Whereas Thomas Paine used a pamphlet in 1776 to challenge the authority of the British government, an individual named “WaMuQd” has turned to the power of the internet to publish his own take on the reality of Washington Mutual’s seizure in September of 2008. In the ten minute video the author summarizes the plight of the shareholders as, “… not the story of a failed bank… [but] of people who lost everything and fought back.”
This would not be the first time that an individual has waged war on corporate banking via YouTube. A month ago an independent website named MoveYourMoney.info published an emotional video that utilized parts from “It’s A Wonderful Life” to encourage Americans to move their money from large corporations such as Bank of America (BAC), Citibank (C), and JP Morgan Chase into local community banks and credit unions. The video has done as well as Paine’s Common Sense massing over 440,000 views since publication.
“The internet must remain a vestige of free speech, regardless of how this plays out in the end,” states the WaMu video. It has received approximately 1,500 views in its first five hours of being posted.
On Sept. 25, 2008, the FDIC seized Washington Mutual Bank (WMB), placed it into receivership, and immediately sold all of its assets and some of its liabilities to JPM for $1.888 billion. JPM acquired WMB’s deposit liabilities but not other liabilities. The FDIC reported that the seizure of WMB and sale to JPM was accomplished at zero cost to the FDIC. On Sept. 26, 2008, WMB’s parent holding company, Washington Mutual Inc. (WMI), filed for Chapter 11 bankruptcy protection.
At the time of its seizure, WMB had $307 billion in assets, $188 billion in deposits, 2239 branches, 4,932 owned and branded ATMs, two credit card divisions, and 43,198 employees. WMI was the sole stockholder of WMB, and WMI lost $26 billion when its WMB stock became worthless due to the seizure.
In April 2008, JPM had tried to purchase WMB from WMI. JPM was given extensive access to WMB’s books and signed a confidentiality agreement, as well as an agreement to not purchase WMB from any other seller. JPM’s offer of $8 per common share was rejected by WMI as too low. Shortly thereafter, a group of investors raised $7 billion for a capital injection into WMB.
In early September 2008, WMI reported that WMB continued to maintain a strong liquidity position and had capitalization ratios that were above the regulatory requirements for well capitalized institutions. Prior to the seizure of WMB, federal regulators (OTS) never ordered WMB to raise additional capital or increase its liquidity, and an OTS fact sheet released on the day of WMB’s seizure noted that WMB was well capitalized at the time of seizure. WMI had access to $50 billion in short-term liquidity from the Fed’s secondary window but never utilized it.
"A congressional subcommittee is investigating the Federal Deposit Insurance Corp.’s role in the seizure and sale of Seattle-based Washington Mutual Bank in September 2008, a court document shows."
The mass media did all it could to paint a rosy picture about the Sept 25, 2008 seizure and sale of Washington Mutual to JP Morgan. Remember all of those wonderfully optimistic "Business as usual" thanks to the savior of all things good and wholesome, JP Morgan...? Since then more and more details have emerged that showcase how distorted the picture painted in September of 2008 was from reality.
After 15 months, the Senate is now investigating the FDIC's conduct in the seizure and sale of WaMu, that unbeknownst to the majority of the world has led to three multibillion dollar lawsuits worth upwards of 20 billion dollars.
Strange that you're not hearing about this on the local news and on the front page of business oriented newspapers and websites nationwide isn't it?
"A document recently filed in U.S. Bankruptcy Court in Delaware as part of the Washington Mutual bankruptcy case shows that the Senate Permanent Subcommittee on Investigations (PSI) has subpoenaed the FDIC for documents related to the resolution of WaMu.
The document describes the subpoena as “broad” and indicates that the PSI’s jurisdiction includes investigations into companies and regulatory bodies. The filing says the FDIC is responding to “a massive document request from Congress regarding the resolution of Washington Mutual Bank.”
For 15 long months Washington Mutual shareholders have fought a long battle. They've fought an info war with the press who have until recently, refused to report on what appears to be the obvious theft of Washington Mutual Bank through collusion between multiple parties including but not limited to the FDIC and JP Morgan Chase. They've fought a proxy battle against JP Morgan Chase and the FDIC by digging up fact after fact (all the while spoon feeding all pertinent information to WaMu's legal team) supporting the theory that conspiracy to destroy Wamu between these parties did in fact exist. Now they're forced to fight yet another battle, this time defending themselves against Washington Mutual's own legal team.
