Mr Cooper Group Inc fka COOP

[sunshinevibrations]

Seeking Alpha article reports on "politically motivated" WAMU takedown:

http://seekingalpha.com/article/156350-why-no-one-won-a-pulitzer-for-financial-reporting-part-1?source=article_lb_articles


"Let me elaborate a bit. You see, last year, I sent these journalists my 30-page formal report to the SEC which showed clear insider trading in WaMu. As well, I discussed how the banking cartel took WaMu down illegally (and possibly conspired) via naked short sales, knowing that one of the members of this cartel would be able to buy up their assets at pennies on the dollar. I also discussed the role of former SEC Chairman Chris Cox in facilitating this.

Finally, I discussed the role of Shelia Bair and the FDIC in seizing WaMu, despite official statements that the OTS (Office of Thrift Supervision) seized the bank. Perhaps this will eventually surface down the road."

Then:

"Prior to my attempts to get the truth out, I had discussed the details of the WaMu seizure with a reporter from a very large and prominent newswire service. He informed me that prior to the official announcement, he was told by a WaMu executive that the seizure was "politically motivated." This made perfect sense to me because I could find no evidence of insolvency.

Remember, the OTS had stated just a few days prior to the seizure of WaMu that after their in-depth review, the thrift had no need to raise further capital at least throughout 2008. In large part this was due to the $7 billion loan made by Texas Pacific Group in the spring.

Yet, after deposit withdraws of only $16.7 billion (out of total deposits of over $200 billion) within a two-week span, this was the official reason provided by the OTS for WaMu’s alleged insolvency.

If in fact WaMu somehow became insolvent in such a short time after the public announcement of the official assessments by the OTC, someone from the OTS should face criminal charges due to incompetence for misleading shareholders."


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With thanks to okieskm on yahoo for posting the link.