Mr Cooper Group Inc (COOP)

[novascotiaSTS]

So, pre 2008 WaMu made 150 B worth of mortgage loans, structured them in the form of MBS and proceeded to hide them from its balance sheet for the benefit of its shareholders without telling them.

This would have made pre 2008 shareholders and management much poorer (because the hidden loans would have no longer contributed to WaMu’s balance sheet and P&L and therefore lowered its valuation and share price) AND it would have meant defrauding the post-insolvency shareholders, who would have never sold their WMI shares for pennies if they had known about the hidden assets worth 150 B.

So WaMu’s management decided in 2006 or 2007 to hide assets and screw current shareholders in order for some other investors to benefit from this in 2022? Really?