On December 18, 2009 the US Trustee intervened in WaMu's bankruptcy proceedings (motion filed Jan 18th, 2009) in the Delaware litigation as he moved to take the first steps in creating an Equity Committee. This is the only way shareholders can be adequately represented in the court. Should a corporation feign insolvency long enough to put forth a plan of reorganization, shareholders, also known as the legal owners of the company, can be wiped out and ownership of the company can then be handed off to its bondholders. This is how most bankruptcy reorganizations are handled.
Thanks to a law passed in November, WaMu's former holding company is poised to receive in excess of $5 billion in tax refunds as the Homeownership and Business Assistance Act of 2009 allowed the company to declare an additional estimate of 2.6 billion in NOL refunds. The former bank's holding company was only a billion or so dollars in debt at the time and as such, this influx of cash will strip the corporation of its insolvency and wipe out all of it's debt, spilling over into the preferred classes of equity.
There are billions upon billions of dollars in litigation still up in the air surrounding the nefarious acts involved in the $300 billion bank's seizure and sale to JP Morgan for $1.9 billion.
Now Washington Mutual's legal team Weil, Gotshal & Manges has moved to have the court dissolve the equity committee, claiming everything from the company's insolvency to it's share price as a reason to keep the door wide open to steal the company from it's rightful owners without sharing a dime of the tax refunds or settlement/litigation proceeds with them.
The former parent of failed savings-and-loan group Washington Mutual Bank, or WaMu, said it has evidence that JPMorgan Chase & Co. (JPM) plotted WaMu's takeover by way of a federal regulatory seizure weeks before its deal plan played out, with regulators performing the role assigned to them in JPMorgan's script.
The alleged role: Grab WaMu in a receivership and sell it to JPMorgan, a spurned suitor that had long coveted the Seattle thrift.
Now Washington Mutual Inc. (WAMUQ), WaMu's former parent, wants to question federal banking regulators "to determine the extent to which JPMC and the regulators worked together to craft a deal for JPMC to acquire [WaMu] at a fire-sale price," according to a filing Monday in the U.S. Bankruptcy Court in Wilmington, Del.
JPMorgan has declined to comment on allegations it engineered the largest banking collapse in U.S. history in order to get WaMu for $1.9 billion, a price that was far too low, according to creditors left behind with billions of dollars in unpaid debts.
First Kirsten Grind's article "Why Did They Close WaMu?" revealed the banks solvency and indemnified the OTS and FDIC in their role in seizing a bank that was in no worse shape than any other bank. But then Kirsten was featured as a guest on the nationally syndicated Dave Ross Radio Program.
"WaMu’s regulators said they based their decision to close the bank and sell it to JP Morgan Chase on lack of liquidity—its access to ready cash—and the mounting pile of failed mortgage loans that were expected to cripple the bank’s earnings for months to come.
But new information—gathered from internal documents and interviews with scores of former WaMu executives, regulators, and other experts—shows that WaMu had plenty of cash on the day it was seized, and a regulator-vetted plan to operate with even less money if necessary."
In May of 2009, McClatchy Co, partial owner of The Seattle Times relied upon borrowing $60 million from a group of secured lenders including JP Morgan Chase to keep from filing chapter 11. Is self preservation motivating The Seattle Times to avoid reporting news for the sake of protecting one of it's lenders?
Timing is everything. On Thursday Oct. 22, a bankruptcy court hearing in Delaware heard arguments for summary judgment on deposits Washington Mutual Inc, WaMu's former holding company wants back from JP Morgan Chase.
"Washington Mutual Inc told a federal judge on Thursday that JPMorgan should be forced to return more than $4 billion to the bankrupt holding company, whose bank was seized by regulators and sold to JPMorgan...
At issue on Thursday and subject to hundreds of pages of briefs and hours of depositions was more than $4 billion in deposits that Washington Mutual Inc said was held by Washington Mutual Bank fsb and Washington Mutual Bank.
"Not a single witness, not a single witness says the most obvious and fundamental thing, that the funds belong to JPMorgan," said David Elsberg, an attorney with Quinn Emanuel which represents Washington Mutual Inc." -Reuters
One would think this would be THE story of discussion this weekend. One might expect a newspaper, especially a newspaper based in Seattle, where Washington Mutual was based for the last 100 or so years would be interested in digging into the facts surrounding such a huge amount of money. After all, JP Morgan is arguing that they purchased this $4 billion along with $300 billion in banks and banking assets for $1.8 billion.
