jest, relax, I have been at this a long time and I understand what happens in situations like this. Re-read my post, what I said is this is what the other side would say.
I have been involved in wamu from the beginning and I probably understand what transpired better than you do.
It was a miracle that Dorothy? was able to get a lawfirm to fight for an equity committee and it was a miracle that the dude who spoke in court was able to persuade the judge to have the hedge funds back off. Shareholders got the nol's, that is a fact. You guys can cry and cry and say it's unfair all you want. Bottom line, jpm is probably through dicing, slicing and laundering the wamu holding company assets and game over.
All the "power" players involved in wamu are keeping their mouth shut, killinger, rotella and the head of commercial paper left wamu to run the biz at jpm so I doubt he says anything about jpm taking holding company assets, lol. What does this tell you. Why have they all kept quiet, because there is no benefit for them and who knows what the holding company books say, my gut is that a good opposing lawyer would be able to do one of two things. Show all holding company assets are commingled with the banks thus no way to tell what belongs to the holding company and/or be able to show wamu was in such distress and so mismanaged that wamu shareholders are lucky to have gotten the nols with wmih stock. I don't agree that wamu was anymore distressed in fact I think they were stronger than jpm accounting wise but that did not matter now did it.
No one knows for sure and that is what is so sorry about this situation, no lawsuits to get at the truth. So how is the truth about holding company assets discovered without a lawsuit, YOU TELL ME. I don't see a way and my experience trading bk's indicates that is the only way.
I joke about jpm and fdic being good stewards of wamu holding company assets just waiting to turn them over, some of you think that is possible, I say No way without a 15 year battle in the courts.
Look what happened to aig, Hank Greenberg WON for the shareholders, actually got a win in court but shareholders still got nothing. Who paid for greenbergs attorneys, himself and his partners and the shareholders got to go along for the wide. Well greenberg is a billionaire. Are their any billionaires filing suit on your behalf.
This is big business and as such it takes big money to pay for a good lawfirm and no one is stepping up to the plate for you are they? So we lose. all imo
AI
