> On Jul 3, 8:21 am, koi <takamiyada...@gmail.com> wrote:

> > Appears John McMurray has left JPM.

> > Also the person he had replaced as Chief Risk Officer at WAMU (who
> > resigned) is listed as a defendant now in a class action suit against
> > WAMU.

> > Federal Home Loan Bank of Seattle Announces Management Changes
> > 04/30/2009
> > Federal Home Loan Bank of Seattle announced that John P. McMurray will
> > join as senior vice president, chief risk officer effective May 1,
> > 2009. Mr. McMurray has been performing contract services for the
> > Seattle Bank since December 2008. Mr. McMurray formerly served as
> > chief enterprise risk officer for Washington Mutual Bank, F.S.B., a
> > division of JPMorgan Chase NA. The Seattle Bank's current senior vice
> > president"http://investing.businessweek.com/resear...

> > --"McMurray has been performing contract work since December 2008"--

> > So it appears McMurray wasn't too keen on staying with JPM despite
> > being given an opportunity to do so. McMurray was only one of a few
> > listed WMB employees who would be kept on board.
> > -----------------------------------------------------
> > -----------------
> > Also....

> > "on July 22, WaMu held a conference call to discuss the Company’s
> > second quarter 2008 financial results. Defendants Killinger and Casey
> > participated in the call along with WaMu’s new Chief Enterprise Risk
> > Officer John McMurray. During the call, Killinger, Casey and Murray
> > reviewed the results set forth in the Company’s press release. They
> > also explained that, in 2008, the Company’s Option ARM loans
> > experienced the fastest rise in delinquency rates and that they
> > expected “other prime loans, which are mostly 5 and 7 year hybrids, to
> > follow Option ARMs closely.” According to McMurray, home equity loans
> > and subprime mortgages had experienced high delinquency rates during
> > the late 2006 to late 2007 time period."

> > So Rotella comes in in 2004, hires Schneider in 2005, then the year
> > after things start to crumble. And who is the person that explains
> > this during conference calls; McMurray the former Chief Credit Officer
> > recently promoted to Chief Risk Officer.

> > *Keep in mind, Rotella's offer letter from WMB was for 500k (link just
> > so happens to be disabled at this time, ODD). And his total
> > compensation for 2005 was in fact 2.3 Million. Not a bad first year?

> > So he makes 4x+ his salary during his first year, was hired by Rotella
> > to run the Home Loans Division, and from that moment things start to
> > go downhill for WMB's mortgage lending.....

> > Then JPM decides he is someone worth keeping on board?

> > On Jul 3, 8:19 am, koi <takamiyada...@gmail.com> wrote:

> > > Rotella appears to be the front runner on a shortlist of people that
> > > may fit the 'mole' scenario put forth in the Texas Action Suit.
> > >  http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_W/thread...

> > > See link below:http://seattletimes.nwsource.com/html/bu...

> > > “According to yet another longtime executive, Rotella became involved
> > > more than most top bank executives when the mortgage sales staff
> > > complained about applications that were declined. More than once,
> > > Rotella pressured credit officers to reverse their decisions, this
> > > executive said. "Steve Rotella created a culture of fear" WaMu had
> > > five chief credit officers during the less than 4 years Rotella was at
> > > the bank.

> > > Which brings me to my next point....

> > > "WMB had 5 chief credit officers during the less than 4 years Rotella
> > > was at the bank"

> > > I've searched and searched for these 5 Chief Credit Officers (CCO) and
> > > the only one I could locate was: John McMurray

> > > This find was of particular interest to me because it is a direct link
> > > to one of the 'Chief Credit Officers" that Rotella had pressured to
> > > reverse decisions on faulty loans...or so the story goes.

> > > So John was a "Cheif Credit Officer" and then John was promoted to
> > > Chief Risk Officer. John replaced Ron Cathcart who resigned after
> > > having worked with WMB from 2004 until 4/2008. Ron's resignation
> > > motive was never stated and remains unclear. John who was a chief
> > > credit officer interacted with Rotella and played a large role in the
> > > 'toxic mortgages' that were at the 'root of WMB's unwinding', yet he
> > > was promoted.

> > > 1. WMB hires Rotella from JPM
> > > 2. Rotella hires Schneider
> > > 3. 5 Chief Credit Officers depart their position during Rotella's less
> > > than four year run (for unknown reasons)
> > > 4. One of the chief credit officers who stood, John, is promoted to
> > > that of Chief Risk Officer despite his 'poor' success as a credit
> > > officer and the dwindling status of WMB
> > > 5. John remains Chief Risk Officer for 3 and a half months then WMB is
> > > seized by OTS. As Chief Risk Officer and Chief Credit Officer some of
> > > his responsibilities included: "leading the company's overall strategy
> > > and working with the business to achieve appropriate balance between
> > > risk and expected return."

> > >http://www.seattlepi.com/business/361135...

> > > So another player who interacted with Rotella (and his interesting
> > > strategies/priorities) gets promoted, has the major responsibility of
> > > ensuring WMB manages their risks properly, WMB is said to have failed
> > > because of giving out 'risky loans'; inclusive of option arms.http://www.marketwatch.com/story/wamu-fa...

> > > So the person that was suppose to manage risk; does not (if in fact
> > > WMB failed because of high risk lending) the bank fails. Then JPM
> > > keeps him; someone that had always played a part in containing/
> > > eliminating risk for WMB.

> > >http://www.reuters.com/article/businessN...

> > > "JP Morgan will be hiring several senior Washington Mutual
> > > executives ...John McMurray, chief enterprise risk officer; David
> > > Schneider, president, home loans"

> > > Take the person who was hired by Rotella and keep him as head of
> > > retail banking with your team. Then take one of the people that
> > > directly interacted with Rotella about lending, the person that is
> > > responsible for assessing risk and keep him (though he clearly failed)
> > > and keep him in charge of assessing risk.

> > > This indicates one of two things to me:

> > > 1. JPM doesn't believe that WMB failed because of risky loans and
> > > toxic mortgages and wanted to keep the skilled people (thinking it
> > > wouldn't come back to bite them)

> > > 2. JPM thinks/knows that they owe these people a bit of gratitude for
> > > the damage they did internally at WMB, allowing for the OTS/FDIC to
> > > provide JPM with WMB for a discounted rate.- Hide quoted text -

> > - Show quoted text -