One Very Important Fact about WaMu's $100's Billions in Bank Deposits that were given/sold to JPM for the laughable sum of $1.888 Billion is that because of Fractional Reserve Lending and/or Tier 1 Levels of say 10% and that figure is high for arguments sake, JPM could use the Depositors Money to save itself for the other problems, like Derivatives, it faced. So, yes the money does belong to Depositors, eventually, but in the short term JPM got this money to wheel and deal for itself, steal WaMu Cash and Assets, expand to the West Coast, rid itself of and destroy a Huge Troubling Competitor and make an obscene amount of profit by this illegal JPM-FDIC seizure. Please don't make the naive mistake that JPM put all these Deposits / Money in some Bank Vault or Drawer someplace! LOL! No, JPM used the vast majority of this money for its own purposes while only needing to hold a minor amount as a Tier 1 Level.
At the time of seizure, Wamu had a higher Tier 1 Level than JPM! This was a known fact and one of the most damning ones of this whole illegal fraud. If anything, JPM should have been the Bank that was seized, broken up and sold off to stop their Too Big To Fail - Too Big To Jail practices like their Trillions in Derivatives that have literally taken years to unwind!
One of the Top Secret Stealth Facts that I'm sure will become public knowledge someday is how the the Chinese Involvement in all this comes to light. I think that the East Coast Bankers were scared $hitless if the Chinese became a true competitor using WaMu as a Trojan Horse to gain U.S. market share. So, they used the FDIC, a lying Jamie Dimon and a stupid Sheila Bair as a patsy - dupe to do the dirty work and steal a better bank and give it to an evil one!
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