> http://www.youtube.com/watch?v=ngsOINt9hsw

> On Jul 3, 8:29 pm, koi <takamiyada...@gmail.com> wrote:

> >http://research-investigations.newsvine.com/_news/2009/03/30/2618533-...
> > By: John E. Fiorentino

> > On March 20, 2009 Washington Mutual's holding company filed suit
> > against the FDIC for over 13 billion dollars. The suit contends that
> > the fire-sale of the bank's assets to JPMorgan Chase was a violation
> > of its rights.

> > In its suit lawyers for the bank's holding company Washington Mutual
> > Inc. contend that the bank was worth more than the $1.9 billion
> > JPMorgan paid for it in a deal arranged by the FDIC. The lawsuit
> > argues that if WaMu's assets had been liquidated prudently, they would
> > have been worth more than that.

> > On March 24, 2009 JPMorgan Chase countersued Washington Mutual in the
> > U.S. bankruptcy court in Delaware. JPMorgan urged the federal
> > bankruptcy court not to interfere with its September purchase of the
> > thrift's banking operations.

> > In another article I wrote entitled; "The plunder of Washington
> > Mutual" I outlined some of the rather burning questions relating to
> > the seizure of that institution by the federal authorities.

> > Many questions of propriety remain regarding the seizure of WaMu and
> > the exact role played by JPMorgan Chase.

> > Could it be that the infamous Chairman and CEO of JPMorgan, Jamie
> > Dimon - who always seems to be in the right place at the right time -
> > has succeeded in biting off more than even he can chew?

> > Dimon - always the spin-doctor - may this time find himself twisting
> > in the wind.

> > In their countersuit, filed in the US Bankruptcy Court in Delaware
> > (where the WaMu bankruptcy is being handled); JPM indicates it "sued
> > to ensure that it does not lose any of its interests in Washington
> > Mutual's banking operations, which it said it bought in good faith. It
> > also wants to be reimbursed for various claims it might face over the
> > purchase."

> > JPM also stated: "Protection of the title conveyed by the FDIC to
> > institutions like JPMorgan Chase, who are encouraged to step into the
> > breach and provide the stability and continuity necessary to avert a
> > run on a failing bank and disruption of its services to the public, is
> > critical to the ability of the regulators to manage bank failures,"
> > The bank also said Washington Mutual's failure came at no cost to the
> > FDIC insurance fund, while the July 2008 failure of IndyMac Bancorp
> > Inc. a California thrift one-tenth the size of Washington Mutual, cost
> > the FDIC $10.7 billion.

> > The issue of "good faith" in this instance is certainly one worth
> > investigating. There are more than mere indications that JPM was given
> > a head start in the "bidding" process for WaMu. A process about which
> > the FDIC has still not seen fit to openly discuss.

> > As to whether or not JPM did indeed "step into the breach" or whether
> > it actually stepped in something else still remains to be seen. And
> > whether or not the WaMu seizure came "at no cost" to the FDIC is
> > irrelevant. Either this seizure was conducted properly or it wasn't.
> > That is the relevant issue.

> > The facts seem to indicate that all of the concerned parties spoke
> > with forked tongues at one point or another. The FDIC, the Office of
> > Thrift Supervision (OTS), and JPM were all seemingly unable to get on
> > the same page.

> > Dimon's D-Day

> > The bankruptcy court in the WMI case has set March 31 as the Bar date.
> > (The date by which the court must receive proofs of claim) JPM filed a
> > motion objecting to the Bar date. In its motion, JPM stated among
> > other things: "JPMorgan Chase needs more time than afforded by the
> > proposed deadline to continue its ongoing efforts to understand and
> > evaluate the claims and assets it has acquired from the FDIC in its
> > capacity as receiver for WMB."

> > In other words, Dimon has no idea what it is he actually purchased
> > from the FDIC, nor can he properly place a value on the total assets
> > and liabilities of the deal. In spite of all that, Dimon in a January
> > 15, 2009 conference call seemed confident enough to offer guidance on
> > the impact of the WaMu transaction on the balance sheets of JPM.

> > One thing is painfully obvious. Either JPM knows what it acquired from
> > FDIC or it doesn't. If it does, then one must question the points
> > raised in its objection to the bankruptcy court. If it doesn't
> > actually know what it purchased, then one must question how it can
> > offer guidance as to what the impact of the WaMu transaction will have
> > on its balance sheets.

> > In any event, Mr. Dimon has another appointment with adversity as JPM
> > is scheduled to release its Q1 earnings on April 16.

> > Perhaps you're wondering why we simply don't look at the Purchase and
> > Assumption agreement between the FDIC and JPM to get some handle on
> > just what it was JPM purchased. It's certainly a reasonable request to
> > do so. However, when we do that, we are still left in the dark.

> > In "ARTICLE III PURCHASE OF ASSETS" we are told: The
> > subsidiaries, joint ventures, partnerships, and any and all other
> > business combinations or arrangements, whether active, inactive,
> > dissolved or terminated being purchased by the Assuming Bank includes,
> > but is not limited to, the entities listed on Schedule 3.1a.

> > Unfortunately, the FDIC indicates that no 3.1a document exists.

> > Where is the Media?

> > You might be asking yourself where the media is in all of this.
> > Certainly that is another good and fair question.

> > Just where is the touted David Faber of CNBC fame? Perhaps he still
> > has his head in the sand, as he's had since WaMu's seizure - yes,
> > since the last time he hung up on me as I started my investigation
> > into the circumstances surrounding the government's actions. Do we
> > hear nary a peep from the financial news mega cheerleaders and talking
> > heads? Personally, I would just like a nickel for every time Maria
> > Bartiromo chirps "AIG" or "Google."

> > And where you might ask is Jim Cramer -- who is the host of CNBC's
> > "Mad Money" -- last seen making his contribution to the truth by
> > referring to investors in Washington Mutual stock as "clowns."

> > Whatever the final result of all of the obfuscation in this case --
> > one thing is certain -- we need a fair and unbiased investigation into
> > the circumstances surrounding the seizure of WaMu.

> > Shares of the once mighty thrifts holding company still trade, albeit
> > on the "Pink Sheets" under the symbol WAMUQ.

> > Bets, anyone?- Hide quoted text -

> - Show quoted text -