Word is finally beginning to get out there about the battle between WaMu and JPM/FDIC. There isn't too much chatter about the FDIC case, but they are keeping it quiet in court as well. There really isn't too much going on with that other than what you can see in billings from the lawyers. There definatly talking and working things out with the FDIC. Now, we also have the Department of Justice working with us to establish an Equity Committee, and they want it done quickly. Today they should be getting
NEW YORK (TheStreet) -- Washington Mutual looks increasingly likely to extract a settlement from JPMorgan Chase(JPM Quote) as the companies battle in court over a disputed $4 billion in cash deposits and several billions in other assets, according to a close observer of the complex case.
Washington Mutual and JPMorgan attorneys have both laid claim to the disputed assets following
Yesterday, WMI filed a document: (big download, 750 pages)
In this document, you get to see some of the information WMI has on JPM, accusing them of colluding to bring down WaMu. They not only convinced the FDIC to give them a great, but illegal, deal. They also did their best to convince potential bidders from making an attempt to outbid JPM, worked with ratings agencies to downgrade WaMu, and media
Dave Ross did an interview with Kirsten Grind. WaMu had $29 Billion in cash liquidity, meaning they had $29 Billion they could use at any moment. It also mentions that the run on WaMu was tapering off. They also say the FDIC had to convince the OTS to seize WaMu and al the emails were blacked out. This is a great one hour listen.
I'll let you listen to the rest because I don't want to spoil it.
The Washington Mutual Decision - Puget Sound Business Journal (Seattle): - by Kirsten Grind Staff Writer
BACK STORY: In September, at the first anniversary of Washington Mutual’s closure, the Puget Sound Business Journal reported that as executives fought to sell the bank during its final days, regulators undercut those efforts by signaling to bidders that the bank would soon be seized and sold at
Updated 12-04-2009 at 02:40 PM by DigitalDave
(Adding Image of Bair Email)