Dude, you are missing the point. The reason why this issue concerns WAMU directly is because the Chinese and Russians are mad as hell. Do you know how much money the Russians lost in Fannie and Freddie? Well about $40B. Do you know how much the Russian Oligarchs lost through Madoff? About $10-20B. The Chinese lost billions in Lehman, WAMU and Bear Stearns.
The Chinese were so mad that they told there banks to start defaulting on the Credit Default Swaps premiums or payments.
The Chinese had the finance minister executed for $100M fraud and you think they will lie down and let their billions go down the drain.
Whether you like it or not they are probably telling Obama to take control of the situation because they don't trust our financial system anymore.
Afterall, Obama came in January and WAMU was already seized and sold. There's no reason why the FDIC didn't cover bondholders, Trusts and secured debt when they sold WAMU. That would have left the holding company with little liabilities to cover commons.
The corruption that went down for years with subprime loans and now about to collapse commercial real estate is worth looking into.
GLTY.
PS: Don't give me the whole Barney Frank and Chris Dodd talk. They never owned any banks or personally made subprime loans. Banks have the right to give fixed rate mortgages instead of loans that balloon in the faces of people. The banks are supposed to help you get out of debt or help you control your debt not send you into BK or eternal servitude.
News 
Market Data 
Discover 
AI
