All of you on this board have great information and insight on Washington Mutual. Take the time, like I have done and write to your LOCAL Congressman in your district and Senator of your state and make them aware of this situation. A good letter campaign by many will be tough to ignore. The more they all receive the better are chances are to be recognized in our plight.... PLEASE FOLKS, take the time to do this... Here is another one I fired off this a.m. to my local Representative.....Present them with facts and questions......FYI I did not write the following letter attached but forwarded it to the right folks...
Hi George,
First of all I would like to sent out my condolences and sympathy in regards to the situation going on with your dear wife's illness. My prayers are that she will heal and you two can continue on with an enriched life together. I admire your retirement so that you can fulfill this endevour. I have supported you from the beginning, am a registered Republican and appreciate the work you have done while in office.
Now, my issue... As you know, Washington Mutual is no longer with us. I had banked with them for years and received multiple mortgages with them over that time. I am a AAA credit borrower with an extraordinary high FICO score. I am including a letter in this email, which is somewhat a conspiracy letter, BUT is chocked full of factual infomation in the alleged takedown of this bank by J.P. Morgan Chase in collusion with Shelia Bair and the FDIC. For the most part, Washington Mutual was a great bank and serve it's customer with great standards and personal service. That being said, with the recent Senate Panel hearings and "case study" of Washington Mutual, I feel that they are trying to blame them for the financial crisis and take the heat off of the FDIC and J.P. Morgan Chase for the illegal seizure and government wrongdoing in the "financial crisis" in March of 2008 when we all thought the lights were going to go out on the economy. Mistakes were made under panic and duress by both government officials and business's. Because of the unprecedented times, this does not give these government or banking officials a "free pass" to break the law. I am asking that you please read the following letter with an open mind, so that you may address this issue with Congressmen and Senators in Washington D.C. willing to listen. As you know, the level of confidence in government is at an all time low right now and I believe that folks in office need to restore the American peoples faith in the government. If you fix government, people have faith in it again, if you restore faith in the people, then and only then will you fix government. Thank you for your time..
Please see attached letter...
Investigate Jamie Dimon and Sheila Bair, culprits of world financial crisis.
Founded in 1889, WaMu was the largest savings bank in the U.S. until FDIC’s Sheila Bair allegedly killed it in September 2008 for her personal interest. JP Morgan’s CEO Jamie Dimon wanted to steal WaMu for a long time. In order to help her friend Dimon to get WaMu, Bair played all kinds of games to kill WaMu as soon as possible to give it to Dimon virtually for free, which triggered world financial crisis.
The first game Dimon-Bair played was to downgrade WaMu. After an in depth review, WaMu’s regulator, the OTS stated on September 8th, 2008 that WaMu had enough capital and liquidity to operate as a well capitalized institution. On Sep 9, 2008 S&P downgraded WaMu and stated it would downgrade again over the next two years. Two days later, Moody’s also downgraded WaMu. WaMu responded immediately with a statement that the downgrade was baseless, inaccurate and biased because WaMu had enough capital and liquidity, significantly above the requirements for a well- capitalized bank. Having been scrutinized by regulators everyday inside the bank, WaMu dared not and did not lie.
However, Dimon-Bair did not want to wait for two years. Orchestrated by them, within one week, WaMu was downgraded again by S&P, Moody’s and the OTS to "junk" status. There was never in U.S. history that a well funded bank was downgraded over and over again within one week. According to court documents, to expertise the collapse of WaMu, JP Morgan illegally, secretly contacted rating agencies, negatively influencing them to downgrade WaMu over and over again. American people now all believe it was Dimon-Bair who orchestrated all these downgrades to collapse WaMu. All communications between Moody’s, S&P, and the OTS/FDIC as well as JP Morgan should be investigated by Congress.
