You keep stating that wmi will gain nothing back yet you keep forgetting that WMB was SOLVENT when it was seized and that JPM was working with the FDIC on the purchase long before it was seized!
You can talk about how bad it was, etc, but to hold an unfair auction process did not give wmi shareholders, bondholders, wmb bondholders their due rights under the US Constitution!
Paulson kept WMI off the no short list which let everyone out there know WAMU was going to be "taken down" while putting banks in worse condition than WAMU on the no short. The SEC didn't enforce the 3 day cover rule (we still have at least 40 million short), FDIC was giving information to JPM months in advance (other banks had 24 HR notice of WMB seizure to do DD on their bids), JPM was probably behind the WAMU downgrades. I could go on and on about this. If nothing illegal happened why will the FDIC not release any correspondence with JPM that is NOT redacted? Why will the SEC not release JPM's trading activity? How did JPM's investment division do so well? Short WAMU from $12/share to nothing? They could probably settle for $16/share and still have less in WAMU than their original $8/share offer thanks to the FDIC being nice enough to wipe out all the creditors for them!
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