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VIVA:
>>Why would the GOVT bail out such losers in the first place?<<
Take a good guess, the gov. sends their monies to them (for safe-keeping to be sure) "SS", payment to gov. employees, tax collections, Medicare, Medicaid,,,,
You want some more?
JPIG set themselves up perfectly to control the government/ ANY government to be sure with weak Presidents here in the US, Starting with "Carter", others went along and others still showed THEIR POWER = Pres REGAN ,,,,, and laid low then, you figure it out.
Unless Goldenslacks or/JPIG gets taken out, as well as the "uptick rule" so-far admonished by the Clinton administration and not implemented again, our country is at their "WHIM/MERCY" = big banks and the SEC! Might really hurt US PEONS to take a hit again, but then the country can't go forward afterwards.
Wasn't this what the US was founded on, hard work, savings, NO CC cards just CASH and buy just what you can afford!
GYS
radiumsoup, RIGHT, but then this administration hired about 17k's of new gov. workers to do WHAT?
The TSA is downright criminal, oversight/revamping MEDICARE and MEDICAID = NIL!
Private Industry jobs in August are "000000" and I'm sure the previous #'s were fudged as well as this one.
I know a lot of small business people in CA and they all say the same thing:
I'm not hiring anyone given these circumstances, if they slack, which I doubt, needs to be taken up by the current staff, so be it. If they can't or won't, I'll try to sell or just close my business!
How's that energy sufficient/Solar panel co. OBAMA visited 2109/10, coming along, getting over 500mill. in grants doing,,,,,, HUH, filed for BK just recently = Solyndra.,,,, and where did our 500mil TAX-payer monies go to?
As for WAMUQ and our judge MW, I'm starting seriously to have my doubts just about now but maybe she'll come through. So far she only appeased both sides marginally, now going on 3 years! Didn't she proclaim previously should she rule that IF the 4bill in deposit monies held by JPIG were to returned to WMI, it might cause another crash.
And that scares the hell out of me.
Either she is/was misinformed (Rosenturd) or really believes(d) this remains to be seen given all the "data" which came out, she should rule accordingly : POR + GSA denied and send this case to J. Collyier ASAP.
According to Stern+ANICO she has NO authority to rule but to pass it on, who's responsible to rule on "these" clawback of fees? I wonder NOW?
GYS
dragon52, good point and IMO they did.
THEY did sell these "bundled mortgages" to unsuspecting European banks, and I know this first hand,,, touting this as an absolute "money maker". Hence some of them went under and some of them barely survived, others got bailed out.
What what I know Goldenslacks as well as JPIG are not highly regarded/respected there anymore, despite their "sweet talks" going on. At some banks/institutions even forbidden to do any more business with them in the future or talk to them unless there are restitutions!
Therefore, the EU countries view them as "American's to do us harm/overpowering" and not very much liked there anymore, even in Asia.
Sad to see this is coming to that.
GYS
umaw, precisely. Wasn't it "Rains" at the helm there to pocket 9Mill for 1 years of work, leading to the downfall?
And wasn't it Barney Frank who touted that "everything was fine at Fanny and Freddie just a few months before, but got re-elected in Mass???
http://online.wsj.com/article/SB10001424052748703712504576235604048603960.html
GYS
Roach58, but don't you recall this was under the Clinton area, to ease regulations galore, not only "look the other way regarding applications/loans. In my book he didn't win any prices then and also not now.
As to B. Frank, heck the Mass. populous voted him back in last time, that's why nothing will be done anytime soon, IMO should have been kicked out on his A$$ along time ago!
Remember OBAMA-CARE started in MASS as a trial and is very detrimental/downright negative for the state!
GYS
NASCOW,
well I whole-heartily agree with your "synopsis". Couldn't have said it any better. However tried about 1 year ago to post this, however my posts were cancelled by I-Hub then.
Sorry for having come on strong at your posts, it's just plain frustration at this point and not meant at YOU personally but at the nature of YOUR posts sometimes.
I do apologize herewith, however!
RGDS,
GYS
Lawrence 147, LOL
and I fully concur of what has been happening to my dismay as well as my to financial health to be sure and I'm pushing into the 70's now and not HAPPY at this point.
I worked rigorously over my entire life, sometimes 20+ hours/day and saved, saved what I could afford any given time + put $$ into my SEP and then ROTH to see it all going away due to a corrupt court/government, makes me WANNA HIT someone to be sure soon, figuratively.
GYS
Well NASCOW, despite your SMUG reply, I'm a pre-holder in my Roth, lost about 250'ks so far.
Get lost, you only bought "after the fact" and trying to cash in sometimes/PUMP, without YOUR comprehension of the real facts coming forth!
EOM
NASCOW, LOL.
