Posted on 10/27/2009 7:45:11 AM PDT by hiho hiho
"Not even the guys at Washington Mutual know about this." Yet somehow CNBC found out. This video is a gem because it's probably the only existing report in mainstream press with any questions about the seizure of Washington Mutual.
Once the FDIC formally announced the seizure the propaganda machine was turned on and the only thing that was repeated over and over was that JP Morgan had saved the day and that it was simply "Business as usual".
The bank was likely seized on a Thursday to keep them from transferring 16+ billion dollars from WaMu fsb, a subsidiary which also seized, into WMB.
JP Morgan didn't take on any shareholders or bondholders... even the bondholders of WaMu Bank. Everyone was wiped out and JP Morgan walked away with $300 billion in assets for 1.8 billion. They initially wrote down about 30 billion in WaMu loans, but months later when no one was looking wrote them back up $29 billion.
Litigation in Delaware, Texas, and DC has JP Morgan accused of planting moles at WaMu, engaging in sham negotiations, breach of confidentiality agreement, leaking information (true and false) to the press in an effort to destroy the bank so it could buy up it's assets from the FDIC "on the cheap" etc etc.
The FDIC is being sued for fraudulently conveying assets of Washington Mutual Inc, the bank's former holding company to JP Morgan when the bank and its assets were seized.
>”We nationalize banks.”
“The best way to rob a bank is to own one.” — William K. Black, Bank Regulator
Well Golly Gee, could the person in charge there then have been a really competent, smart,honest, person ? (That we now see elsewhere in charge of sumtin BIGGER?)
Same thing happened to me and a lot of others. On my account they increased the rate on a credit card loan which was advertised as a guaranteed rate for the life of the loan as long as it was paid on time.
I put it on automatic pay through my bank and forgot about it until I suddenly noticed that the current loan amount was more than the original loan.
The list, ping
Interesting - I read that - but I have another secret card with another secret (but well known) company, and the rate did not double. Sure it went up a bit in February 2009 but it did not double and the minimum payment is still below the 2% of the balance which used to be the standard repayment rate if I remember correctly.
bump
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