Bought 10000 just for the hell of it. Shooter you r 100% correct. I said weeks ago this was going to go against us because of political pressure on the judges but we have too much 'group think' on this board.. Crap like 'the laws the law' etc... Sure that's how we get do many miscarriages of justice because the laws the law!! We have the same little group of experts on this board (u all know the names) who continually pump and pretend they know the future. It's a breath of fresh air to have new posters here who can see through the nonsence that's routinely posted by those experts..
If your a newbie note one thing... JPMC told the judge they want a jury trial!!! That means they aren't concerned about WAMU attorneys and they are 100% convinced they'll prevail after many years of a trial and appeals
I'm in for 10000 just in case we hit a $1 sometime in 2010 or 2011
I don't think Judge Walrath's job or career depends on it. If she was concerned with that she would probably have excused herself from this case. She knew these are major players and how nasty it can get. You are not giving her enough credit.
I'm not legal expert ... just my observations ...
JPM didn't have a strong enough case with the "book entry" theory and their plea for WAMU to prove that the funds were actually there to back up the entry. So they used the "mob mentality" approach by having the FDIC step in with a bullying tactic.
The only way the FDCI can back that up is if there is a mandate that gives them the right to take back seized funds that are in question or if it was in the agreement at the time of WAMU's seizure. Those lawyers can stand in that courtroom and give ultimatums all day long (it's a tactic) but it doesn't mean they actually have the steam behind them to fulfill it. That is yet to be determined.
Judge Walrath will most likely use this time to review all of the agreements and FDICs rules to determine what their jurisdiction actually allows before she makes her ruling. I'm sure she'd like to make a ruling that has the merit to stick and not end up being litigated for the next two years.
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