JPMC "Project West" planned to pay off TPG -
In "Case 2B", JPMC would arrange a payola to Bonderman as consideration for the $7 billion raise in April 2008. 
Also, JPMC forecast that their ROI on WaMu would exceed 40% by 2011 . By the research in Project West alone, the Hochberg should find a straight line to the money .
certainly would answer a few puzzling questions about TPG/Bonderman seemingly abandoning their shareholder position..... If this is true that JPM made TPG whole on the $7bil cash injection does that possibly mean JPM now controls those shares held by TPG???
This would be a major problem for voting the current BOD out of office in an upcoming SH meeting if it gets to that point..... Also would explain why JPM hasn't caved in up to the current time.... But would leave JPM in a seriously dangerous position now with an EXAMINER investigating events .....
Boy, it sure would be nice one day to know the truth of all these evil secrets that these big mega money bags are striving so hard to keep hidden from the public...
good luck WaMuers..
Or it could be shown as preferential payments within a BK which are not allowed. And since it is part of the agreement the same consideration would need to be MADE TO ALL COMMON shareholders at the same PPS.
7.2 divided by 600 mill shares
XOM on IHUB, has the same discovery documents from early on. They are a goldmine of information. They slide presentations, like this one which is well zoomed and legible, if one of many, many JPM scenarious.
Of note, this slide is one of several alternatives under CASE 1,2 and 3 (with subcases a,b,etc. where used). These cases are "all after the change from 3/08 Plan A - merger with WMI/WMB" and the strategy change(? or plan all along) to Plan B - government assisted (what an understatement) takeover.
This particular Case 2(b) does not appear to be the one they employed, although it shares some of the largest common elements.
But, a compliment and thanks to XOM as it really good DD to go back to these early documents "with what you now know" and take a second look.
I have had a real hard time with the OCR of the spreadsheets presented on the slide presentations of JPM re: "west." However, in the Plan A spreadsheets on slides, there was a merger acquisition in 3/08, which included dollar amounts of tax benefits from the expected losses on assets after acquisition and from WaMu group. So much so that they horizoned the IRC 382 limitations and importance, and they planned for the 20(?) year benefit of the taxes and discounted the NCF to get the present value in the deal. All of these particular worksheets were to show regulators the impact on JPM's tangible capital equity from the deal.
If anyone has better technology with the set of slides referring the Plan A and Plan B (numerouse) slides and get get enhanced legibility, post it and we'll find a way to get it to someone on Ihub or the GB and use it.
Finally, the Plan B Cases 1, 2 and 3 "do not include any tax benefits from the purchase of assets from the receiver." Although some components not legible, it even appears that one slide compares the plan from B to the orinal from A and showed the change in tax benefits (i.e., they were lost in the purchase of asset from the receiver option).
That clarity of the spreadsheet is worth $6B.
Again, thanks to XOM and strikehold for the post.
Let's take a look at this thing as a whole and not just the Footnote. Park left behind some of the branches but if correct, the only sub left is the investment corp. As we've come to find out, they did take over the covered bonds, though the number we've seen is a bit larger maybe due to the repeated calls be S&P to overcollateralize. Debt left behind. REIT extinguished, yep. But note that they say extinguished upon receivership or bankruptcy. I thought it was upon order from the OTS which didn't happen until after the holding company filed BK. Somebody got their clock set wrong. This is looking pretty close. Now these CPS'. Whose to say they didn't do a 144A/Reg S on these to keep prying eyes from knowing?
The CPS reference portfolio was WaMu's own single family residence assets. According to the Project West presentation, the proposed settlement date for this security was January 1, 2009.
JPMC needed this portfolio before the New Year in order to back the CPS it planned to sell. Sell to who? I dare not speculate. But "Case 2B" was based on the premise that the FDIC would grab and sell WaMu to Dimon's firm before 2008 was done. Which is exactly how it happened.
Not sure all laws have been broken, I have all of my own court room knowledge from D&D
Sometimes just the 2nd D, had not had time to acomplished the 1st D yet
For the youngsters (drunk & disorderly)
Always on the wrong side of the law