Mr Cooper Group Inc (COOP)

[Pawsy]

http://news.goldseek.com/GoldSeek/1252069953.php

“JPMorgan Chase is one of the primary stockholders of the Federal Reserve which means they have the power to force favors from the Federal Reserve. The CEO of JPMorgan Chase, Jaime Dimon, sits on The Board of Directors of the Federal Reserve Bank of NY. Citigroup is also a stock holder of the Federal Reserve. It is the Federal Reserve’s job to insure that its member banks have the liquidity to transact business. The member banks borrow and lend among themselves electronically every night to keep each other liquid. This is called the Federal Funds. If need be a bank can also borrow directly from the Federal Reserve itself through a process known as the Discount Window. The FDIC was in a jam in that if WaMu was ever deprived of funds from the Federal Reserve, say for fear of not being paid back, and a bank run ensued, the FDIC would not be able to cover the insured deposits without borrowing from the Treasury. There (are) some slight differences in the amount the FDIC would have had to cover. Some estimates leave the FDIC with a nominal balance. Apparently the thought of having to borrow funds from the Treasury so early in the credit crisis was considered too much of a defeat for the FDIC to be comfortable with.