Comments on: JP Morgan Snarfs Up Best Parts of Washington Mutual

By: christine

christine — Fri, 26 Sep 2008 02:50:36 +0000

I understand the thread is old, but would like to keep the question in the same topic……

My mortgage is held by WaMu - what just happened to it?? My payments are auto-withdrawn on the 5th of the month and includes the property tax / homeowners insurance escrow.

By: cinnamonape

cinnamonape — Fri, 26 Sep 2008 02:46:58 +0000

Did anyone notice that this was done without the knowledge or approval of the Borad of Directors of Washington Mutual?

WASHMU Seized By Feds, Then Sold To JP Morgan

This was the largest seizure by “eminent domain” in history…in fact probably the largest “Nationalization” of a single company in history. Maybe the GasProm takeover by Putin in Russia may exceed it.

So this wasn’t simply WashMu making a deal with JP Morgan! NOOOO! The Directors were stripped of their authority without any notice, then the key “profitable” assets were sold off to another PRIVATE Company.

It’s some bizarre twisted variant of Fascism…legitimized by that bizarre Supreme Court decision about eminent domain about two years ago. Maybe that’s why John Yoo returned to Washington, D.C.?

By: ubetchaiam

ubetchaiam — Fri, 26 Sep 2008 02:03:21 +0000

Dem’s CANNOT call the shots because of the veto and Repubs willing to back Bush; look at the issue of drilling off the coasts.

And with Hoyer and Emmanuel leading the corporate charge for money/donations, there is no backbone. And just as an aside, Senator Dodd has received more campaign donations from the financial industry than anyone, so when he states ‘I’ll just pretend it didn’t happen’, you know the shit has hit the fan.

By: LKN2

LKN2 — Fri, 26 Sep 2008 01:49:49 +0000

You have a point - this shows that the bailout is not needed. Perhaps it was a political ploy, all along (although Hank did want some $$ to reward his buds). Seems as if Paulson met privately with Republican leaders yesterday or the day before. Maybe he told them it really wasn’t an emergency.

Yesterday McCain warned us that we would be facing depression and 12% unemployment by Monday if this bill wasn’t passed by Friday. Imagine the outrage if Obama said something like that.

By: prostratedragon

prostratedragon — Fri, 26 Sep 2008 01:44:20 +0000

FDIC Failed Bank List with WaMu update. The largest in modern history.

By: KayInMaine

KayInMaine — Fri, 26 Sep 2008 01:30:58 +0000

And Barack Obama went to Harvard! Was that mentioned?

By: demi

demi — Fri, 26 Sep 2008 01:30:42 +0000

Of course. And, you betcha.
See you upstairs.
(also, would you like some sugarfree strawberry jello with whipped cream for desert?)

By: Katherine Graham Cracker

Katherine Graham Cracker — Fri, 26 Sep 2008 01:29:39 +0000

One other point, in 2007 Senators Shelby and Dodd were trying to get banks to work on renegotiating subprime loans and one of the JP Morgan did sign on to their plans of working with people before their loans reset (or whatever horrible thing was going to happen).

It could be better then it looks.

By: jayt

jayt — Fri, 26 Sep 2008 01:28:12 +0000

The man is in trouble and the one thing this country doesn’t need is Sarah Palin anywhere near a decider-guy post.

Can we agree to agree on that? *g*

By: Katherine Graham Cracker

Katherine Graham Cracker — Fri, 26 Sep 2008 01:26:04 +0000

I thought I had read this ..Morgan is also getting the loan portfolio or at least some of it.

“The deal will give JPMorgan branches in California and other markets where it does not have a footprint. But JPMorgan will also inherit a big loan portfolio of troubled mortgages and commercial real estate.”
http://www.nytimes.com/2008/09.....mu.html?hp