Forum Post: Investigate The Culprits and Criminals Sheila Bair and Jamie Dimon‏ pt. 1

Please send the letter below to your senators and congressman.

Dear Senators and Congressmen:

Recently, JP Morgan Chase lost $2 Billion or more. It is not surprising because they never honestly did business. All their actions are greedily driven by their own interest. Americans do not want to do business with them. That is why when the 2008 financial crisis occurred Chase still had cash because people did not want to borrow from them. JP Morgan Chase CEO Mr. Jamie Dimon wanted to steal WaMu for a long time because Chase did not have a footprint in the West Coast while WaMu had many branches there. Ever since Ms. Sheila Bair of FDIC knew her secret charming friend Mr. Dimon’s desire, in order to help him to get WaMu she crossed the line to pressure WaMu’s regulator OTS to kill WaMu, and she also played all kinds of tricks to abuse her power for her own personal interest.

In the emails from Mr. John Reich, the then chairman of OTS, he clearly expressed his dislike for Ms. Bair. “I cannot believe the continuing audacity of this woman,” because of her inappropriate over enthusiasm to kill WaMu even though he did not know her real motivation was to help her charming friend, Mr. Dimon. “I should not have to remind you (Ms. Bair) the FDIC has no role until the OTS rules on solvency… You personally, and the FDIC as an agency, would likely create added instability if you pursue what I strongly believe would be a precipitous and unprecedented action. And if it occurs without my consent, I will not sit quietly by and observe. . . There could be a high potential for FDIC. . .to cause irreparable harm to WaMu. The potential harm could stem from the fact that any such potential buyer may have already been contacted by the FDIC. . .This is an OTS regulated institution, not an FDIC regulated institution. We make any decision on solvency, not the FDIC. The FDIC . . . should in no way go outside the FDIC. This is a 3-rated institution…we are not at that point in WaMu’s situation.” However, Ms. Bair was single minded to kill WaMu to give it to her charming friend Mr. Dimon. All the games she played were to benefit Mr. Dimon.

After an in depth review, WaMu’s regulator, the OTS stated on 9/8/2008 that WaMu had enough capital and liquidity to operate as a well capitalized institution and financially stable bank. 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 Goldman Sachs. JP Morgan’s Mr. Dimon had been making phantom negotiations 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 Mr. Dimon to exploit the chairwoman of the FDIC and therefore to take WaMu’s asset at an exorbitant discount. Ms. Bair constantly and secretly contacted Mr. Dimon to plan how to get WaMu for Mr. Dimon.