck as "they all"
list shorts as of Aug 31st!
You got a newer list I certainly would welcome your posting such!
TIA
Mik3k, not necessarily IMO.
>>I understand that the preferreds must be made whole before common gets a piece of the pie, but who knows since Rosen actually wanted commons to get a piece of WMMRC (probably to get their releases dirt cheap) even though the preferreds wouldn't be made whole.<<
S+G giving up releases "dirt cheap", will not happen, period!
He's/they've got enough dirt on the "whole bunch" instrumential in the taking down of WAMU.
GYS
FWIW,
LOL got most of the ISP's through I-Hub, despite telling them "they are secure".
Friggen AZZ=holes, to gather your ID's, and etc,,,,
GYS
LOL, none responded to my earlier Q?
P+D going on here, I wonder majorly "Who and WHEN/when needs to be "exposed"...
YEP, ISP's ............. etc...
LOL