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Hier das gesamte Posting:
Gov's Re-Post of John Reich's 8/6/08 Mail to Sheila Bair#404040; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Arial; mso-fareast-language: DE-AT"> #666666; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Arial; mso-fareast-language: DE-AT">#003399; text-decoration: none; text-underline: none"> 23-Sep-10 01:14 pm
Gov:
Again, thanks a million for that post.
Someone has probably already done this, but if not ...
The 'PFR' to which Reich refers stands for 'Primary Federal Regulator'. In this case, he means the OTS is the PFR for WaMu.
The 'PCA' to which Reich refers means 'Prompt Corrective Action'. The statute for PCA (12 USC 1831o) is here: #003399; text-decoration: none; text-underline: none">http://www.law.cornell.edu/uscode/12/usc... and the CRITICAL guidelines for PCA are set forth here: #003399; text-decoration: none; text-underline: none">http://www.ots.treas.gov/_files/422347.p...
This statute is implemented by means of 12 CFR 565 and the capital requirements to which Reich refers are set forth in 12 CFR 567, both of which can be accessed here: #003399; text-decoration: none; text-underline: none">http://ecfr.gpoaccess.gov/cgi/t/text/tex...
Reich is saying that Bair and the FDIC have no jurisdiction over WaMu's affairs until and unless the OTC conducts a solvency analysis on the bank and, further, only if that solvency analysis results in Prompt Corrective Action. PCA allows the OTS (not the FDIC) to appoint a receiver if WaMu is critically undercapitalized (see 12 USC 1831o(h)(3)), which it wasn't.
Seizing WMI's banking subsidiaries without legal jurisdiction is a very serious legal matter. It means that unless there's a contractual or statutory limit on the FDIC's liability for the seizure, the FDIC is liable for all damages to WMI stemming therefrom. I don't recall whether the applicable statute disclaims consequential damages (i.e., ALL damages which flow from a breach of contract, whether foreseeable or not), but I don't think it does. Consequential damages are fearsome, which is why parties with any bargaining leverage whatsoever disclaim them. Consequential damages would include any liability to which WMI fell victim as a result of the seizure, including lawsuits. I am not a banking regulatory attorney but, in my opinion, if neither WMI's contract with the FDIC nor the Title 12 disclaim such damages, the FDIC is on the hook for them. I suggest any of you who have consulted banking regulatory counsel (including any EC members who may be reading this post).
You will notice that the FDIC's counsel, DLA Piper, has not focused on the applicability of these statutes. That deafening silence indicates that they know that seizure was not lawful, and most importantly, what it means to their client's purse. In short, the FDIC stepped on the OTS to do something even the OTS wasn't legally capable of doing. By the way, I'm assuming everyone reading this understands that the foregoing damages are entirely independent of the fraudulent conveyance and tort claims. Moreover, if I were Susman I wouldn't let the FDIC off the hook until it issued an indemnity to (without a time or $ limit) against any damages WMI may incur in the future (i.e., when it is out of Chapter 11 which may not have been forfeit by the bankruptcy claims bar date).
(The foregoing will also appear on the GB.)
http://messages.finance.yahoo.com/...p;mid=555447&tof=4&frt=3
Wenn ich der Aussage von "bopfan" Glauben schenken mag,
Zitat:"The law requires the capital warning. Without that none of OTS' administrative remedies were available. Reich is shreiking to Bair to take WaMu off her radar because there's no basis for a capital warning. (In hindsight we've seen this is why no capital warning letter was sent.) The entire tone of his message is devastating to Bair's credibility. Of course, it would be better for WMI if it had been issued closer to the seizure date, but that doesn't matter. What matter is WMI was not undercapitalized and no notification to the contrary was sent to WMI."
dann sehe ich mehr und mehr unserer Wamu-Zukunft ganz gelassen entgegen.
LG
Ja nochmals von mir Dank und Anerkennung für Eure Idee und Ausführung.
Unsere Amifreunde diskutieren auf IHUB angeregt über unsere Gruppe und haben sich z.t. sogar auch schon angemeldet. Haben die Ariva Seite verlinkt.
Bei denen welche die Rechtschreibung nicht so "ernst nehmen"ist als Ausgleich die Mathematik oft besser.
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