WMB Bondholders Argument in court on 1/28/10:
http://wamuqd.com/settlement.mp3
Rosen's statement at the meeting for the formation of the EC:
http://wamuqd.com/RosenResolution.mp3
Please spare us the stupidity. JPM and the FDIC want to be "helped" or "at least satisfies" them. Cry me a river.
We know what they did. Weil knows what they did. And the Equity Committee knows what they did. By now you can bet your bottom dollar THJMW knows what they did as well... hence the stalling to buy more time for negotiations.
By going to trial it speeds the process up for WMI and the bondholders. But they have nothing to lose in letting it ride on a full blown trial. Heck WMI will be able to pay off their creditors and send them packing either way.
JPM and the FDIC on the other hand have everything to lose.
NO JURY is going to read a March 30, 2008 email between two upper echelon members of JPM's elite staff loving "the idea" of wiping out shareholders so they could get a sweet government deal.
http://wamuqd.com/images/stories/westshareholders.png
No jury is going to think twice when they read the FDI Act and find that not only did the FDIC fail to live up to the standards of maximizing asset value by gifting a 120 bank and it's inherent footprint stock piled with billions in assets and 30 billion in cash to JPM for 1.9 billion.
http://www.youtube.com/watch?v=Zx-BNk4QnTY
Likewise when they read the statutes specifying that ALL bidders are to be treated evenly and fairly and compare notes with calls to JPM 3 weeks before anyone else was notified they're going to start multiplying numbers in their heads.
http://blogs.wsj.com/deals/2008/09/29/how-jp-morgan-raised-115-billion-in-24-hours/tab/article/
No jury is going to look at the FDIC as an upstanding government agency when they see that they knew damn well JPM had signed an agreement with WMI specifying they wouldn't purchase the bank or its assets from anyone but WMI for 18 months and 5 months later went ahead and did it anyway, with the FDIC specifically signing on to cover them up to $500 million (with taxpayer money) to break the law.
And honestly, if anyone can tell themselves the FDIC has nothing to hide when this is what they offer as the "Freedom of Information Act", then you should go back to smoking crack,
http://seattle.bizjournals.com/seattle/blog/2009/12/the_fight_for_wamu_documents.html
JPM and the FDIC stand to win BIG in a settlement. Period. They are the vultures. They broke countless laws and violated the lives of Wamu employees, shareholders, and bondholders alike. Worse yet, they abused our trust. They lied, cheated, and stole on our dime.
So please "bashers" (liars seems much more appropriate doesn't it?), spare us the idiocy. We KNOW the facts here. We'll keep posting them and posting them and posting them. They're not going away. This is reality.
But if JPM and the FDIC want court, we'll wait them out. There are all of these issues, copyright infringement, cap contributions, etc etc etc... If they let it ride long enough someone is going to jail. It won't be any of us. So to put it bluntly, they can pay now and make it (and us) go away, or they can keep putzing around and risk criminal indictments.
Bring on a settlement or bring on depositions. We've got time. Do they?
http://wamuqd.com/jpm1.mp3