Mr Cooper Group Inc fka COOP

[Lunatic]

I think the FDIC needs to get their own house in order prior to opening their mouths at hearings. I read on another site that copied a WSJ post (wsj required subscription to read) that the FDIC is Negative by $8.x billion.

LINK TO COPIED STORY: http://www.iwastaken.com/forum/breaking-political-news/fdic-broke-fdic-deposit-insurance-fund-sinks-negative-territory-8-2bn-1631.html

LINK TO WSJ ARTICLE AS ABOVE (REQUIRES SUBSCRIPTION): http://online.wsj.com/article/BT-CO-20091124-710549.html

Basically, the FDIC has willfully and intentionally ignored the fact that banks have mismarked their "assets" to overstate their values, it has refused to demand that accounting be done on a strict "mark to market" basis by bank examiners, and indeed, it has backed the "extend and pretend" commercial real estate "rollover" provisions of recent months, all of which is manifestly unsound, intentionally misleading, a consequence of willful refusal to enforce 12 USC Ch 16 Sec 1831o ("Prompt Corrective Action"), and has led to enormous losses being absorbed by the Deposit Insurance Fund that should have never happened.

The result?

THE FDIC IS BROKE.

They are doing nothing more than trying to pull more smoke and mirrors with their actions in this case. A win for WMI would actually hurt the FDIC even more with the bad press(bad for the FDIC, JPM and Dimon) caused from this and ultimately cause the general populace to see them for what they really are....thieves that will not and can not back up their claims of insurance.

Of course, Congress can allot more money for the FDIC, ultimately stealing it from the tax payers.

Sorry for a little rant in this reply.

The Crazy One