Rosen made the statement that WAMU held no MBS, and that they were all sold to Government Sponsored Entities (GSE)......that would mean JPM got just the assets of WAMU....JPM was supposed to maximize the assets by selling them into a depressed market during the 2008 recession, and actually got nothing for them , as they recorded a "negative goodwill"... they kept the savings and loans, and paid just 1.89 billion for the whole lot of them.....actually, the value of a bank is the shareholders Retained earnings...if they rent the building, there is no value there..... the deposits belong to the depositors... no value there either... if they make a loan, and sell it to GSA, they rake off a certain percentage there... now lets look at the liability side..... salaries, rental payments, overhead, taxes, etc., etc., and of course borrowing costs for the money to loan out by borrowing from the Fed, selling Bonds, preferred stock, dividends payments to depositors, and preferred, and bond holders, one can see it is a very tenuous endeavor to make money at banking when things go sour in the economy, as it did in 2008... actually, WMI was lucky to get what they got in the GSA to pay off creditors, and get a fresh start with Nationstar... AIMO... Lodas
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