Instead the Seattle Times has chosen to run a series of articles on how Washington Mutual ran the bank into the ground, starting with "Part One: Reckless Strategies Doomed WaMu".
Could USA Today's $600 Million Link to JP Morgan Chase have played a role in Matt Krantz's "Zombie Stock" hit piece?
In a recent USA Today article entitled "Zombie stocks (like AIG, WaMu, Lehman Bros.) just refuse to die" financial markets reporter at USA TODAY and author of Investing Online for Dummies, Matt Krantz has hobbled together yet another one of many recent stories focused on so called "zombie stocks".
"Halloween is weeks away, but on Wall Street, it's already like a night of the living dead."
Krantz lumps Washington Mutual Inc, Lehman Brothers, AIG, and Fannie Mae into this genre of stocks that have surged in price for what Krantz and cronies describe as driven by speculators with false hopes dabbling in stocks they're better off avoiding.
"While it's impossible to lump all the stocks together, market observers say the jumps are a sign of rampant speculation and false hopes creeping into corners of the market that investors are better off avoiding."
Krantz also explains that while he insists these stocks are worthless, "Lehman and WaMu... stocks are up 500% and 1,050%, respectively."
Krantz, who is paid by USA Today to give sound financial advice to its readers goes on to explain that just because stocks would have seen investors garner up to a 1,050% gain on their investment had they bought in at a low entry point, this increase in value is meaningless because, "It's easy to be dazzled by the percentage gains in these stocks, but they're exaggerated by their low levels.
As can be seen in the transcript below, JP Morgan Chase's insistence on manipulating the court and dragging out rulings on just about everything is beginning to wear as thin on the Honorary Judge Mary Walrath.
Washington Mutual Inc is seeking legal recourse against JP Morgan Chase in regards to $4 billion dollars in deposits as well as other assets believed to be fraudulently transferred to JPMC by the FDIC when they seized and sold Washington Mutual Bank's $300 billion in assets to JPMC for $1.88 billion.
Many parties watching this case have been shocked at the lack of professionalism displayed by the likes of such a prestigious law firm as Sullivan & Cromwell. It is understood however that they can only play the game with the hand they've been dealt. Sullivan & Cromwell is clearly fighting a battle with which they have no legal ground on which to stand. The primary focus of their defense has revolved around the FIRREA protecting JPMC, but contrary to their acknowledgment Judge Walrath has already agreed that the FIRREA does NOT protect a third party such as JPMC from litigation in regards to assets seized and sold by the FDIC.
In what is likely to be the most damning article on the downfall of Washington Mutual Mike Stathis, the Managing Principal of Apex Venture Advisors spells out what the mainstream press REFUSES to tell the American public. Insider trading and not only neglect, but collusion from within the SEC brought down WaMu and allowed it's 300+ billion dollars in assets to fall into the hands of JP Morgan Chase for less than $2 billion.
One point mentioned in the article is that the OTS had just signed off on an agreement with WaMu stating they didn't need to raise any capital through 2008, yet within weeks the bank was deemed insolvent and was seized. Even JPM's legal team involved in litigation with WMI, the former bank's holding company has since admitted (in their own court filings) that the bank was never insolvent.
According to the Seattle Times, JP Morgan's Jamie Dimon "was scornfully dismissive of several lawsuits brought by disgruntled WaMu shareholders, many of whom claim JPMorgan Chase paid far too little for the assets it got and allege it secretly worked to undermine WaMu. He called such claims "pathetically ridiculous statements."
He noted that his company was the only bidder for WaMu's assets, saying, "We could have paid a dollar and still won." And he pointed out that more than $30 billion in estimated future loan losses are embedded in the mortgage portfolio it acquired from WaMu."
There are only a handful of problems with Mr Dimon's facts and figures.
A reader named Bryan informed me of this Web site, apparently someone is making a movie of the downfall of Washington Mutual and collecting the stories of former employees and shareholders. It’s a pretty slick looking site.
Bryan also asked if I thought the government takeover of WaMu was a mistake. The bank’s assets exceeded its liabilities, he noted, and private equity firms had recently pumped $7 billion into the firm. Some of those private equity investors believe the government acted too quickly in taking over the bank and wiping out shareholders in the process.
