Points well taken; the FDIC may be able to compensate WMI without the new bill: http://frwebgate1.access.gpo.gov/cgi-bin/TEXTgate.cgi?WAISdocID=181203267903+0+1+0&WAISaction=retrieve in which the 30B goes to 100B. Convincing FDIC through court proceedings is an unfortunate means to this end. Bair has said on TV they don't have authority to seize holding companies and the some of the property seized is clearly WMI, from what I understand, e.g. the 4 billion on deposit at JPM.
JPM has had ample opportunity to do the right thing and apparently they are underway to make some type of settlement with WMI based on the invoice posted here last night by Jackson. On that itemized attorney bill mentioned at the bottom of p16, and other places, is a "settlement". If the FDIC doesn't have to pay anything now that's fine, but JPM should get their act together, if they are such a big deal, and actually lead the way to a quick and satisfactory close!
That 250 pgs is somewhat of a joke. The WMI filing, in contrast is good work.
Here again, we have the bully displaying careless behavior and lagging in performance and leadership, let alone morally and ethical questionable behavior. This is the whole point of this national reorganization underway now. Until the complacent get their cages shaken this pattern will be considered normal and to be expected. On the contrary; those with the most power must be required to wield the most responsibility in the most highly respectable and appealing manner. Who is the boss here? Tax payers must see ways of affecting the changes to the status quo from where ever they are until people like Dimon show up on TV with a conciliatory tone that comes from real understanding and respect for the whole process of managing the national wealth. This is not an opinion. This is a fact, like it or not.
Obama appears to be willing to embrace the job. Who will join him in the public forum and champion the tax payer, and champion the schools and champion unions, and champion the sustainable social and economic culture that is the future of America? Who? I'm looking for bankers who have the guts to be the leaders they are supposed to be. Hey, they are in charge of investing our dollars, not just bean counters or pretty faces, or smart people, or good accountants, or good executive managers. They are leaders who hold the purse. And, we won't go into the old story of the purse holder....it's time for a new story and it's in our faces now.
I would rather the whole thing come to a halt before we move without getting this idea in place among all money managers. Just because it's legal to short doesn't mean one should. It may be legal to make money but it isn't right to do it at all costs and there are costs which are not monetized.
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