Why is the world afraid to talk about WAMU? (fund, FDIC, loan)

[h152cc2]

How come most news organizations are afraid to talk about the FDIC's mismanagement of the biggest bank seizure in history? Please read the story which presents some of the facts of this:

Questions still abound in WaMu’s 2008 seizure - Puget Sound Business Journal (Seattle):

Apparently WAMU had plenty of capital when it was seized, it wasn't given the same treatment as the other big banks. It was told by the FDIC to find a buyer within a set period of time, yet the FDIC went behind their backs and solicited bids for the company.Therefore WAMU had no chance of selling itself to a potential buyer (because why buy now when they could get it super cheap if the FDIC would seize them and sell it to them?)

Lets just look at some current facts:

JP Morgan "paid" 1.9 billion for WAMU
However, now JP Morgan claims they deserve 1.7 billion from WAMU's tax refunds
1.9 Billion - 1.7 Billion = 200 Million

So JP Morgan only had to pay 200 Million for the largest saving and loan bank in US History? A bank that is worth over 300 billion. That just doesn't make any sense. Why does the government favor JPM?

Disclosure: I did not have any shares in wamu when it failed and I do not have any shares in it now.

[h152cc2]

I'm just really surprised no other news organization are talking about this! This is criminal and involves the FDIC, JPM, and the OTC! This helped speed up the economic downturn to a degree that could not be reversed! What the heck is wrong with the world?

[h152cc2]

If anyone is interested go to The WaMu Story to learn more about it. This really is outrageous.

[long101]

coming from a person that had shares in WAMU I fell out of my chair when I heard they went under. Im still holding on to my WAMAQ shares, even though I probably should sell them and get my 200 bucks or whatever crap they are worth now

[h152cc2]

If I were you I'd hold on to them. Illegal acts occured during WAMU's seizure and there is a case in court now deciding what to do with the tax refund wamu was owed. From what I've heard if it is successful WAMUQ could pay out big (once the WAMPQ and WAMKQ's are paid out first as they are preferred).

[long101]

Originally Posted by cyclone8570

If I were you I'd hold on to them. Illegal acts occured during WAMU's seizure and there is a case in court now deciding what to do with the tax refund wamu was owed. From what I've heard if it is successful WAMUQ could pay out big (once the WAMPQ and WAMKQ's are paid out first as they are preferred).

I had some thought on that, but any poor sap could buy it right now and also receive this pay out (if it happens) right? I dont see anything like this happening

[Des-Lab]

Since no one has gone to prison yet over this (or for that matter-indicted), I wouldn't hold your breath. C'mon people. Follow the money and follow the influence. This is little more than some PR saber rattling to make the people think that a "crackdown" is underway.

The outcome on this will be the same as all other "scandals" of this ilk:

Lots of press coverage. A few pre-rehearsed tongue lashings.

A judge (or Senator, or both) will get bought off.

No wrongdoing will be found. It will simply be chalked up to "mistakes were made".

Apple will come out with a new Ipad. A new season of "Dancing With The Stars" will commence. Both will distract you enough to make you forget about this. The plutocracy will continue grifting the American public who will be happy as clams anyway because of the aforementioned distractions. Life will be good and life will go on.