We hear and see all of the discussion, monthly billings and other about JPM settlement talks, however nothing about the FDIC in any form of talks. I believe the so called "settlement" talks with JPM is ALL smoke and mirrors at this time.
There is no way any of this can be settled without the FDIC and I believe Bair is the one holding this up. I am thinking this has become personel with her, after all Paulson and Dimon had to have her to pull the heist off. She may be wanting to get even by putting them in jail or at least make them sweat for a long time. There is no way this many savy and high level people gamble with their own skin...this just does not happen. They have no control to settle this and get their "get out of jail" cards without Bair who holds the ULTIMATE trump (cash) card.
At some point this is all going to blow up if not taken care of very soon. There is no other reason that I can think of, why these very high level people are gambling with their own skin to this extreme.
Keep in mind, Bair has repeatedly said she is done with Government and has even turned down another high level position when her term expires with the Government. She has put this out there for all to see and hear as part of a larger agenda on her part. It keeps going back to the FDIC, and very little if any settlement discussions have been found in any of the monthly billing report. This has not been discussed to much, other than through the phony GSA which everybody knows can not be accepted under the rules of chapter 11.
spot, when the game is rigged u dont worry, thats why. they mold the clay to fit their agenda w/ no consequences. these guys get "exigent cirumstances" and for the betterment of the country. of course thats BS,as we know it was a completely illegal takedown. but they mold the clay,we the little guy dont.stick to the numbers or youll be disappointed.
Yeah but Spot, Paulson has the President’s ear. And he can make Sheila’s graceful exit disappear. Turning it into a humiliating firing, giving the President another opportunity to blame Bush for this economic catastrophe. Sheila was Bush’s girl. Ultimately she will be blamed for WaMu. And she is the poster child for incompetence. She can’t even keep something as simple as the FDIC’s books in order.
Beside's, I don’t think she has much to gamble with. So if she’s trying to make plays against Paulson, she’s bluffing. And doing it badly. The President isn’t going to sacrifice Paulson. But firing Bair is an easy decision. If she get’s publicly canned, pundits will go on television and compare her to Brown and Katrina. And then tie it all in with Bush. It’s actually a pretty fair assessment too.
I said before that “job offer” Sheila turned down never existed. It was simply a way of giving her a graceful exit. My take on this whole situation was that she screwed up so badly, she was being handed her hat. She was basically forced to resign or face being fired. The kicker is this: they need her to stay long enough to be the bag-holder should this situation go too far south. Which is exactly what they did. And I suspect this is why she is not getting phone calls from the President telling her to sort this situation out. Because it doesn't matter how this goes; they’ll blame her and Dimon either way.
"At some point this is all going to blow up if not taken care of very soon" - I agree. I don't think that would be in any of our best intrest unless your sole intrest was blood - I think if Susman plays the cards right we can have a both.
I agree. In the initial days after well engineered so called financial collapse, SB seemed to very happy and touted herself as the savior of the financial disaster. Now that the bankers got what they wanted, she is the one looks like the culprit. But, she holds the last trump card and will do the right thing for ordinary people. She may be in love with JD but she has seen his dark side. He is the ultimate thief.