How Do You Rob a Bank? Have the FDIC Seize It.

A bunch of angry Washington Mutual Bank shareholders have gotten together and created a website to tell the story of how their Bank was taken away by fraud. here is their news release:

"Washington Mutual Inc. Investors See New Hope For Justice
Avatar Posted by pressrelease2please 2 hours 47 minutes ago (http://www.wamustory.com) View profile
Category: Financial | Tags: banking politics financial washington mutual
For Immediate Release
Houston, TX-
Washington Mutual Shareholders (Stock Symbols: WAMUQ, WAHUQ, WAMPQ, WAMKQ) are experiencing renewed optimism due to recent events involving WMI s Chapter 11 bankruptcy case. The Chapter 11 filing followed the unprecedented seizure and fire sale of its banking unit by the FDIC. Through collaborative efforts online, shareholders have uncovered a significant amount of information regarding the seizure of the well-capitalized Washington Mutual bank (found at www.WaMuStory.com). They recently joined together to author this site and share their research findings amongst themselves and the public. The website has a plethora of documents, including links to official government documents regarding WaMu issues, pre and post seizure.

Shareholders have long seen problems with the way this \"secret\" auction (which was not very secret) was handled by the FDIC, and are pleased that an investigation has been requested through the Bankruptcy Court. Elliott Greenleaf and Quinn Emanuel Urquhart Oliver and Hedges, the attorneys appointed through lead Chapter 11 legal counsel Weil Gotshal & Manges LLP, filed a motion in the bankruptcy court recently asking for a complete investigation of the circumstances surrounding the seizure and sale of WaMu Bank and all activities leading to the destruction of this 119 year old Seattle based institution. This motion was based on another lawsuit filed in Texas which questioned the circumstances of the bank seizure and accused JPMorgan of corruption, breach of confidentiality and other improper activities. Shareholders have long considered the seizure circumstances to be suspect and have written thousands of letters to legislators asking for a complete investigation. Their pleas to Congress seem to have been ignored to date.

At the time of seizure, Washington Mutual had $307 Billion in assets and was sold to JPMorgan for a mere 1.88 Billion dollars within hours by the FDIC. At the time of seizure, Washington Mutual Inc had 4 Billion dollars in a cash account, which has been recently laid claim to by JP Morgan.

In comparison, IndyMac, with only $32 Billion in assets was sold for $13.9 Billion in the following weeks. Indymac had only 33 branch offices as compared to Washington Mutual\'s 2,239 branches and 4,932 branded ATMs.

As a result of this seemingly unfair compensation for WMI assets, WMI attorneys Weil, Gotshal & Manges LLP have also filed suit against the FDIC seeking proper compensation for the reasonable value of the assets seized by the OTS, and sold by the FDIC in the \"fire sale\". That matter is currently pending in a separate Federal court action.

Washington Mutual Shareholders feel that it is self evident that the sale of WaMu Bank was extremely flawed, and they are expecting the U.S. Federal Court system to right these wrongs. They see these recent court filings as a big step in the right direction."

Contact :
Michael Rozenfeld
Street :Houston
City :Houston
State :TX
Zip/Pin Code: 77024
Country :USA

Phone :512-809-8556
Email :michael.rozenfeld@wamutruth.com
Website :http://www.wamustory.com/

Boston -Sports Capitol?

This is the time if the year that the playoffs seem to dominate everything on television and what people are talking about here in the Boston area. I often wonder what it is about Boston that creates the most dedicated fans in all of sports. I think I can say that with impunity after watching the reaction in the papers to the Celtics and Bruins making their big comebacks last night. And, how about those Red Sox, winning in spite of half the team on the disabled list? So what is it about this city that makes it so special?

My theory is that it is because of the seasons in New England that causes people here to become so engrossed in sports. Each of the major sports represents a time of year that is distinctly linked with that sport; Fall football, Spring and Summer Baseball, Winter basketball and hockey. To a true sports fan, these seasons are synonymous with each sport and regardless of which sport they follow the seasonal changes are caught up with the rhythmic pattern of living in New England.

I was never a big sports fan until I moved here as a young married man. Although, as a child I followed baseball, I didn't love it the way I love watching and following the Red Sox; in fact I was a Yankee fan when I was a kid. I like basketball but don't watch much of it except when the Celtics are in the playoffs and I dislike Hockey and never watch it at all. But I did learn to love football and for me the two seasons that I look forward to the most are Spring, summer and Fall. If we get lucky and make the playoffs, winter through February is livable.