Replies to post #281158 on Mr Cooper Group Inc (COOP)

[NASCOW]

I want to give this gentleman the CONGRESSIONAL MEDAL of HONOR, since none in Congress deserve it...I just wish he would've put aside Political Correctness earlier and spoke his mind

"This continues a pattern of inequitable treatment of WaMu's shareholders,
creditors and employees. To this day, the seizure of WaMu in 2008, which was
called a "mistake" by a senior Treasury official, destroyed billions in
shareholder value and cost many thousands their jobs, remains controversial. It
was doubly so since, within days, the federal government handed out billions of
taxpayer dollars to save a select group of chosen financial institutions. This
stands in stark contrast to the fact that no taxpayer dollars were used at
WaMu. In fact, the FDIC will actually receive nearly two billion dollars of
proceeds as a result of their decision.

"Over the course of its investigation the FDIC has had more than ample time
to conduct a proper and complete investigation of both WaMu and its own actions
under duress. Any fair minded person would agree that during its lengthy
investigation the FDIC should have interviewed Mr. Rotella. Had the agency done
so, it would better understand that Mr. Rotella expressly joined WaMu in 2005
to help fix serious and deep-rooted problems that predated his arrival. In the
face of significant organizational challenges and the worst financial crisis in
a generation, Mr. Rotella made significant progress in dealing with the issues
he was hired to address. By the end of his three-plus years as Chief Operating
Officer, the company had substantially reduced mortgage volumes and risk, begun
to diversify the business mix, raised capital, and improved its efficiency.

"The agency's actions today should be deeply troubling to all thoughtful
Americans."

[Royal Dude]

Whow ! I can't believe that this will not have an impact on settlement. I never thought that he would be able to say anything. The impact should be soon IMO and that is why FDIC has forced the suit to push JPM to settle. May we be blessed by Killinger's statement.

[uzualsuzpect]

EDIT - I thought a reprint of KG. Hold Please.... Beep......
:-)

[Pegaso]

Come on Mr Rotella...spill the beans...give what you got to the EC!!!

[fsshon]

This is a powerful statement by Rotella.

To this day, I believe that if WaMu had been treated in the same way as other
large financial institutions by the FDIC, it would have turned a corner-and be
providing valuable financial products and services to consumers, employing
thousands of people who lost their jobs, and delivering returns to creditors
and shareholders alike, who needlessly lost their investments.

He also brought up the Neil Kashkari quote about WAMU seizure being a mistake!

We need to go back to Collyer.....

~Don~

[gophilipgo]

Way to go, Rotella! We need to keep this man vocal, and get him on the stand, if possible.

[Zilla]

"The agency's actions today should be deeply troubling to all thoughtful
Americans."
That's my favorite part right there. :-D