“What “if” the FDIC used WaMu to bail out JP Morgan?” Bryan writes. “The government, for some reason, has anointed JPM the golden child by handing them Bear Stearns and WaMu. Maybe they needed deposits to shore up JPM?”
I'm just a couple of animations away from digging in to the the meat of the film. The narration is already completed (up through our latest news cycle) and it runs about 30 minutes. I've got lots of audio and video to add to it, so it'll likely run close to an hour in completed form. But I'm planning to release the film in stages as I complete them individually via youtube.
Anyone that wants to be in the film should email me and soon... Speak now or forever hold your peace.
Washington Mutual Inc on Friday asked a U.S. bankruptcy court to let it probe whether JPMorgan Chase & Co had unlawfully damaged its former thrift unit's assets in order to buy it "on the cheap," at $1.9 billion, last September.
WaMu, the bankrupt holding company of what was Washington Mutual Bank, filed a motion in U.S. bankruptcy court in Delaware, charging that JPMorgan engaged in "sham negotiations" designed to get confidential information out of WaMu and gain an unfair advantage in buying its assets.
The request cited a federal lawsuit brought by WaMu stakeholders against JPMorgan in Texas in February. The suit claims that in the summer of 2008 JPMorgan leaked false and harmful information from WaMu's financial records, in an attempt to deflate its value and purchase WaMu's assets at a fire-sale price.
WaMu said in court documents that if the claims in the Texas suit turn out to be true, JPMorgan could be held responsible for the "destruction" of the parent company and the "total losses suffered by its creditors and shareholders."
WaMu said it wanted to investigate whether the sale could be classified as a fraudulent transfer, so that WaMu's creditors could get their money back, or whether it could sue JPMorgan for other claims like unfair competition, breach of contract, and misappropriation of confidential information.
WaMu, once the largest U.S. savings and loan, claimed in court documents that JPMorgan had "long coveted" the bank's depositor base.
The request was the second legal action taken by WaMu against JPMorgan this week.
WaMu sued JPMorgan on Tuesday seeking the return of more than $4 billion in cash deposits it lost access to when its bank was sold last year. In that suit WaMu said that JPMorgan wrongfully claims it acquired the deposits as part of the takeover transaction, but that they should have been treated like any other deposit at the bank.
Also last month, WaMu sued the FDIC for more than $13 billion, arguing that JPMorgan paid too little for its bank business and that more money should be available for creditors.
A hearing on WaMu's request to investigate JPMorgan is set for May 20, according to court documents.
Washington Mutual Inc (WAMUQ.PK) has filed a lawsuit against JPMorgan Chase & Co (JPM.N) seeking the return of more than $4 billion in cash deposits which it lost access to when its bank was sold last year.
Washington Mutual Bank was closed by the U.S. government in September, in the largest bank failure in U.S. history. Its banking assets were sold the same day to JPMorgan for $1.9 billion, and the parent holding company filed for bankruptcy protection a day later.
In a lawsuit filed late Monday in U.S. bankruptcy court in Delaware, WaMu said that JPMorgan has "wrongfully withheld" more than $4 billion in cash that the parent company had on deposit at Washington Mutual Bank at the time of the acquisition.
WaMu said in the lawsuit that JPMorgan improperly claims it acquired the deposits as part of the takeover transaction, when they should have been treated like any other deposit at the bank.
"The cornerstone of the agreement by which JPMC acquired the assets was that all Bank depositors would have immediate and ready access to their cash on deposit," WaMu said in the lawsuit.
WaMu said it needs access to that cash to come up with its Chapter 11 plan, and that by withholding the deposits, JPMorgan could be earning as much as $200 million per year in interest on those deposits.
A JPMorgan Chase spokeswoman in Chicago declined to comment on the lawsuit, saying "we do not comment on ongoing litigation."
The lawsuit was filed as an adversary proceeding to WaMu's main bankruptcy case. The bankruptcy case is In re: Washington Mutual, Inc. U.S. Bankruptcy Court, District of Delaware, No. 08-12229.
Four former employees of Washington Mutual filed suit against federal regulators in Seattle, claiming they were cheated out of their severance pay.
Filed in U.S. District Court, the suit seeks class action status to cover more than 100 former WaMu employees who had severance agreements in their contracts, Seattlepi.com reported Tuesday.
Regulators seized control of the bank Sept. 25. Most of its assets were later sold to JPMorgan Chase.
The FDIC argued the severance pay was withheld because there was no change of control of the bank, the complaint said.