Judging by your past/previous posts: is this what you intend to do going forward?
GYS
ROFLMAO
radiumsoup, precisely!
As to what JPIG sold unauthorized needs to be evaluated = 3.1A = WMI properties, scriveners error, my foot, but NEVER made it to DOC's to recitify and that's where the SHIT will start to explode in JPIG's face + FDIC's....
but given E. Holders as an AG, weak and funneled by the ADM, and hasn't done any thing right YET, we'll see this in court eventually.
And not a rigged one to be sure!
People are fed-up and will vote accordingly!
GYS
hotstock19, don't ask but just see and bookmark this site:
http://www.my.calendars.net/wmi/
a WAMU LT holder created on his time.
Thank you.
Lawrence 147,
AMEN, I second that!
GYS
Ilene/Slatky,,
thanks for the info and much appreciated to be sure.
I just hope that HER head gets cleared during this hiatus and then render a fair and equitable decision afterwards!
Have a great weekend, I'm suffering with 120 degree weather here and would like to send you some to dry out.
KATIA, the next storm has been formed over the Atlantic and hopefully NOT heading for the East Coast AGAIN!
GYS
cruzintucson, MONICA + Gmenfan, thanks for your reply, "G" good choice to let me know via...... You know what I mean. Tried to pull up his last posts, albeit can't/won't let me.
Thank you though.
GYS
JimsZ, precisely. JPIG steals it's way throughout the US from us all. This fine is merely a "slap" on their wrists and NO enforcement of the law, I'm sad to see this happening.
But then there is an old saying: the bigger they get the lower they fall!
GYS
FWIW, interesting and encouraging to see some larger blocks (100k's and up) coming in. Just wonder whether it could be short covering?
We were about 49 for a long time and then again up to 54.
As to Twitter, I just canceled my account with them. Had no problem accessing them with my log-in/password in Europe and Africa, however here back in the US, no go.
Sucks, but then we might all be better off staying away too.......!
GYS
Bizreader, how's about a story about JPIG and their unsavory practices throughout last century, starting with J.Pierpont Morgan to annihilate any competition, bought them out. As to nowadays JPIG, they just STEAL with the help of our illustrious government!
Yep, not one day goes by that I get an "incentive" of x-amounts of $$ to open a Chase account!
IMO, they didn't count on the resistance of former WAMU banking clients/HO's-mortgage holders and might not fare as well as they hoped for. West Coast thinking is totally different from the East Coast and "once you do me majorly wrong, I won't ever forget".
I fall into that category!
GYS
MrchntDeth - LOL.
But within her power is/will be that she'll claw back the outrageous fees charged by WGM/Rosenfart as well as from A&M, also disallowing/payback from the HF's illegal gains/CR.
What say you and feel free to add.
GYS
REALtime64, not if you found out that you've been played, outright lied to and taken advantage of on numerous occasions.
However if she won't we got S+G to do just that!
Taking her last demeanor towards Rosenfart spoke volumes for me.
Always fear a woman scorned (within her legal abilities of course!)
GYS
REALtime64, won't happen since she doesn't have the authority to do just that. But I'm hoping that she'll pass some of the info on to the DOJ, SEC etc.. other than that WE only have clout in J. Collyers (sp?) court with full litigation and jury trial.
GYS
Voodoo, IMO, JPIG is the "governments bank" and will be bailed out regardless. Also IMO should be broken up ASAP, like AT&T was so many moons ago, to secure our SS funds etc....
GYS
FWIW, WAMU German markets closed on a whimper:
http://www.boerse-frankfurt.de/EN/index.aspx?pageID=35&ISIN=US9393221034
GYS
FWIW, thanks to all who responded about my concern last night RE WAMU members on the East-Coast, but limited in my posts to reply individually.,,,,, I hope you understand.
I'm certainly glad to hear that most of you are OK, save for some fallen trees.... how's about our members in Connecticut and Vermont now who seem to get the brunt of this?
BTW, there is another storm forming off the Coast of Africa heading our way and it might be as big as this last one (Irene) and maybe even bigger!
DUNNO YET! but will watch carefully and will keep you abreast.
For some odd reason I cannot log-in to Twitter anymore since back in the US to read Ilene's posts and others.
Help?
TIA
GYS
PS: I intend to short JPIG some more in the future.
To:
Ilene and others living in "IRENE's" path from No. Carolina up to New England.
I hope you are safe and sound and not too much damage to your properties?
Rgds,
GYS
WC, thanks for your informative reply:
>>this time, only the FDIC, WMI and JPM signed. <<
figures and stinks to high heaven I must say.
Is JMW "seeing this too".... I wonder?
