I found this on the international wires. It will be interesting to see if any of the media here picks it up. I doubt it. I think there was something VERY fishy with the whole WAMU deal!

How a Stolen Bank Costs You Money

*** Violet Day, UPI, 17 April, 2009 ***

With foreclosures at an all time high, unemployment at records levels, and the dollar competing with the "loonie" of all things, it's no wonder more and more people are questioning not only the stability but the sanity of the US government. The casualness with which the government is spending trillions (yes trillions) of tax payer dollars certainly isn't helping the situation. If you are tired of your tax money going to frivolous waste and out of control spending, bad news is on the horizon: you may be cutting another very large check in the near future!

On September 25, 2008 Washington Mutual Bank was seized by the FDIC for reasons of "instability." Within hours, the bank was sold to JP Morgan Chase for the sum of $1.9 billion. At the time of the sale, not only was Washington Mutual among the largest banks in the country, but it enjoyed tremendous name recognition and a banking network estimated at over 2,000 branches and close to 5,000 ATMs. Most analysts agree that $1.9B is not even close to fair compensation for a banking network so well entrenched and almost 120 years in the making. If those figures weren't troubling enough, proponents of Washington Mutual assert the bank had close to $307B in assets at the time of the seizure, was considered "adequately capitalized" by the FDIC's own standards, had access to a $50B credit line with the FDIC, and had around $4B in cash assets! In fact, Washington Mutual is so adamant that an injustice has been performed that they have sued the FDIC seeking damages in the neighborhood of $40B. If in fact Washington Mutual is awarded damages for the FDIC's "communistic actions" and "gross negligence," you can guess who is picking up the tab . . .

Only time will tell if Washington Mutual's lawsuit will stand up in court, but the preliminary evidence looks strongly in Washington Mutual's favor. Even the greatest spin doctor attorneys will have difficulty explaining to a jury the selling of $4B for $1.9B; and yes, WAMU has requested a jury trial. In addition to WAMU's other (disputable) assets, the law firm representing Washington Mutual (Weil/Gotshal) is surely to bring up the fact the JP Morgan offered $8 per share in April to acquire Washington Mutual, a deal which WAMU rejected. Thousands lost jobs, tens of thousands lost life savings and retirements; it seems almost tailor made for a jury trial. The TARP program being released only 4 days after the seizure was purely a coincidence . . . wasn't it? Has it been mentioned that the media and the federal government have been eerily silent on this entire topic? Confidence boosters for financial stability? Definitely not.

Regardless of the outcome of the case, the end result of the suit is the continued deterioration of confidence in the US banking system, the Office of Thrift Supervision, the FDIC, and the Obama administration and their inability to provide any of the real "change" US citizens were promised. If Washington Mutual gets the "change" they are seeking, and most probably deserve, get ready to take out your checkbook.

At time of publication neither the FDIC nor Weil/Gotshal had returned a call for comment. Representatives for Washington Mutual shareholders can be found at www.wamurape.org.

[edit on 18-4-2009 by asala]

and they keyword being JP Morgan Chase who we all know is of the CFR/Bilderberg/TC/NWO groups... doesn't surprise me that name is involved

Exactly! How else could you sell 4 billion for 1.9 billion?!? What's really scary is that NO ONE IS TALKING ABOUT THIS!!!!

C

Heck yeah, I want my bank back! I had a Chase account and opened up a WAMU account - it made things easier for me in the situation I was in. I found that WAMU was WAY better than Chase, who screwed me anytime and every time they could. The customer service at Chase sucked and WAMU was terrific.

Then they took it away from me, and made it Chase. To hell with J.P. Morgan, his descendants and their damned bank. He's dead, been dead for a long time, and he is still screwing us.

I highly doubt, even if WAMU wins, that I'll get my bank back but I can hope, can't I?

How does JP Morgan stay in business in such turmoil??

They have the government make their competition sell to them for pennies on the dollar.

Anyone on ATS still following this?

WAMU has court date tomorrow at 9:30 AM EST against JPM, hoping for a win for WAMU to get their 4 bil back and/or have a settlement over the weekend.

Anyone got an opinion on any of this?

Originally posted by mkross1983
Anyone on ATS still following this?

WAMU has court date tomorrow at 9:30 AM EST against JPM, hoping for a win for WAMU to get their 4 bil back and/or have a settlement over the weekend.

Anyone got an opinion on any of this?

My opinion is that the FDIC is working with the big players to consolidate banking in the USA. It is also my opinion that all these collapses were farces, as it was chalked up to housing loans going bad and these folks sold off just about every housing loan that came into their bank. If you don't own the loans, how do you become insolvent because of them?

I lost my shirt when WaMu was stolen. I bought the shares expecting the TARP to pass and WaMu to be a major beneficiary. Boy was I wrong. JP Morgan was the major beneficiary.

Well I've got a very small amount of shares, hoping WAMU can make a come back. Everything I've read seems to point to a lot of illegal tactics to sell WAMU to JPM for waaaay less than they were worth, billions less. Not sure how this is possible and hope to see it corrected tomorrow. Not just for the profit but so this kind of thing doesn't happen again. Crazy how this could take place imo.