UST Appointment of Examiner is big problem for JPM & FDIC 22-Jul-10 07:02 pm
I suspect after the circus display of POR versions 1- 4, the UST is not pleased with both the virtual arrogance and civil disobedience experienced during this trial. The June hearing may have been icing on the cake when the defense second guessed the UST’ relevance. The tides have now turned, and the poker game JPM & the FDIC once controlled with their “global settlement announcements” are dust in the wind.
The appointment of the examiner is a critical blow to the defense in this case, and hiding close to $100B in assets according to Professor Archara is a serious matter for JPM & the FDIC. The fact that the defense had 4 months to work with the equity committee but refused to submit a bona fide disclosure of assets does not bode any better than 4 POR’s that did not maximize shareholder wealth, yet were supported by the bondholders and BOD is another concern.
In the end, this case has turned 180 degrees.
2ND post by the same author
Re: UST Appointment of Examiner is big problem for JPM & FDIC
23-Jul-10 08:55 am
At the end of the day, the examiner will uncover enough evidence for Q to be in the money, and that is all that counts. But, if JPM and the FDIC want to avoid the big civil trial that inevitably will follow the bankruptcy trial, their settlement figure should factor in a multiple for punitive damages or it makes no sense at all to the shareholders.
You cannot discuss a seizure with bidding parties 3 weeks prior and then seize out of imaginary fear when the bank is solvent, and the government has not extended the same courtesy as it did to less relevant banks like GS, even though it was the secretary treasuries former employer.
Too many criminal issues will come up that stink, and if JPM and the FDIC want to make an offer that will relinquish any litigation claims related to this case, they better get serious about stepping up. All the talk about the work of the examiner is well noted, and I understand the concerns, but as I said, at the end of the day, Q will come out in the money, I am very confident of that. IMO.
Comment from bruce barrett. Let us hear yours….. zagros
bruce barrett
bbarrett49@yahoo.com
24.95.237.109§
2010/07/25 at 8:19 am
its amazing how our own government allows big banks like jpm, with agreement with our treasury, and quasi governmental fdic to rob it’s citizens of their hard earned money, in this case washington mutual. then, to add insult to bank robbery, when in bk court, they hide what they did. is this america? joseph stalin would be proud. so would adolf. it isnt what america is all about. as our government allows it’s citizens to victimized and corporations , wamu, that are solvent to be killed so that others, jp morgan, can survive. shame shame shame
Quelle:
www.wamurape.org/wamurape.aspx?g=posts&t=1554
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