I am amazed at the “stupidity” of The FDIC. The FDIC “panicked” and made the following “mistakes” i.e., “unwise” decisions:
• Not understanding the difference between the terms “illiquidity” and “insolvency”. “Illiquidity” is when a bank does not have enough “liquidity”/cash to meets withdrawals, “.i.e., in the case of a “run on a bank”. “Insolvency”, however, is when Liabilities are greater than Assets. For the sake of discussion, let’s assume that WAMU bank(s) had a “liquidity” problem. However, contrary to the assertions of the FDIC WAMU (Q) was “solvent”, i.e., A>L. This was a huge mistake by the FDIC.
• Not listing specific items sold and transferred to JPM.
• Not giving “Liquidation Value” for assets “legally” transferred to JPM
• Insulting Judge Walrath in her own courtroom.
• “Holding up” for their “wrong” actions, and being arrogant in the process.
• The FDIC stated they DO NOT have a fiduciary duty to maximize the sale of the assets. None. Nada. Zip. Zilch. The FDIC's duty is to minimize the cost to the FDIC fund. This statement by the FDIC indicates that the FDIC is ignorant of the bankruptcy laws. A “duty” of the FDIC is to see that the assets of the bank(s) that they “take over” are sold for at least “Liquidation Value”. And this is a major junction/purpose of the bankruptcy process, i.e., to determine the “Liquidation Value” of the assets transferred to JPM.
Conclusion: IMO Our WAMUQ team of attorneys will “beat them (FDIC/JPM) up” and “have them for lunch” resulting in repayment of WAMU Creditors and a “substantial” profit for WAMU Shareholders. The only questions in my mind are:
1. How much will we receive?; and
2. When will we receive it?
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