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fsshon

09/27/09 12:22 AM

#103337 RE: Chiron #103324

Here's how I see it.

First all! Nurse didn't you sell out of WAMU?

Sleet: He should not even discuss any part of the appeal with anyone [other than his clerks] and that would only be on case law precedent. Sleet will not hear the appeal, because 3rd circuit law has already ruled that

1. FIRREA can not be used for successor banks, only the banks that are still part of the receivership process. JPM purchased WAMU 1 hour later after it was received. JD confirmed this on a conference call to stockholders. He also told them he had plenty of time to evaluate all aspects of the WAMU portfolio and business, even going so far as to tell his shareholders his people reviewed the tapes and records and hand-picked the assets!He could not have done so in 1 day, he had plenty of time to prepare because of his being privy to "confidential info" when he posed as suitor for WMI. FDIC can not use the FIRREA in 3rd Circuit in this case, because they did not follow the guidelines and laws of their corporation and get "fair market or liquidation value" for WMB. They used a "whole bank" P&A and just gave it all away for 1.888 billion the same date WAMU was formed. WEil has JPM/FDIC/OTS by the cohone's in this one. Sleet does not have any case law to warrant overturning a junior court on appeal. JPM is appealing the fact that they can not appeal a judges decision until you have a trial court decision [WMI wants a jury trial] so there is not any decision to over-turn. 3rd circuit has decided that the merits of a BK case can proceed as the Judge see fit. JPM has the right to appeal after we get the jury decision. Discovery process [DEPOSITIONS] looms and JPM is now the only defendant in this one. WMI says they caused the fall of their bank holding company and THJMW seems to support the theory, by allowing unlimited discovery. IMHO Sleet will not hear the appeal! FDIC tried to intervene, no THJMW says, FDIC will try to appeal, they will be turned down, because they did not hold the assets long enough to get DD bids from other banks, or they just plainly turned them down because of bias towards JPM. This will come out in trial. The FDIC has earned the right to pay JPMC's attorney bills in the amount of up 500 million dollars! Hence JPMC delaying everything they can, filing a motion to strike Doreen Logan's deposition, when they approved it and were in the room! Hence another failed attempt at delaying the inevitable. FDIC is footing the bill!

2. JPM taking this case to a jury! NO way NO how, will they risk the fact that a discovery process, let alone a VERY PUBLIC trial could "blow down" the house of cards they have built in the last 18 months. JPM has now become the largest and high asset value bank in the country. They now have the title they have always wanted. What is a measly 50 billion dollars, when your actions will effect the entire world banking industry and the verdict along with the details that surface will cause a "run-on" that bank bigger than this country has ever seen. Also the details will cause a complete replacement of the officers (CEO) and some board members who went along with JD's actions. Last but not least, they wouldn't look good in an orange jumpsuit, when they like the lifestyle they have become accustomed to.

3. JPM risking 4.4 billion dollar decision by THJMW. Maybe!
Would JPM look better to its shareholders if it purchased a company with A>L or L>A? IMO They would look much better if A>L. However they are rolling the dice, when they think WMI would submit to a buyout offer if WMI has A>L. So would JPMC allow 4.4billion and 6.5Billion in Tax Returns and 3.5Billion in Capital Contributions? I am not sure of how much was contributed to the company during the "loss of value" phase. If JPM get WMI for 30Bil before THJMW rules on the "demand deposits" they will make the perfect decision. If JPM lets their hubris get the best of them and they "take a chance" and lose in THJMW's court, it makes the purchase price rise, along with the loss of money they now have on the left side of the balance sheet. JPM put WMI's deposits in a low-interest account, meanwhile collecting from just loaning it out on a "rotating basis!" They know what they are doing, so it is in my opinion, they will not take a chance on losing 15% of the cash buyout of WMI or the money to payoff all back interest owed on preferreds, bonds and any other debts that would be involved with a stock swap, which I have been adamant about in regards to JPM getting WMI.

4. Could the Obama Administration LEGALLY call on the judicial system to side with the FDIC. I don't think they would take that chance, however I do not put anything past the "chicago thuggery" of the administration. Now before any of you get your panties in a wad, let me explain. In our favor, Geithner is absolutely pissed, but his powers over the FDIC are broad and not enforceable. Only the POTUS or Congress can put restrictions on the FDIC. Geithner can refuse to loan the FDIC any money, but how would that look to the American Public?
Not Good! Right! So he goes public after visiting China, [ a WAMU creditor through TPG] and says "There will never be another Washington Mutual!" What did he mean by that? You make the call. To me, it means he will try to put in restrictions of the FDIC to seize a solvent bank! Also someone has mentioned that Obama's friends SEIU had 1.3 billion invested. Obama is smarter than most of us think, he would not interfere with a judicial case, unless it affected the security of the country. JPM getting sued does not in any way threaten the country. Once this case is over and the congress has implemented new banking regulations, another WAMU will not ever be allowed to happen. It is the DC case against the FDIC that might cause the executive branch to get ansy. The judicial branch has to do their job and uphold the laws this country was founded upon. Confidence in the banking system, will be compromised if JPM takes this to trial and the public finds out how they could have crashed the entire economy with their greed and arrogance. JPM's board will do everything possible to keep this quiet, proven by the media being deafly silent on a 50 billion heist. Power is everything, but it is lost if the public finds out about you!

5. Was WMI solvent or insolvent? Lets see if WMI was solvent? Then the money that was in WMB and WMBfsb will go with the sale. We thought JPM was "throwing the FDIC under the bus" when they posted a month ago that WMB was solvent. If WMB was solvent, then it strengthens JPM's case to keep the money, if it was insolvent, then the WMI case is strengthened. If the FDIC seized a solvent bank, then they screwed up, if they seized an insolvent one, then it just strengthens their case.

6. This investment is too hard and I don't know how long I can hold on! Hey listen up! If you bought into this thing in Oct of last year, you bought in for 3 cents. If you bought in March 4cents April 6 cents May 8cents Aug 12 cents Late Aug 20cents. Sept 23cents. If you bought in like I did back in March. You paid somewhere near 5 cents pps. At Fridays closing that's about 500% profit on your money. Now where can you go and make this type of investment and reap these kind of rewards? I know you don't get paid until you sell! Yep! That's a decision you will need to make. If you bought 100k shares at .05 You could sell 20% of them today and put a couple of cents in your pocket and then you will be riding "Free Shares!" It is your decision, No one else can make it for you, UNLESS YOU TOLD THE WIFE! LOL! If you're jittery after these types of gains, w/o a reverse split, that is so common these days. In Other Words, Your investment is beating the market by 483%. So shut up and sell or hold! It is up to you! Don't come here belly-aching over your investment, MAN UP and make a decision!

In Closing: ALL CLASSES OF WAMU IN MY OPINION ARE A GOOD INVESTMENT, BUT THIS INVESTMENT IS NOT FOR THE FAINT OF HEART!

It will have ups and downs, but most are sure of the outcome!

GLTYA

~FISH`