It was these downgrades that scared the American people and induced what the FDIC claimed a “bank run” in deposits between Sept. 15 and 24, 2008. The FDIC then had an excuse to claim that WaMu did not have enough capital and liquidity and should be seized immediately. As testified by WaMu’s former CEO Karry Killinger in Congress WaMu did have enough capital and liquidity and was well funded therefore it should not have been seized right before the TARP. It was totally a conspiracy on Dimon and Bair’s part. However, the FDIC seized WaMu anyway and gave it to JP Morgan for next-to-nothing.
The second game Bair played was to scare all the potential buyers of WaMu. The OTS advised WaMu to look for buyers without a deadline, indicating that WaMu was well capitalized by then. WaMu was then discussing terms with 6 potential suitors including J.P. Morgan through investment bank Goldman Sachs. However, the FDIC went behind WaMu to forge a dirty deal with JP Morgan, knowing that JP Morgan was negotiating with WaMu in the front. Unbeknownst to WaMu, the FDIC threatened all the potential buyers that the FDIC was going to seize WaMu soon, so that nobody would dare to make an offer.
The third game Bair played was to seize WaMu and give it to Dimon without an open bid. Looking back on it, all the games Bair played was to benefit Dimon for her own personal interest. That was why JP Morgan was able to submit over hundreds of pages to get WaMu within a few hours. According to WSJ, the FDIC had already informed a planned seizure of WaMu to JP Morgan 3 weeks before WaMu’s seizure and before JP Morgan pretended to be one of the six buyers. blogs.wsj.com/deals/2008/09/29/...sed-115-billion-in-24-hours/
The possible inappropriate relationship between the FDIC chairwoman Sheila Bair and JP Morgan CEO Jamie Dimon should be investigated by Congress.
One week before FDIC seized WaMu, then Secretary of Treasury Henry Paulson asked Dimon whether he is interested in Morgan Stanley for one dollar per share. Dimon did not have time to do the homework because his focus was to get WaMu with the help of Bair as soon as possible. On 9/25/2008, Bair seized WaMu. Moments later, Dimon acquired the deposits, assets of WaMu for $1.9 billion which was pocketed by Bair.
Because Bair’s wrongdoing was not condemned by Congress, this most powerful woman in the US proudly did it again to Wachovia bank within a few days. It was Bair’s misconduct to wipe out the two of the largest U.S. banks all of a sudden in a few days which triggered world financial crisis. Dimon who stole WaMu’s 307 billion asset and 2239 profitable branches for free and later stole American taxpayers another $29 billion by claiming tax credit on behalf of WaMu’s loss now becomes a “hero” of world financial crisis.
Jamie Dimon is not a hero. A hero is someone who sacrifices himself to save others. At most he was just lucky and exposed less in mortgage crisis because of his greedy policy and few people were willing to do business with them. He was the only winner in this crisis because he is a thief who knows how to bribe the government officials to help him to steal from millions of American middle class who invested at WaMu. If we have more people like Dimon, our nation will become a corruptor zoo. "For what if he shall gain the whole world and lose his soul?" Mark 8:36
Below is Dimon’s confession.
files.shareholder.com/downloads/ONE/...x0x283417/92060ed3-3393 -43a5-a3c1-178390c6eac5/2008_AR_Letter_to_shareholders.pdf
Dimon confessed in his annual report to shareholders that he was the only bank prepared to act immediately (within a couple of hours because he was the only one informed by Bair 3 weeks in advance. He pretended to be a buyer of WaMu in public, while getting information from Bair everyday behind the curtain).
Dimon confessed that he acquired WaMu’s 2,200 branches and 12.6 million checking accounts, $240 billion of mortgage and assets, $160 billion in deposits and $38 billion in equity for merely $1.9 billion. The deal was immediately accretive to earnings $2 billion and later claimed $29 billion tax credit from U.S. government and American taxpayers. Dimon confessed that even if home prices go down another 20%, he thinks the transaction will remain a great deal, at a great price for his shareholders. (a penny on the dollar).
