I don't think they will settle under any circumstances. Rosen might be willing to (in order to save his own skin), but none of the other parties have any incentive to do so. The hedges won't leave the table unless that document means a federal investigation...and I'm not sure it does.
The FDIC won't play ball, because they help create this mess. And they won't sign off on any solution that doesn't involve that agency walking away with their hands clean. Whatever is in that document, it doesn't involve the FDIC...so they will effectively flip us off. This will come down to a valuation hearing. Once the judge determines WMI is worth X number of dollars, the FDIC's opinion in the matter is a mute point.
JPM is insolvent and will NEVER settle. They don't have the money to pay, so they will drag this out until the sun swallows the earth (or until the FDIC sends them the bill). It's just cheaper. JPM doesn't care about what's in that doc. They're being investigated for shorting silver. They're being sued by Italy. That doc would have to be a picture of Jamie Dimon and the entire board of JPM killing a village of babies before they agree to even discuss the subject of settling with us.
With that said, unsealing the document does serve a purpose. It was damaging enough to cause the judge to reverse herself and appoint an examiner. Which means that there is almost certainly some sort of flaw in the POR. Perhaps a fatal one that can't be ignored by the judge. And that point will be made on the 17th. Which is another reason I don't think we'll get her ruling until after the Hoffman hearing.
Anyway, just my two cents...
Beth :)
AI
Market Data 
Markets 
