According to the recent court filing on KCCLL
http://www.kccllc.net/documents/0812229/0812229091214000000000008.pdf), exhibit 17, page 692,
JP Morgan Chase and the FDIC were good buddies already pre-seizure
Screenshot from the doc here:
In some of those board presentations they state that they planned to "opt out" of the auction process, and just work with the FDIC.
Why then would they expect to get ANY info from WMI?
Maybe because their internal plan to "opt out", was kept internal, but they told WMI that they planned to "opt in" to the auction process to get a fresh look at those books!
They clearly stated internally that they had no intent to bid.
Can you say "sham negotiations"?
I like that the email makes it clear that Chase understood the difference between "the bank and the holding company", and so the FDIC, too, must have known there was a relationship between two entities, a publicly held corporation and the bank that that corporation owned. Very nice!