Barron's on the $13bn JPM suit: Wamu Demands JP Morgan Documents
December 15, 2009, 7:11 PM ET. Evening Wrap: Wamu Demands JP Morgan Documents
By Tiernan Ray A few late-breaking tidbits this afternoon you may have missed:
Washington Mutual, the bankrupt holding company whose banking business was sold to JP Morgan-Chase (JPM) last year, requested a U.S. federal court to ask the Federal Reserve Board, the Treasury Department and others to turn over documents it believes are relevant in its suit against JPM. Wamu filed suit against the Federal Deposit Insurance Corporation in March asking for $13 billion in damages. A Reuters piece tonight says Wamu has a JPM email from the week before the sale to JP Morgan showing the FDIC talking with the bank about whether it might be interested in Wamu.
SO IF JPM LOOSE, $13BN IS 10% OF JPM TOTAL VALUE. Will we have a $4+ hair cut on this??
JPM is 3rd party, and do you really think the US govt. is going to be held liable for anything they do__really?? Wake up, even if there were some truth to their siezure tactics in this case, they will never admit wrong doing, would make them look like crooks__oh no, not that. This b.s. will be floating around in court space for the next few years until the gov't. either totally dismisses all charges, or give WAMU a few hundred mill. to hush up and go away before all parties invloved are personally probed by the IRS__"nough said", game over.