On through the 2004
I'm thinking a lot about the 2004 thing.
They are looking into formal communications between the parties and here they will never really find something to pin on someone. It's all just too slippery.
My big hack these days, is that any bank knows how to look at a stack of data and come up with an accurate assessment quickly and they know how to do this in a way that makes confidentiality secure. They know how to keep secrets secret. They know how to be discreet. They know how to trace leaks. They know how to be inconspicuous about their actions. And they designed a system to defeat all ordinary security practices and procedures under the pretext of haste.
I remember reading about the exhaustive analysis of the data they got from the FDIC. I'm remembering reading news reports of how they put a great big conspicuous team on the project. I remember reading news reports of how they worked them around the clock. They defend this by saying that they signed everyone to the standard confidentiality agreement. But the very design of the project created a conspicuous boiler room of activity that couldn't help attracting attention and generate untraceable leaks. Thus the answer isn't in what one executive emailed to another, but in the answer to this question: "Who do you want me to put on this project Jamie?" And the answer being "I want a hundred and fifty of your top people! Pull them off of their normal work and make them work double shifts!" Of necessity, the number of people who know something is up grows to 150 top men and their bosses and their families! They have to break engagements and reschedule appointments. They have to order take out and eat in town rather than go home. They have to reschedule and make apologies to their bosses about their normal work load. 150 people becomes more like 2500 people very quickly. And in the political atmosphere, people are going to have a heightened level of sensitivity. "No honey, there's nothing wrong at the bank. It's just this big project they've pulled in all these people about. They're not letting us go home again tonight!" Brief cases get left open. Blackberries get left out on tables. People work on Lap Tops. The chances for a leak simply skyrockets.
The leaks sparked the run
The run put the FDIC up against the wall to accept any offer they got. They took a dump in their own pants thinking of having to catch wamu if it fell and JPM knew this. They got played. (like idiots)
AI
Market Data 
Markets 
