Posted on 04/10/2010 8:12:49 PM PDT by TCH
The end of the world as we know it.
...and in local news-
http://seekingalpha.com/user/415296-truth-and-transparency/instablog
...
By all accounts, JP Morgan Chase (JPM) purchased the whole bank assets of Washington Mutual for 1.88 billion in September of 2008. Anyone would agree that 1.88B for a 110 year old organization that had 270 billion on deposit, 29 billion in liquid cash, 2700 banks, 8000 ATM’s, and a credit card company is an unjust deal that deserves scrutiny.
The deal becomes even more unjust when one considers the impact it has to JP Morgan - - the deal creates the nation’s second-largest branch network. A combined network reaching 42% of the U.S. population, with strong positions in attractive markets such as California, Florida, New York, Texas, Arizona, Illinois and Washington. With the assumption of WaMu’s assets, JP Morgan will have $900 billion in deposits, 5,400 branches and 14,000 ATMs in 23 states.
In addition when you closely examine the proposed settlement you’ll see that JP Morgan actually receives monies in the form of 70% percent of a tax return, referred to as tax return 1. That percentage equates to 1.82 B or 2.10 B (depending of the actual returned amount). Yes, it’s shocking but that is the deal that Weil, Gotshal & Manges LLP was able to muster in 18 months - - a deal that did not benefit WMI but gives additional monies to JP Morgan Chase. In fact the JPM’s portion of the tax return basically means that JPM purchased WaMu for nothing, that the amount paid to the FDIC under the P&A and the amount to be received in tax returns is a wash, JPM gets WaMu for free.
...
Fingers crossed that this article is not on the money.
Not if you take the ID chip!
Once again Commufascicorrupitalism commits mass murder by hunger.
I’m sweating bullets... I converted our IRAs ($16,000)into silver certificates (stocks) in a “custodial” account in London... with freaking Chase and JP Morgan as the trustees! OMG... I am wondering if I am able to transfer the stock into actual silver and place it in a local bank.
A lot of criminal activity going on in the financial markets, aided and abetted by politicians, mostly the democrats, like Barney Frank and Chris Dodd!!
If you find out, post it here. I would like to know as well.
What are they talking about? Largest fraud in history?
The largest is in the WH?
FWIW
hhhhhmmmmmm.....
Ruh Roh...
I’ll be on the phone to my broker, first thing Monday morning... but I got a really bad gut feeling about all this.
Just a coincidence? I'm BUYING bullets!
So we’re all screwed?
later
Could just have been Murphy's Law at work!!!
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