bban,
the news blackout was not as severe as you may think. there was so much going on during that time that stories got lost. I would say wamu got less coverage than lehman just because of the timing.
there were 4 congressional hearings that wamu execs were major players, primarily killinger. the to clubby to fail was splashed around the news for weeks. One reporter I am almost for certain was silenced and that was kirsten grind. she was paid off with a book deal and also a future job at wsj. I have tried to contact her several times recently and no response whatsoever. I don't think there is a hands off, I just think that reporters thought wamu was so heavy levered in subprime that that was the reason for the seizure, we know different. I still believe paulson forced bairs hand to seize wamu to save jpm. You can't let a fed reserve bank fail and thus wamu was the sacrificial lamb. Paulson and bernenke testified so many times in congress and their story was the same, wamu was failing, there was a run on the bank.... the bottom line, no one gives a care about wamu and especially escrows. if you have no stake, why would you care, wamu is old news. I blame rottella more than anyone. He had his chance, he knew that wamu was in better shape than so many others, including jpm, he just didn't win support he needed from congress and thus wamu gone.
the issue, sign release, don't sign release. everyone thinks susman did a great job, rosen cleaned his clock. yes, rosen got caught big time and still susman only got the nol's. we know rosen is a dishonest scumbucket but he won for his buddies at jpm. rosen still billing millions monthly, how much has he billed since this all started? what's the number???? susman has moved on and billing hardly anything, why?? the deal is done, he made some money, shareholders got the nol's, game over.
hope is good, but I think that in the wamu scenario it's game over. oh, i forgot, you asked what would share holders sue for.
Simple, fraudulent conveyance, or mistakenly conveyed assets. how much simpler is that. holding company assets went to the wrong parties, by either illegal maneuvering or a mistake, either way, the assets are wamu holding. It's not that hard to file a lawsuit. who could file, if it states fraudulent conveyance escrow holders could be involved as a party class.
I LIKE YOU QUESTION IF ASSETS DO EXIST IN ANY DOLLAR AMOUNT GREATER THAN A COUPLE HINDERED MILLION. I THINK THE WAMU HOLDING COMPANY BOOKS WERE SO COMMINGLED WITH THE BANKS THAT THIS IS WHY JPM FELT THEY COULD STEAL ANY ASSETS OF WAMU HOLDING THEY WANTED TO.
all imo
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