The Rape of WAMU By JPMC
http://www.kccllc.net/documents/0812229/0812229090501000000000002.pdf
Where it really gets interesting is starting on pg 24 para 24.
A fascinating and sickening read. I think a lot of us smelled a rat but we were not privy to how it all went down.
JPMC essentially targeted WAMU in 2004, infiltrated WAMU with "their boys", and used their influence in Government and the media to get WAMU "for a song" while leaving thousands of WAMU investors with "junk" stock.
This only confirms what most of us suspected about the sudden JPMC blitzkrieg/takeover...a criminal act.
Where it really gets interesting is starting on pg 24 para 24.
A fascinating and sickening read. I think a lot of us smelled a rat but we were not privy to how it all went down.
JPMC essentially targeted WAMU in 2004, infiltrated WAMU with "their boys", and used their influence in Government and the media to get WAMU "for a song" while leaving thousands of WAMU investors with "junk" stock.
This only confirms what most of us suspected about the sudden JPMC blitzkrieg/takeover...a criminal act.
Comments
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With regard to the "Texas Action", why is it only insurance companies suing?
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Good to see growing awareness of a crime that implicates not only JPMC, but the FED, Goldman Sachs, and the federal government......essentially the very core of the "East Coast Financial Mafia".
Maybe I'm just cynical, but I assumed this was happening.
I also believe that Bear Sterns was allowed to fail hard and sold to JPM because of lack of cooperation with the LTCM crisis a decade earlier (they didn't play ball). JPM was probably given WaMu because of their cooperation in jumping on the BSC handgrenade (along with a whole lot of under-the-covers fed liquidity to keep JPM solvent due to BSC). JPM has a record of helping the government save the banks and rescuing the country, going all the way back to the great depression -- they also a record of being rewarded for that.
If you look at the complaints coming from BoA about the forced merger with Merrill, I suspect that BoA might not be 'too big to fail' during the next massive bank crisis, unless their tune changes...
Did you actually believe that the centers of financial power did not work this way? (And this is all reasonably tame compared to what went on 100+ years ago).