Now FDIC headed by Bair becomes a corruptive profit institution. They took over WaMu, sold off and pocketed the money while it was still healthy, like putting and burying a healthy person into a coffin while he is still able to jog and run. JP Morgan got the assets and deposits at a bargain at the expense of WaMu shareholders. What the FDIC did to WaMu was exactly the same as what the Japanese did to the Americans during World War II. On Saturday, Japanese Foreign Minister signed the peace treaty with the USA in Washington D.C. Next morning, Japanese bombed Pearl Harbor and seized all the assets of American banks in Hong Kong. President Franklin Roosevelt was totally in the dark. Like FDIC seizing WaMu and giving it to JP Morgan, only planners Sheila Bair and Jamie Dimon knew when to pull the trigger, because it was totally a conspiracy.
It is believed that the misconduct of Ms. Bair of FDIC helped JP Morgan steal WaMu from investors. JP Morgan had been making phantom negotiation with WaMu in the front, while getting inside information from Ms. Bair behind the curtain. It is a theft and a criminal act on the part of JP Morgan to exploit the chairwoman of the FDIC and benefiting to take WaMu’s assets plus thousands of very profitable branches at an exorbitant discount. Dimon, who has a salary of 15.5 millions plus option 40 millions per year can now proudly take credit for corrupting huge WaMu assets for free through a collusion with Bair.
Unfortunately, the person to blame for this debacle is still in charge and threatening future American prosperity. Forbes stated that the FDIC’s Sheila Bair is the second most powerful woman in the world next to the German Chancellor. She can make any big bank disappear and wipe out its shareholders at any time she wants. When AIG collapsed and Lehman Brothers bankrupted, the stock market was still stable. It wasn’t until WaMu was unlawfully seized by the FDIC that the stock market started to collapse. It was Bair who destroyed the American people’s confidence by this unlawful seizure of well-funded WaMu and wiping out all shareholders. The American people were totally astonished and panicked. Who would be the next victim? They worried that their lifetime savings and retirement investment could be plundered by Bair without any justification and given away for free. It was Bair’s illegal abuse of power by plundering WaMu from the shareholders while it was still healthy that scared American people and caused the cascade of worldwide financial crisis.
The American people believe that the FDIC acted in a premeditated fashion to kill WaMu from the very beginning, no matter how hard WaMu was working in order to stay alive. All the games that Bair played were designed to benefit JP Morgan. American people have a lot of questions that deserve answers.
*How could the FDIC inform JP Morgan the planned seizure while WaMu was still a well capitalized bank?
*How could JP Morgan pretend to negotiate with WaMu in the front while they had inside information behind the curtain from the FDIC?
* How could JP Morgan present hundreds of pages of acceptance of purchase of WaMu to FDIC within a few hours, if this wasn’t a premeditated game?
*How did Dimon of JP Morgan bribe Bair of FDIC in exchange for her help to get WaMu dirt cheap and become the biggest bank in the nation and biggest winner in this worldwide financial disaster? What position/compensation/benefit did Dimon promise her once she is out of government office? and/or what did Dimon offer her family members or relatives, that prompt her so anxious to push the OTS to kill WaMu and give it to Dimon for free?
*How did Bair orchestrate downgrades by Moody’s, and S&P?
* What made Bair decide that WaMu’s $310 billion asset and 2,239 profitable branches is only worth of $1.9 billion without open competition? Why didn’t Bair have an open bid? How could she pocket that $1.9 billion and wipe out WaMu shareholders?
It is a big insult to this great nation that this grand theft is tolerated and all our beloved elected Senators and Congressmen have to keep silent because Bair is the second most powerful woman in the world.
Bernanke has good intentions for our country. Bair, a culprit of world financial crisis by illegal seizure of WaMu for her personal interest, should be indicted and investigated by the Congress for her fraud, wrongdoing and misconduct. WaMu victims should be compensated by the grand thief JP Morgan.
We respectfully request Congress investigate the culprits of world financial crisis, Bair of FDIC and Dimon of JP Morgan’s conspiracy and collusion to wipe out WaMu and order JP Morgan to compensate WaMu shareholders.
Thank you and may God Bless America .
Respectfully Yours