mehedi, I understand completely in what you're saying in...
"...where is the warning letter by the FDIC?"
But from my viewpoint that is just small potatoes in the grand scheme of things, rating nothing more that a one liner well down on the list of talking points.
Consider these:
The whole mess has been designed and orchestrated at a very high level 18 month ago. Never in the History of Mankind has there ever been a more efficient BANK ROBBERY than this one. It is absolutely the biggest White Collar Crime that has EVER taken place in the USA and probably The World.
It all starts with that "mark to market accounting" rule where the assets (mortgages) have to be valued based on their resale value, even if they are NOT for sale.
So you destroy the market and the asset value goes to zero. Then you use the federally mandated Bank Margin Requirements to "declare" the bank insolvent, even though it has over $300 Billion in assets (ASSETS and not just deposits).
And to ensure that can't find a way out of this totally PHONEY problem, don't allow the stock to be put on the DO NOT SHORT BANK STOCK list, thereby tanking the stock price and cutting WMI off from a source of liquid funds to use to possibly save themselves.
And to further ensure a clean kill, don't give them a dime of Tarp money. But DO GIVE billions to the company that is to take over this bank. A little Playing of Favorites there?
And let's not forget about the "corporate mole" that JPM planted into the WaMu Corporate structure to feed them the important data months before all of this came down. We certainly don't want any "discovery motion" granted in court because we don't want the public to know about this incredible DIRTY TRICK, even though the public already suspects it.
And how about the almost complete wall-to-wall NEWS BLACKOUT on this entire ugly affair. Who owns what media outlet? and how big are the back-channel bribes and favors to accomplish this?
Washington Mutual Bank was "targeted" long ago, setup and then taken out in a surgical fashion; one shot-one kill.
Of course, this is all just my opinion...
VV
