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/
Saturday, May 16, 2009
Wednesday, May 13, 2009
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.
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.
Thursday, May 7, 2009
Maine, Gay Marriage and Harvey Milk
On May 22, Harvey Milk will have turned 79 if Dan White hadn't assassinated him in 1978 along with the popular Mayor of San Francisco George Mosconi. Its a tribute to Harvey Milk that all the New England states have approved and now allow gay marriages.
Dan White was convicted of "Manslaughter" in spite of evidence that he climbed into an open window in City Hall because he knew his gun would set off the alarm at the normal entrance and that he also packed extra bullets so that after he pumped two bullets into the Mayor he could go across the hall and pump 5 more into Harvey Milk, 3 into his head after Harvey was on the floor. For this act he served only 4 years in jail thanks to his "peers" on the jury, none of whom were gay and a friendly and sympathetic police force and prosecutor.
Harvey Milk was instrumental in defeating California's prop 6 which would have allowed schools and other institutions in the State to fire anyone who came out and announced he was a homosexual. Harvey had been elected in 1977 as the first gay Supervisor for the Castro District of San Francisco. Nine others were elected to represent nine other Districts under a new governance plan that divided the city into 10 Districts for the first time in the city's history. Dan White was another Supervidor who was elected from a conservative District of the City.
The City mourned the death of the two politicians with a candlelight march that brought out thousands of people. The verdict brought a violent reaction which resulted in the burning of police cars and fires in City Hall. Two days later four cars full of police in riot gear entered a gay bar in the District and ended with 20 policeman and 100 citizens injured.
California turned down gay marriage last year when Prop 8 was defeated through a heavily conservative funded television campaign. I believe that that next year will see gay marriages approved in California when the Supreme Judicial Court rules on the legality of its ban. Harvey Milk believed that gay people should declare themselves and by doing that will change the country's attitude towards accepting gays in all walks of life. the 31 years since his death has, I believe, proven him right.
Dan White was convicted of "Manslaughter" in spite of evidence that he climbed into an open window in City Hall because he knew his gun would set off the alarm at the normal entrance and that he also packed extra bullets so that after he pumped two bullets into the Mayor he could go across the hall and pump 5 more into Harvey Milk, 3 into his head after Harvey was on the floor. For this act he served only 4 years in jail thanks to his "peers" on the jury, none of whom were gay and a friendly and sympathetic police force and prosecutor.
Harvey Milk was instrumental in defeating California's prop 6 which would have allowed schools and other institutions in the State to fire anyone who came out and announced he was a homosexual. Harvey had been elected in 1977 as the first gay Supervisor for the Castro District of San Francisco. Nine others were elected to represent nine other Districts under a new governance plan that divided the city into 10 Districts for the first time in the city's history. Dan White was another Supervidor who was elected from a conservative District of the City.
The City mourned the death of the two politicians with a candlelight march that brought out thousands of people. The verdict brought a violent reaction which resulted in the burning of police cars and fires in City Hall. Two days later four cars full of police in riot gear entered a gay bar in the District and ended with 20 policeman and 100 citizens injured.
California turned down gay marriage last year when Prop 8 was defeated through a heavily conservative funded television campaign. I believe that that next year will see gay marriages approved in California when the Supreme Judicial Court rules on the legality of its ban. Harvey Milk believed that gay people should declare themselves and by doing that will change the country's attitude towards accepting gays in all walks of life. the 31 years since his death has, I believe, proven him right.
Tuesday, May 5, 2009
The Second Coming of J.K. Rowlings?
Irene Sage's article this morning in the Boston Globe described Reif Larson's first novel "The Selected Works of T.S. Spivet" for which he was reportedly awarded $900,000 by Penguin Books after a heated auction among nine publishers last June. This book, being released today, is about a 12 year old boy, an obsessive compulsive who uses margins notes and drawings to help recount his great adventures and inner journeys.
Unlike single parent Rowlings, Larson is a 27 year old doctoral candidate living with his girl friend in a Park Slope brownstone. he grew up in Cambridge (MA) and participated in improvisational theater at Brown University and graduated with a major in Education in 2002. He has taught creative writing and practices Zen Buddhism.
The interest in Larson's first novel without doubt is owed to Rowling's success with her Potter series which made her the richest woman in England (including the Queen. This book is in the "crossover" category, the hottest because of its attraction to both adult and young readers.
Larson will be at the Brookline Booksmith on Thursday may 7th and the lines to hear him read from his work is expected to be long. He has already started his second novel.
