LOL nice. This was my letter to Jamie: just to be a thorn in his Treasury Secretary aspirations :)
To Mr Dimon, JPMC:
"Washington Mutual Bank (WaMu) was seized and sold to JPMorgan Chase on September 25, 2008, culminating in the largest bank failure in United States history. In the months leading up to this, WaMu experienced a deteriorating mortgage portfolio and for a time was courting potential buyers, including JPMC. The bank holding company rebuffed your offer in early 2008 and accepted a deal from a private equity firm. A few months later, amid bad press, naked short selling of WaMu stock, and increased scrutiny by the FDIC and OTS, Washington Mutual suffered significant deposit outflows amounting in the tens of billions of dollars. On Thursday, September 25, WaMu was closed on order by the OTS and the FDIC as Receiver auctioned and sold the bank and subsidiaries to JPMC (as the only conforming bidder) for $1.9 billion. This occurred mere weeks before the Troubled Asset Relief Program was passed and taxpayer monies were distributed to the surviving banks (including JPMC). Shareholders, pensioners, and bondholders were effectively wiped out.
As purchaser of substantially all of WaMu's assets, your company has benefited significantly from the Seattle thrift's demise. Documents recently presented in Chapter 11 bankruptcy proceedings show that JPMC was intimately following WaMu's situation and had misused confidential information to plan its purchase from the government months before WaMu was seized. In one email you discourage Banco Santander Chairman Emilio Botin from interest in Washington Mutual, remarking that "WaMu's losses are higher than TPG estimated" when asked why JPMC did not buy WaMu in March 2008.
Did JPMorgan Chase in any way participate in Washington Mutual's failure, through its influence with policymakers and regulatory agencies, equity markets, and ratings firms? Did your company use confidential information regarding WaMu's financial health to plan its eventual acquisition in a distressed sale? Does JPMorgan Chase expect to profit significantly on its WaMu purchase in the long term, despite the negative systemic effects WaMu's failure had on the American economy?"
I remember wayback when, where Dimon said there are a lot of lawsuits and we will win them all. I find it funny when people believe things to be true just because they said it.
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