Some of the fantasy predictions on here are truly comical. Many (to include some All-Stars) on the boards severely underestimate "big boy politics" in this country, and this case is High Stakes politics, where the real power lies.
1. JPM will not "lose" this case. They WILL pay, but not "lose" this case.
2. There will be no rico/treble charges/damages against JPM
3. There will be no fraud charges against any attorney
We are still the underdog here. JPM truly believes they did the FDIC a favor by stealing this for $1.9b ( FYI yes they did, and yes it was a steal) Fact is, FDIC blew this on a massive scale, JPM seized on their incompetence and STOLE WAMU. This was well thought out, well contrived, and well executed. WLDGDR and her dogged persistence to get the EC formed is what saved our azz (for now). The absence of any "major players" in the EC speaks volumes (and still scares me). Thank you Joseph McMahon (USTP) AND William Harrington (USTP) for realizing the injustice which was about to unfold on their doorstep.
It remains to be seen what "scraps" we might receive as disenfranchised shareholders. Yes, we were wronged, yes I think we will receive some compensation, and yes it saved JPMs azz in the process. No one on this board would like to see this go to trial more than me. It's the ONLY way that we would receive what we deserve. It's transparent to those of us that have studied it what really happened here. There is also a massive amount of dollars involved here, and for that reason, a trial will never happen.
Less "this is just wrong" posts would make this board more tolerable. Unfortunately, some folks who may provide real substance have become silenced due to the pervasive attitude that this will only end up one way. Take off the rose colored glasses, look at this objectively, and accept the fact that this was/is/will be scrutinized/sanctioned at the highest level of "power" in the country.
Remember, "global settlement" doesn't mean everyone gets paid. It has NOTHING to do with "everyone gets some money". It has EVERYTHING to do with making this ALL go away at once. I believe that the DOJ is holding some serious charges over the BOD.
"According to the U.S. Department of Justice (DOJ) Directive 99-20, a "global settlement" addresses or compromises both civil claims and criminal charges. The DOJ and many United States Attorneys' Offices have parallel proceedings policies that provide civil and criminal attorneys with flexibility to share information, to consult on legal issues, to conduct investigations jointly, and to pursue parallel proceedings. These coordinated efforts may result in both civil and criminal claims and remedies, either by adjudication or settlement. In the settlement context, it may be advantageous to enter into global settlements that address both tracks."
It MUST all go away at once...They've put the FEAR OF DETENTION into the BOD, and they are willing to give up a few bucks in equity for a "get outta jail free" card...as Sheila sits in the back laughing, and Jamie smokes big cigars!!!
You know, I know, and every swing'n @$ in the courtroom knows this is a slam dunk case in our favor!...but it needs to ALL GO AWAY before it gets outta control (like some damn equity committee snoopin in at documents). I expect a "settlement" of some kind to be offered within the next few months.
I remain long and strong - Gov!
This is typical engineer tactic.
Start with a statement you can't dismiss, get you to agree, then twist it around.
The guy is GOOD.
BUT. This has absolutely NOTHING to do with WaMu's loans, or my favorite corporate person, or TARP or anything like that.
It's all about FDIC and JPMC.
Or...you have to be very desparate...as was the case with WaMu. On the edge of BK, 60% non performing loans, and rapidly becoming insolvent with all money going out and no loan repayments...WaMu management would have let anyone look at the books in hope of salvaging the company.
Ok. I agree that it is power at the highest level against us. But remember, if we raise our voice collectively we can win. Don't just accept that we are under dogs!!! Have the confidence in us. Every dog has its own day. Collectively let us defeat this powerful enemy. Even Napoleon had to lose one day. Now it is Jamie's turn.
I think that the power at the highest level are beginning to think that the more prudent move is to stop having the attornies fight the EC and just pay us equity holders off...this is how they have always done it...I put my faith in human nature...
great posting as usual. Do we have to be on guard for something nevarious from that recent hire as JPMC general counsel. I think not but who really knows what JPMC is up to.....Would he try to use his contacts to get to McMahon somehow?