~ Roach, Thanks For A Great & Thought Provoking Conversation ~
I’m not sure just exactly how or why the FDIC R & C has Actually Done “Anything” connected to the entire WaMu debacle ...
All I could contribute to this particular thought would be, ... in my own opinion, there were other options available at the time of the sloppy WaMu seizure ... alternative options that would have been directly related to the true problem, ... JPMC’ ... but ? ... what’s done is done ...
The FDIC’s basic function is to protect depositors ... and, ... zero depositors were harmed ... But ? The rest is actually true to the literal, ... however, what’s being left out and kept secret, has always been what amounts were accepted as a fair and reasonable settlement achieved recovery during the actual settling of the GSA ... between WMI and the FDIC ... with JPMC allowed as an intervenor, not a true decision maker ...
This always moves me to my posts related to Docket # 5885 and # 9901 ... where only the “Equity Interest” In WMB was Released at the reorganization ...
2’ In its capacity as a creditor, WMI claimed, among other things, that
(i) the FDIC dissipated WMB’s assets by selling substantially all the assets of WMB to JPMC rather than liquidating WMB’s assets, and thus the FDIC breached its statutory duty to maximize the net present value return of such assets, and therefore owes damages to WMI;
(ii) the FDIC’s wasting of WMI’s assets constitutes a taking of property without just compensation in violation of the Fifth Amendment to the United States Constitution;
(iii) the FDIC’s refusal to compensate WMI for property taken in the receivership constitutes a conversion of WMI’s property, actionable under federal law; and (iv) the FDIC’s refusal to compensate WMI for property taken in the Receivership constitutes a conversation of WMI’ property.
3’ Unless and until the Debtors abandon the WMB Stock, the Debtors reserve all rights with respect to all of their claims arising from and with respect to the WMB Stock, whether or not asserted, including, without limitation, the WMB Stock Claims, and nothing herein is intended to suggest that those claims are not legally or factually valid.
4’ In the event that WMI does not abandon the WMB Stock, and the Court approves the Global Settlement Agreement, on the effective date thereof, the WMB Stock Claims (along with all the Debtors’ other claims asserted against the FDIC) will be deemed released.
and then ?, the Plan 7 Reorganization’s follow through on the GSA, ... with the release of the “Equity Interest” In WMB three days prior to Plan 7’s Implementation
You are looking in the wrong place, the fdic doesn't have WMI assets, they took wmb and sold WMB to JPM. The wmilt is where you need to look, and there are no billions there.
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