Newflow, thanks for sharing your diligence. Now, let us all hope this is accurate, and at least we see the first bucket of returns materialize this week. The following is exciting, but I will only believe it when I see something very positive being deposited in my brokerage accounts, even though we have seen endless dots connecting this total travesty of justice since September 2008.
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The Bottom Line
Freilinger is telling you that Washington Mutual was a "Good Bank" that suffered a "Bad Event." Because they followed the rules and "failed well," the value was preserved in a legal vault for 18 years.
Tomorrow, April 6, is the day that "warehouse" finally clears out its last inventory. The pay you are expecting is the "lesson" he refers to—it is the proof that when a bank fails "the right way," the equity eventually finds its way back to the shareholders.
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