Unlike single parent Rowlings, Larson is a 27 year old doctoral candidate living with his girl friend in a Park Slope brownstone. he grew up in Cambridge (MA) and participated in improvisational theater at Brown University and graduated with a major in Education in 2002. He has taught creative writing and practices Zen Buddhism.
The interest in Larson's first novel without doubt is owed to Rowling's success with her Potter series which made her the richest woman in England (including the Queen. This book is in the "crossover" category, the hottest because of its attraction to both adult and young readers.
Larson will be at the Brookline Booksmith on Thursday may 7th and the lines to hear him read from his work is expected to be long. He has already started his second novel.
Wednesday, April 29, 2009
Senator Spector Defects to the Democrats
How can anyone blame him for switching to the opposition party when his own party is running a conservative against him in 2010. He is 79 years old and still wants to be re-elected even if he wont be as powerful as he was when he chaired the Senate Judiciary committee. He has always struck me as a fair Chairman and I think that he will be re-elected next year running as a democrat. Obama has been wooing Spector to switch for months now and (according to the Wall Street Journal) he was finally persuaded last week by Hilliary Clinton who, according to President Obama at the White House Correspondence roast said to him; "Arlin, if you cant beat them, join them."
Obama has made his pick for a Supreme Court Justice to replace David Souter and his choice, a Hispanic female judge with a lot of experience and a background that matches his own. She grew up in the South Bronx, lived in the projects and went to top rated Ivy League schools.
Obama has made his pick for a Supreme Court Justice to replace David Souter and his choice, a Hispanic female judge with a lot of experience and a background that matches his own. She grew up in the South Bronx, lived in the projects and went to top rated Ivy League schools.
Monday, April 20, 2009
The FDIC and Washington Mutual
I picked up the following article on Yahoo site used by Washington Mutual stockholders, most of whom lost almost ll their investment when it was taken over by the OTC and sold to JP Morgan Chase. I think that this is a very interesting story and is credible.
"FDIC and OTS Miscalculations Costs Taxpayers Tens Of Billions"
"April 20, 2009 -- The FDIC and OTS have caused American taxpayers monumental losses due to mismanagement, but they have not had their fair share of “credit” for their misdeeds and negligence. The capricious seizure of Washington Mutual Bank (WMB) and resulting fire sale played a significant role in the stock market crash of 2008. This decision has affected all Americans either directly or indirectly through the loss of jobs and general downturn in the economy.
The OTS preemptively seized WMB on September 25th, 2008 from Washington Mutual Inc (Stock Symbol: WAMUQ). The FDIC proceeded to transfer the assets to JP Morgan Chase (Stock Symbol: JPM) almost immediately. A memorandum, released by the Wall Street Journal, supports the conclusion that WMB was indeed solvent when they were seized. The monetary damages alone total over $60 billion in immediate losses in conservative bonds and debts. Far more damaging was the blow to the United States' image and credit market. Investors across all sectors panicked. The market could not decide between safe and risky investments. The stock market severely crashed immediately after this seizure (see the graph at www.WamuStory.com), causing severe generalized economic losses throughout the world.
Ironically, TARP was on the horizon and just a week away. The boost of confidence intended by TARP was not able to overcome the damage done by the FDIC's fire sale of WMB. In one hour, a bank that was worth hundreds of billions of dollars was “gifted” to JPMorgan for $1.9 Billion. As a practical matter, our regulatory bodies should act within reason and good faith. They did not.
In a memorandum to its Board of Directors the FDIC states that it did not find that WMB was “in default” or “in danger of default”. Washington Mutual Bank was well capitalized with a tier 1 capital ratio of 7.8 percent. It had access to $54 Billion cash. The OTS made its decision to seize WMB solely on its jurisdiction to act preemptively and panicked fear.
The FDIC would not have had a chance to bungle the sale of WMB, had it not been for the missteps of the OTS. They seized a bank that was not in failure, and indeed was liquid and well capitalized. The sale by the FDIC finished it off, due to their negligence in arranging the transaction.
This is one of the most expensive mistakes the government made in the “economic meltdown” of 2008. Ms. Sheila Bair said this seizure would not cost taxpayers anything. She could not have been more wrong. Read more about these issues at www.WamuTruth.com."
