Here's the response I got from that @ss.
Mr. Chen:
Thank you for *your* swift response. In regard to your incompetence, let me tell you that you are completely missing the point.
You, and the other folks who are emailing me multiple copies of the same statements, seem to be under the misapprehension that JPMC was under some obligation to pay "fair value" for the WM assets it bought. This is not true. When WM was seized and auctioned off by regulators, it was worth precisely what someone was willing to pay for it -- no more, no less. Had some other company bid $1.95 billion or $1.901 billion, *that's* what the assets would have been worth. If a bank forecloses on a house the previous owner bought for $1 million, it doesn't expect to get $1 million at auction -- it gets whatever the high bidder bids. If I buy a stock for $45 a share, that doesn't mean I should expect to get at least that much when I sell it -- I'll get whatever someone is willing
to pay.
I can understand why, as a shareholder, you would be upset at the way things turned out. What I fail to understand is why your vitriol is aimed at JPMC rather than the management team that managed to destroy billions of dollars in shareholder value long before September 2008. It seems to me that, had Killinger et al. been more responsible stewards of the company, WM never would have plunged headfirst into the dodgy
netherworld of mortgage lending, and could have survived a la Wells Fargo or US Bancorp.
Here's *your* lesson: Never assume someone is an idiot just because he doesn't agree with you. And don't interpret disagreement as an insult.
Thanks for playing,
Haha....it looks like he got angry. That's good. Now he justified that JPMC's $1.9 billion is fair because it was the ONLY one bid available.
That's Dump-demp's dump response. He is not willing to research anything. Sigh...dump @ss. Leave him alone. He's showing unwillingness to research for the wrongdoings done by FDIC and JPMC.
