I can't really fault Wamu management with giving away OUR property to JPM/FDIC while keeping the liabilities with Wamu, knowing full that they can never pay us what we our owed.
This has been their M.O. since Rosen showed us who his bosses really are.
Besides, what else would you expect from a management that hangs on (and remembers), EVERY word that their adversaries' lawyers say, but CANNOT for the life of them remember EVER seeking advice from their OWN lawyers as to what their take is (or what it should be). If you take Special K at his word during the hearings, he's not even sure who is on the board; he probably doesn't even know that the Estate has been been MILKED by WGM for Millions of dollars EACH month, or worse, that Wamu has (and is supposed to rely), it's own counsel).
After all, why bother seeking legal counsel when your opponents have enough legal superpower on their side? That way, you can just take JPM's word for what they should do regarding our assets (which not surprisingly, is that everything that belongs to us should be turned over to our opponents).
Old habits die hard.
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