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Washington Mutual Inc. |
So.. as we have all been told over and over again "Washington Mutual's
toxic mortgages were the reason it had liquidity problems"
Okay.. so we may not agree with the statement above..however lets run
with it and say for one second that we want to believe its true.
Imagine (without getting sick that you are a JPM lawyer and that is
your strongest defense). How do you explain the following:
http://www.bizjournals.com/atlanta/stori...
http://seattletimes.nwsource.com/html/bu...
In the link above (2nd one) he actually completely diverts the
question about what brought down WAMU.
"Asked about his role in the mortgage problems that brought WaMu down,
Schneider said, "There will be never-ending discussion around home
lending, and what I'm focused on now is the retail side and making
sure we do the integration well."
So we (JPMC) were able to acquire WMB for the low 1.89 Billion the
FDIC sold it to us for. Now we are aware that we will have to write
off huge loses becuase of the toxic mortgages... and we have a chance
to clear house (dismiss all WMB employees) yet lets bring on David
Schneider.
Link belos is David Schneider's offer letter by WMB in 2005.
http://contracts.onecle.com/wamu/schneid...
Wait... did you notice Steve Rotella signed his offer letter. Isn't
Rotella under the scrutiny of the Texas Action for serving as a
mole????
So... I find it interesting that Rotella COO for WMB was the person
who signed David's offer letter. Does anyone else find this
interesting. Also keep in mind that Rotella left JPM in 2004 for
WAMU.Last I can find on Rotella is his name in the Texas Action.
Rotella was closely linked to Schneider's hiring... Here’s what the
Chief Operating Officer said about David Schneider when he was hired:
“David Schneider has a proven track record of success in leading and
growing a national home lending business, as well as solid experience
with cross selling home loans across a retail banking network and
other distribution channels.”
Ummm Rotella... you want to reword that?
It's alright I guess Killinger said the same... so your not alone.
And here is a link that 'hints' at the irony of Rotella going from JPM
to WMB to being let go by JPM. http://www.businessinsider.com/2008/10/j...
"Ironically, Mr. Rotella had run J.P. Morgan's mortgage business
before he joined WaMu at the end of 2004."
To being the most famous mole in the decade Rotella this buds for you!