Mr Cooper Group Inc (COOP)

[Soldier Of Fortune]

I was wondering if the DOJ has heard about Project West, so to get more information for myself, I googled and this is what came up below....


I have been hearing a lot about something from JPM about Project West. Do you know what Project West was and how these people were involved?

PROJECT WEST TEAM LEADERS
Name Title
1 Althea L Duersten Managing Director - Chief Investment Office
2 Barry L Zubrow Chief Risk Officer - Credit Dept
3 Benjamin Lopata Managing director - Tax Dept
4 Brian A Bessey Corp -M&A Dept
5 Charlie Scharf EVP/CEO - CEO Chase Retail Financial Services
6 David B Lowman CEO - Home Lending Dept
7 Douglas Braunstein Head of Americas IBC and M&A
8 Fernando Rivas Managing Director IB-FIG
9 Frank J Bisignano Chief Administrative Officer
10 Gordon Smith CEO- Card Service Dept
11 Gregg B Gunselman Executive Director - IB-FIG
12 Jay Mandelbaum EVPI Strategy & Development Exec - Admin Dept
13 John F Bradley HR Director
14 John R Chrin Managing Director (IB-FIG)
15 Kevin Watters SVPlBusiness Banking Executive
16 Louis Rauchenberger MD & Corporate Controller - Accounting Dept
17 Martha Gallo General Auditor- Accounting Dept
18 Mike Cavanagh EVP/CFO
19 Neila Radin Legal Compliance
20 Raymond Fischer CFO-LOB
21 Sally E Durdan EVP/Corporate Finance Executive - Retail Admin Dept
22 Scott E Powell Branch Banking
23 Stephen M Cutler General Counsel
24 Thomas D. Novack Managing Director IB-FIG
ADDITIONAL RELEVANT PEOPLE
25 Adam Gilbert Managing Director
26 Brian Keegan Managing Director - CSAS
27 Dan Cooney SVP I General Counsel
28 Genevieve E Hovde Analyst IB-FIG
29 Jamie Dimon JPMCCEO
30 Joseph Evangelisti Corporate Communications and media Relations
31 Scott Albinson JPMCbanker
32 Sean Carmody Associate IB-FI G
33 Tim Main Head ofNA FIG

Project West was a covert operation that was conceptualized, planned and then executed by JPMChase in order to systematically weaken and finally take over Washington Mutual Bank at a fire sale price. The plan was implemented and although it took a number of years, JPMChase was finally successful when Washington Mutual Bank and its subsidiary WMB FSB were ultimately seized on September 25, 2008 and then sold to JPMC overnight on September 26, 2008 for $1.88 Billion dollars.

A sample of the Email correspondence between members of the Project West Team at JPMChase;

From: Tim Main/JPMCHASE [e-mail]
Sent: Sunday March 30, 2008 7:31 AM
To: Charlie Scharf/IL/ONE [e-mail]
Subject: Re: West

Thanks

I of course love the idea of a slightly higher price than they deserve in the
form of a contingent where their shareholders pick up the first loss versus say
Their high credit case until they literally get zero, then the government kicks
In with some form of second loss either 75% for them and 25% for us, or they
Take 100% for a slice and then its all for us.

Either way, something that really really reduces our risk and gets the
Government comfortable than they only get involved if shareholders get zero.
It sounds to me like the government is really concerned as they should be about
Taking losses, so they should like this versus alternative.

Look forward to talking today and travel safely.

Tim

From: Charlie Scharf

Sent: 03/29/2008 09: 10 PM CDT

To: Tim Main

Subject: Re: West

Will do. Didn’t miss much. A few questions. The 2 got screwed up because the
Phone on your plane that I was borrowing wasn’t working so we did some add hoe
Follow ups Fernando working on warrants, contingent security tied to loans,
And contingent tied to hpa index.

From: Tim Main
Sent: 03/29/2008 06:14 PM CDT
To: Charlie Scharf
Subject: West

Charlie
Do me a favor and let me know when you are going to be on calls so I can make
Sure that I am as well.
Sorry to ask you to do that but schedule from my team was murky again today

Tim

Source:

http://www.kccllc.net/documents/0812229/...
http://seattle.bizjournals.com/seattle/s...
http://seattle.bizjournals.com/seattle/s...
http://www.marketoracle.co.uk/index.php?...
http://www.kccllc.net/documents/0812229/...
http://brontecapital.blogspot.com/2008/0...
http://seekingalpha.com/article/97717-di...
http://www.socialpicks.com/post/show/395...