The complaint asks for a trial by jury and demands "all class members be awarded appropriate damages against FDIC for breach of contract."
Page 32 of WaMu's bankruptcy court document "Notice of Fifth Monthly Fee Application of Perkins Coie LLP for the the month of February discusses http://wamuinc.net. The site is hosted by wowrack. An IP trace (performed by astockinvestor on the yahoo board) also reveals https://remote.wamuinc.net as the admin interface.
You might have to click that link in IE to get it to open, but there it is. Is this the new face of WaMu Inc?
Further study of the bankruptcy court document reveals multiple references of research applicable to a multitude of WaMu's logos and their respective copyrights, which are owned by WMI and which JP Morgan Chase has used at will for the past 5 months. One can only assume that JP Morgan, as of yet, has failed to pay royalties and as such is in violation of US copyright law.
In the meantime, this looks to be the new face of Washington Mutual Inc.
On Tuesday March 24, 2009 JP Morgan Chase filed a counter suit against Washington Mutual Inc, WaMu's former holding company as well as the FDIC in an attempt to protect its "purchase" of Washington Mutual Bank and it's assets from the FDIC.
On page 9 of the court filing JP Morgan Chase asserts the following, "JP Morgan Chaseonly had two days after being briefed by the FDIC to submit a bid and then only twenty-four hours from the time the bid was accepted by the FDIC until the time the acquisition closed to complete the single largest acquisition of a failed institution in United States history. The circumstances which led to the execution of the P&A (purchase and agreement) meant that JP Morgan Chase had limited opportunity to prepare for this unprecedented transaction."
The mainstream press has refused to report the truth about the seizure of Washington Mutual, including details of the FDIC brokering a secret deal with JP Morgan Chase, well in advance of the $300 billion bank's seizure and sale to JP Morgan Chase for $1.9 billion.
In a strange turn of events it now appears as if JP Morgan Chase either committed perjury by lying in the counter suit filing or committed fraud during conference calls with its investors, on September 25, 2008 as well as on February 9, 2009.
According to the FDIC, the mainstream press, and JP Morgan's countersuit, the deal was done almost overnight. JP Morgan specifies they "only had two days" time between being briefed by the FDIC and making their bid to the FDIC. As you will now hear from JP Morgan's own conference calls, this cannot be true unless they were lying to their investors in the September and February conference calls.
Question: You sounded as if you really had had a lot of time to look at the loan tapes and everything else as you said. How long did you really have to get into the data rooms and do the due diligence here?
JPM Answer: I don't want to go into the details specifically but we had a lot of time. We had a lot of detail. And a lot of very direct conversations. I mean we had probably 75 people at JP Morgan Chase involved in the process, both going through data as well as talking to member of the company. And we used our full resources including our mortgage folks in the investment bank to run the loan tapes and get views on values. It was not a rushed analysis.
Question: So it was more weeks than days? Is that fair?
JPM Answer: It was... I'll just tell you it was probably one of the most thorough things that we've ever done.
JPM Statement: We spent an awful lot of time going through an awful lot of detail coming up with what our estimates are. These are not estimates that came together in a 12 or 24 hour time period. They're estimates that came together over a substantial period."
JPM Statement: I'm going to go on and talk about Washington Mutual for a sec. We did a lot of work over a long period of time at really analyzing the company.
JP Morgan filed the counter suit as a direct reaction to Washington Mutual Inc having filed a lawsuit against the FDIC Friday March 20th, accusing the FDIC of failing to meet it's obligations as receiver, in that they did act in accordance to the Federal Deposit Act's mandate that the Receiver (FDIC) is required to "maximize the net present value return from the sale or disposition of such assets."
Comparisons to the sale of IndyMac were also mentioned in the complaint. The failed bank had 33 branches, 18 billion dollars in deposits, and $20.7 billion in assets. It was sold by the FDIC for $13.9 billion.
JP Morgan Chase's counter suit claims the banking giant purchased WaMu in "good faith" and seeks to blame the FDIC for any wrong doing. In doing so, JP Morgan may have committed perjury by misstating the period of time in which they had to assess the purchase as two days. However, if they only had two days time to figure things out, then they have likely revealed that they are guilty of fraud by lying to their investors, having repeatedly raved about the in depth and "thorough" analysis they did over a "substantial period" of time.
JP Morgan also claims that they purchased more than $4 billion in cash, which they believe was included in the $1.9 billion dollar purchase.
