I thought it was a lawsuit AGAINST the failed banks, not on behalf of. Big difference. I guess this is the way they keep our $. If there is $ left over from the old WAMU entity.....most or all of it will be confiscated again via this lawsuit IMO.
The $40.2B asset related equity adjustments on the FDIC inception balance sheet is the losses from Put-backs to Trusts that WMB had reserves for.
The old ~$24Bish for the temporary loss from the WMB stock abandonment resulting in ~$6B in NOLs is replaced when FDIC pays WMI for WMB with the Put-back losses of $40.2B rather than the old $24B.
Old NOL = $6Bish. New NOL = ~$10.05B in write-offs.
The FDIC says; $299B for "WMB and it's assets", then subtract ~~$40B ish for WMB pre-seizure loan losses (note DC Dual Track and CA Probate settlements). Now multiply by 3 (three) for "Willful Misconduct" and then apply FJR interest for "WMB and it's assets".
WMB Notes 'Bonds' are JPM's responsibility not the Receiverships/FDIC from WMI's pocket.
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