Posted 12 years ago on Nov. 12, 2011, 3:47 p.m. EST by conscientioushonest
This content is user submitted and not an official statement
Founded in 1889, WaMu was the largest savings bank in the U.S. until it was intentionally killed by the conspiracy of Wall Street biggest thief JP Morgan Chase’s CEO Jamie Dimon in collusion with FDIC Chairwoman Sheila Bair in September 2008. Chase did not have footprint in California and west coast while WaMu had many branches in California and west coast. Mr. Dimon wanted to steal WaMu for a long time. In order to help her intimate friend Mr. Dimon to get WaMu for free, Ms. Bair played all kinds of games to kill WaMu and wiped out the American middle class - WaMu shareholders while WaMu was still very healthy, which triggered 2008 world financial crisis.
The first game Dimon-Bair played was to downgrade WaMu. 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 bank but advised to look for buyers or mergers. On 9/9/2008 S&P downgraded WaMu and stated it would downgrade it again over the next two years. Two days later, Moody’s also downgraded WaMu. WaMu responded immediately with a statement that the downgrade was baseless, inaccurate and biased because WaMu had enough capital and liquidity, significantly above the requirements for a well- capitalized bank. Having been scrutinized by regulators everyday inside the bank, WaMu dared not and did not lie.
However, Dimon-Bair did not want to wait for two years. Orchestrated by them, within one week, WaMu was downgraded again by S&P and Moody’s to "junk" status. There was never in U.S. history that a well funded bank was downgraded over and over again within one week. American people now all believe it was Dimon-Bair who orchestrated all these downgrades to collapse WaMu.
It was these downgrades that scared the American people and induced what the FDIC claimed a “bank run” in deposits between Sept. 15 and 24, 2008. The FDIC Ms. Bair then had an excuse to claim that WaMu did not have enough capital and liquidity and should be seized immediately. As testified by WaMu’s former CEO Karry Killinger in Congress WaMu did have enough capital and liquidity and was well funded. Therefore, it should not have been seized right before the TARP. It was totally a conspiracy on Dimon and Bair’s part. However, Bair seized WaMu as premeditated and gave it to Dimon for next-to-nothing.
The second game Bair played was to scare all the potential buyers of WaMu. The OTS advised WaMu on 9/8/2008 to look for buyers without a deadline, indicating that WaMu was well capitalized by then. WaMu was then discussing terms through Goldman Sachs with 6 potential buyers including J.P. Morgan. However, the FDIC went behind WaMu to forge a dirty deal with JP Morgan, knowing that JP Morgan was negotiating with WaMu in the front. Unbeknownst to WaMu, the FDIC threatened all the potential buyers that the FDIC was going to seize WaMu soon, so that nobody would dare to buy WaMu.
The third game Bair played was to seize WaMu and give it to Dimon virtually for free without an open bid. Had Ms. Bair were for FDIC and American people, she should have had an open bid. If citi would be willing to pay 5 billion or Wells Fargo would be willing to pay 10 billion, whoever offered more should have got WaMu. Ms. Bair did not want to give other banks a chance, because all the games she played were to benefit her Dimon for her personal interest. That was why JP Morgan was able to submit hundreds of pages of proposal to get WaMu within a couple of hours, because it was all premeditated.
According to WSJ, the FDIC had already informed a planned seizure of WaMu to JP Morgan 3 weeks before WaMu’s seizure. JP Morgan pretended to be a buyer, making phantom negotiation with WaMu in the front with other five buyers, while getting inside information from Ms. Bair behind the curtain. It is a theft and a criminal act on the part of Dimon to exploit the chairwoman of the FDIC and benefiting to take WaMu’s assets plus thousands of very profitable branches at an exorbitant discount. Dimon, who has a salary of 15.5 millions plus option 40 millions per year proudly took credit for plundering huge WaMu assets for free because it was his personal relation with Ms. Bair that made it possible.
Dimon got $310 billion worth of deposits and assets of WaMu for just $1.9 billion which was pocketed by FDIC Bair. The WaMu shareholders, the American middle class, were wiped out completely by this Wall Street conspiracy. Dimon-Bair killed WaMu while it was still healthy, like burying a healthy person into a coffin while he is still able to jog and run. The American people believe that the FDIC acted in a premeditated fashion to kill WaMu from the very beginning, no matter how hard WaMu was working in order to stay alive. All the games that Ms. Bair played were designed to benefit Mr. Dimon. Bair-Dimon conspiracy should be investigated WaMu victims should be compensated by Wall Street grand thief JP Morgan Mr. Dimon.
-We the people, American Middle Class, WaMu shareholder victims
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