My I add to Don's post, a follow up to this quote from that post:
"The FDIC is requesting the “equity interests” release them and 3rd parties of all liabilities, without compensation for said releases. The examiner in his report said this should not be allowed. We are fighting the full force and weight of the Federal Government who is blocking this case from reaching a fair settlement for all classes. If the FDIC were to lose here, it could, should and would have far-reaching repercussions across the entire financial structure and organization of the country. The FDIC overstepped their bounds and seized the structural component of a holding company and their solvent subsidiary and needs to be held to account for their actions."
If you, or anyone you knows wishes to help make changes to the financial status quo in America you can tell them to a. watch this case, b. get involved, and c. learn why what Don is saying is true.
Sheila Bair made a huge mistake. She should have listened to the elder fellow running the OTS at the time!
She got cozy with Jamie Dimon for what ever reason, (power hungry, petting schmoozing, and ego tripping, imo)
Jamie misrepresented key facts in a discrete manner so there is no record of him doing so.
They made the deal because JP Morgan needed it. Now it's time to do the right thing and pay.
Period.
People who want to make a change in the U.S. should put their weight behind this so that the full force of the citizenry can be logged in a key court battle. imo
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