GYS
MrchntDeth, IMO time for the government, and I'm surly not a proponent for the gov. to over-regulate or stick it's nose into anything "business", to put a stop to SHORT SALES, period.
7 European countries/governments had the GUTS to do just that in 2011!
GYS
955, precisely. I bet they (JPIG) lost already SS funds and others in their "care" through their speculative CDO's, shorting Silver etc.... but inhaling WAMU for next to nothing and now a big drive by Chase to get more customers........ again at the FED window on a daily basis as well.
Well, there is always the FED to print more money (USD) to the detriment of all of us as it deflates the real value of our $$$ and diminishes our buying power, but
HECK, JPIG was too big to fail.
GYS
955, sorry that's old news, actually only was a rumor, started by who is only a "good guess" IMO. Warren Buffet is giving them/buying in with 5 Bill!
GYS
WC, thanks for the explanation, makes sense. The Q now remains who did sign the GSA, was TPS part of it? If yes, then I could see them withdraw.
GYS
mordicai, Q: could she potentially wait until after 8/31/11 (expiration of the GSA) therefore had to do nothing!
What is the likelihood of this happening in YO?
TIA
GYS
wamuvoodoo, that's why she asked for written closing arguments first, the orals were just window dressing IMO, save for some new facts presented.
It's kind of tough for anyone to listen to lawyer BS (the pro side)for nine hours and not forget a thing!
so please chill, will ya?
thx
GYS
A big thank you for your excellent recap!
GYS
Treasury Reaches $88.3 Million JPMorgan Sanctions Settlement
By Vincent Del Giudice and Cheyenne Hopkins -
The U.S. Treasury Department announced an $88.3 million settlement with JPMorgan Chase & Co. (JPM) for apparent violations of international sanctions programs, including Cuban assets control and anti-terrorism regulations.
The Treasury said that JPMorgan through its correspondent banks maintained prohibited financial transactions with sanctioned entities in countries including Cuba and Iran.
The JPMorgan payment agreed upon by the Office of Foreign Assets Control, known as OFAC, involves “egregious” violations for five years, according to a Treasury Department statement.
“The civil settlement resolves a number of OFAC allegations dating back to 2005, none of which involved any intent to violate OFAC regulations,” Jennifer R. Zuccarelli, a JPMorgan spokeswoman, said in a telephone interview. “These rare incidents were unrelated and isolated from each other. The firm screens hundreds of millions of transactions and customer records per day and annual error rates are a tiny fraction of a percent.”
The OFAC enforcement action covers actions from December 2005 to March 2011 involving multiple violations of sanctions programs, the Treasury said. The violations include processing 1,711 wire transfers totaling $178.5 million from December 2005 to March 2006 involving Cuban persons and a trade loan of $2.9 million with a blocked affiliate to the Islamic Republic of Iran Shipping Lines.
OFAC said the $88.3 million payment from JPMorgan is based on the bank’s cooperation, transaction review and the absence of an OFAC notice or finding of violation during the five years of the transactions.
To contact the reporters on this story: Cheyenne Hopkins at chopkins@bloomberg.net
To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net
http://www.bloomberg.com/news/2011-08-25/treasury-reaches-88-3-million-jpmorgan-sanctions-settlement.html?cmpid=yhoo
continuity, >>they will put in the settlement protection from future litigation including the IT.<<
IMO they will try and maybe get this "little stipulation" but only after S+G/EC's demands are satisfied!
Otherwise on to DC.
GYS
BigBang, IMO buy-out of BoA will never happen, unless Ben Bernanke is standing there handing them more cash to do so.
QE3 in the works already?
BUT not for the economy to be pumped into but to help "poor Jamie" to be the "golden boy" IMO.
GYS
DudeBug, perfect synopsis!
Remember when some of the restrictions were passed some months back?
Remember G. Soros who didn't like these restrictions and therefore "canceled/gave back" his HF?
That spoke volumes for me.
IMO, let them eat crow. So far they've been raking BILLIONS from this gambit and now is the time to pay the piper + jail maybe?
GYS
radiumsoup, how many years left from the 14 you cited?
Even though not a fan of hers by a long-shot, given the fact that Rosenfart played her badly so far and she did nothing to reprimand him or enforce her court orders, which he clearly disregarded.
IMO, she finally woke up with facts presented to her and probably never dreamed of nor EVER expected = just another run-of-the-mill BK case.
She might ultimately show "her female" claws with her upcoming rulings!
GYS
gophilipgo......>>unless JPM finally decides to do the right thing and contribute to any settlement<<, IMO not until they are pressed to the wall and facing a jury trial!
GYS
ilenes, just got through reading of what happened yesterday, I was traveling.
Thank you so much for what you do/did, also Fio, DanBB and others I forgot to name who keep this board sane.
GYS