great post gold,
Like I have been saying since day one, it's how banks like jpm work, they steal from distressed entities all the time. When I originally said that, so many on this board thought I was nuts. Based on pm's I have received many more are coming to the same conclusion. JPM is the most corrupt large bank out there.
The reason I bought a chunk in bk is because I knew jpm would pull their scam but I also thought there was enough of a paper trial that wamu holding had substantial assets that through a LAWSUIT ASSETS WOULD COME BACK OUR WAY.
Why no lawsuit, there can be only one reason, everyone with deep enough pockets is scared to go up against jpm or they were paid off some way some how by jpm or there is nothing there (which I doubt).
When all this came up I contacted a friend of mine that is partners in a very influential law firm and laid out the entire situation to him in writing. I laid out how his firm could make a ton of money should wamu holding have enough assets that it would be worthwhile for his firm to pursue under some type of contingency agreement with bond holders and share holders.
He understood exactly what I was talking about and did not question the accuracy of my speculation regarding the wamu theft.
His comment to me was that in no way could his firm get involved in anything like this because of their business relationship with jpm.
That may be what has happened across the board with any of the hedgies trying to get representation. We don't have a prayer unless a lawsuit is filed and not only filed, filed by a top 10 law firm that would be willing to go after the almighty jpm. None will because all of them have relationships with jpm.
For us little guys, we are sitting ducks and jpm knows we don't have the means to organize and pay for a lawsuit against jpm even though I think I could put together 2/3rds of the suit myself based on fraudulent conveyance. The piece missing is potential damages based on holding company assets.
Anyone who has the time and effort could file suit if it's worth their time and effort but think of why that rarely happens from former share holders and jpm knows this and that is why they always win. Game over for escrows.
WMIH is the potential game changer not escrow markers.
all imo
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