I'm not sure what scares me more about the Thykkuttathil case:
1. That they actually lost the case and now it is headed to the US Supreme Court on Appeal. Can't find document with ruling, but this whole case was basically ruled on faulty logic with one case as precedent. The judge basically should have just said "Well, the Pacific (or whatever) case was decided on flawed logic, but what the heck, since I can't take the time to make sense of things, I'll go ahead and rule the same way"
2. That WAMU was seized because FDIC couldn't cover assets only days before TARP. If they knew TARP was coming then they should have waited. If they didn't know that TARP was coming -- that means they thought of TARP overnight with literally no discussion on how it would work and imeediately started handing out billions of dollars.
3. Thay did all this to save JPM. If that was the case, why didn't they seize JPM instead or just wait the few days and use the TARP money? It is becoming more and more evident that this thing was a huge setup to benefit JPM. Some lawyer (Susman) better find the documents to prove it and THJMW better rule for justice or we as well of all of America are screwed. The government should have just seized JPM and ran it like GM until things got better, then restablished it without Dimon in charge.
Any way you look at things, I am more than ever inclined to believe that a great deal more than our investments is riding on the decision in this case. If the FDIC/JPM are found to have done nothing wrong, then we may as well jsut leave the deed to our properties at the door, our cars running with the keys and our checkbooks with a blank check already signed for the government just to come in and take them all "for the greater good".
Man, I was looking forward to this weekend of finally no rain and getting to coach and watch my threee sons play baseball, now I am really worked up again!
