As I've said before, I just can't see the OTS, FDIC and JPM going through a Full Jury Trial with all the Negative Press that is sure to follow.
Such a Mud-slinging Circus would surely put JPM in B/K itself and tank the rest of the Financials/Economy. Not to mention put the OTS and FDIC in very hot water. Obama does not want to deal with a stupid FDIC and Ms. Bair so he probably told her to "Clean-up this Mess" before I take Office.
I still say wait to see what Jan. 21, 23 and 29 brings.
Am I the only one here that's not thinking with my wallet?
I appreciate all that Bopfan has contributed but please guys... you've all done a lot of DD here, reread this statement.
"The limitations on 1828(u) DON'T APPLY to (1) fraudulent conveyance clauses based on ACTUAL fraud, or (2) WMI's case -- i.e., constructive fraud -- because (as far as we know) the FDIC/OTS did not send WMI a warning letter about WMB being undercapitalized."
So the hypothetical legal case is back on because Bopfan says so... even though we know WaMu had some kind of arrangement with the OTS. Yet we're going to assume they never got a letter of warning from them?
"Also, just today WaMu revealed that it entered into a memorandum of understanding with the Office of Thrift Supervision “concerning aspects of the bank’s operations, principally in several areas of its risk management and compliance functions,” according to a WaMu statement."
Everyone is so quick to assume that because we don't know this or that, that it's not the case... I know you guys mean well, but don't throw common sense out the window because you've got high hopes of some magical money being paid out based on speculation which in and of itself is based upon what ifs.
I don't mean to be a downer and I don't think this is going to implode on us or I'd have sold everything instead of buying more last week... but banking on this being worked out in the next week or two is likely just setting yourselves up for heartache.
Bopfan has been an interesting side note to this story and maybe there is something so what he/she is saying... but to be blunt, it's not concrete.
In fact, I'll go as far as to say that second piece of info posted today, was a feel good damage control post that's ignoring the obvious... the OTS was hands on with WaMu in its last days. You can bet your backside that if WaMu agreed to present them with an updated plan addressing some issues, then there were documents not only "Sent" to WaMu, but that WaMu then signed and gave back to the OTS.
Use your brains here people... I know it's hard to put aside the dreams of fast cash and a grievous wrong being righted... possibly within a week or two, but that entire concept is based completely upon well intentioned speculation.
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