Contacts for this Release:
JPresnall@WamuTruth.com
Phone Number: 360-790-1149
Mike@WamuTruth.com
Phone Number: 512-809-8556
"FDIC and OTS Miscalculations Costs Taxpayers Tens Of Billions"
"April 20, 2009 -- The FDIC and OTS have caused American taxpayers monumental losses due to mismanagement, but they have not had their fair share of “credit” for their misdeeds and negligence. The capricious seizure of Washington Mutual Bank (WMB) and resulting fire sale played a significant role in the stock market crash of 2008. This decision has affected all Americans either directly or indirectly through the loss of jobs and general downturn in the economy.
The OTS preemptively seized WMB on September 25th, 2008 from Washington Mutual Inc (Stock Symbol: WAMUQ). The FDIC proceeded to transfer the assets to JP Morgan Chase (Stock Symbol: JPM) almost immediately. A memorandum, released by the Wall Street Journal, supports the conclusion that WMB was indeed solvent when they were seized. The monetary damages alone total over $60 billion in immediate losses in conservative bonds and debts. Far more damaging was the blow to the United States' image and credit market. Investors across all sectors panicked. The market could not decide between safe and risky investments. The stock market severely crashed immediately after this seizure (see the graph at www.WamuStory.com), causing severe generalized economic losses throughout the world.
Ironically, TARP was on the horizon and just a week away. The boost of confidence intended by TARP was not able to overcome the damage done by the FDIC's fire sale of WMB. In one hour, a bank that was worth hundreds of billions of dollars was “gifted” to JPMorgan for $1.9 Billion. As a practical matter, our regulatory bodies should act within reason and good faith. They did not.
In a memorandum to its Board of Directors the FDIC states that it did not find that WMB was “in default” or “in danger of default”. Washington Mutual Bank was well capitalized with a tier 1 capital ratio of 7.8 percent. It had access to $54 Billion cash. The OTS made its decision to seize WMB solely on its jurisdiction to act preemptively and panicked fear.
The FDIC would not have had a chance to bungle the sale of WMB, had it not been for the missteps of the OTS. They seized a bank that was not in failure, and indeed was liquid and well capitalized. The sale by the FDIC finished it off, due to their negligence in arranging the transaction.
This is one of the most expensive mistakes the government made in the “economic meltdown” of 2008. Ms. Sheila Bair said this seizure would not cost taxpayers anything. She could not have been more wrong. Read more about these issues at www.WamuTruth.com."
Contacts for this Release:
JPresnall@WamuTruth.com
Phone Number: 360-790-1149
Mike@WamuTruth.com
Phone Number: 512-809-8556
Friday, April 17, 2009
The "Ugly Duck turns into a Swan" Fairytale
As kids we all know that fairy tale, how the little ugly duck became that gorgeous white Swan. It is an age old tale that speaks to our fondest dreams. And, when we can actually view it happening, as we now can on You Tube's posting of the singer Susan Boyle's "Britain's Got Talent" amateur competition, how sweet and moving it is. It moved me even more than the performance of Paul Potts on the same show in June of 2007.
Yes, it was that long ago, remember how that chubby cell phone salesman electrified the audience with his first notes of the aria Nessun Dorma ? I think I watched it a dozen times.
I thought at that time "wow how sweet a moment it is for him". But I must admit, that moment was topped when a dowdy 47 year old lady, who looks like a perfect rendition of a British grandmother nanny, opened her mouth and belted out "I Dreamed a Dream". The audience reacted instantly and you could see genuine surprise in the eyes of Simon and the other judges. Instant, gorgeous Swan conveyed by a bell like voice delivered like a professional. I don't know how these contestants are chosen and how much foreknowledge there is by the judges; surely Susan Boyle and Paul Potts sang to someone to get onto to that platform. But I do have to say that it made for two great moments almost exactly two years apart.
Yes, it was that long ago, remember how that chubby cell phone salesman electrified the audience with his first notes of the aria Nessun Dorma ? I think I watched it a dozen times.
I thought at that time "wow how sweet a moment it is for him". But I must admit, that moment was topped when a dowdy 47 year old lady, who looks like a perfect rendition of a British grandmother nanny, opened her mouth and belted out "I Dreamed a Dream". The audience reacted instantly and you could see genuine surprise in the eyes of Simon and the other judges. Instant, gorgeous Swan conveyed by a bell like voice delivered like a professional. I don't know how these contestants are chosen and how much foreknowledge there is by the judges; surely Susan Boyle and Paul Potts sang to someone to get onto to that platform. But I do have to say that it made for two great moments almost exactly two years apart.
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