Washington Mutual Preferred fka WAMPQ

[Bizreader]

This law suit forces JPM Chase to take a position; an indefensible position in my opinion. They are saying they couldn't have predicted what the "market" would do.

They are the market when they create, market and sell "securities" as they did!

Managers knew that many of the "securities" were backed by residential mortgages! This is morally questionable in so many ways.

Brooksley Born knew this was going on and was heard loud and clear and shouted down. http://en.wikipedia.org/wiki/Brooksley_Born

JPM Chase and the other "bankers" must take some personal responsibility for what they did. imho