WILMINGTON, Del. (Dow Jones)--Washington Mutual Inc. (WAMUQ) Friday sued the Federal Deposit Insurance Corp. over the takeover of Washington Mutual Bank, seeking billions in damages for the loss of its prized thrift.
Sometime between today and Monday March 23, Washington Mutual Bank's ex holding company Washington Mutual Inc is likely to be filing a multi billion dollar Fraudulent Conveyance lawsuit against the FDIC. The lawsuit is also likely to implicate JP Morgan Chase.
WMI filed a claim with the FDIC on Dec 30, 2008. The claim was subsequently denied some time around Jan 23 and as such the 60 day window for WMI to file suit against the FDIC is expected to close by or around Monday March 23.
The degree of the damages WMI will be suing the FDIC over is as of yet unknown to the general public, but if a deal is not brokered between the FDIC and WMI before the lawsuit is filed, the claim is rumored to be in the billions of dollars.
"WMI's equity in the seized assets has been assessed at $26 billion. This is BOOK value and the market value would likely be around $200 billion (if you estimate it takes about $10MM per branch x 2,200 branches, plus the credit card companies). The bankruptcy court will award WMI the market value as that is the truest assessment of the seized assets."
Since the mainstream news refuses to report on the facts, much of what we know about Washington Mutual's case against the FDIC and presumably JP Morgan Chase comes directly from filings related to their bankruptcy case.
WaMu Truth was a first attemp at an accurate portrayal of what has transpired, mostly behind the scenes, in the case of Washington Mutual's failure, FDIC seizure, and what many likely equate to highway robbery through the sale of WaMu's banking arm to JP Morgan for $1.9 billion.
WaMu Truth took but a few days to create. It has served it's purpose as it has been viewed thousands of times. As the video was rushed and put together from a handful of my own notes, it leaves much to be desired of, especially if it's to be used to garner any media attention or to be presented to anyone that doesn't already have a vested interest in WaMu.
That is why we need a bigger, better project. Something we can use to educate our loved ones as well as a film worthy of sending to the media as we try to expose the many "mistakes" of the FDIC as well as the collusion like events surrounding the seizure of WaMu and it's subsequent sweetheart sale to JP Morgan.
I hope you will join in this movement of truth as we try to bring to light many events which the media has chosen time and time again to misreport and/or ignore. I need your help!
Whereas Thomas Paine used a pamphlet in 1776 to challenge the authority of the British government, an individual named “WaMuQd” has turned to the power of the internet to publish his own take on the reality of Washington Mutual’s seizure in September of 2008. In the ten minute video the author summarizes the plight of the shareholders as, “… not the story of a failed bank… [but] of people who lost everything and fought back.”
On Sept. 25, 2008, the FDIC seized Washington Mutual Bank (WMB), placed it into receivership, and immediately sold all of its assets and some of its liabilities to JPM for $1.888 billion. JPM acquired WMB’s deposit liabilities but not other liabilities. The FDIC reported that the seizure of WMB and sale to JPM was accomplished at zero cost to the FDIC. On Sept. 26, 2008, WMB’s parent holding company, Washington Mutual Inc. (WMI), filed for Chapter 11 bankruptcy protection.
"A congressional subcommittee is investigating the 
For 15 long months Washington Mutual shareholders have fought a long battle. They've fought an info war with the press who have until recently, refused to report on what appears to be the obvious theft of Washington Mutual Bank through 
In May of 2009, McClatchy Co, partial owner of The Seattle Times relied upon borrowing $60 million from a group of secured lenders including 
In a recent USA Today article entitled "
As can be seen in the transcript below, JP Morgan Chase's insistence on manipulating the court and dragging out rulings on just about everything is beginning to wear as thin on the Honorary Judge Mary Walrath.
In what is likely to be the most damning article on the downfall of Washington Mutual Mike Stathis, the Managing Principal of Apex Venture Advisors spells out what the mainstream press REFUSES to tell the American public. Insider trading and not only neglect, but collusion from within the SEC brought down WaMu and allowed it's 300+ billion dollars in assets to fall into the hands of JP Morgan Chase for less than $2 billion.
Decide for yourself: 
Sometime between today and Monday March 23, Washington Mutual Bank's ex holding company Washington Mutual Inc is likely to be filing a multi billion dollar Fraudulent Conveyance lawsuit against the FDIC. The lawsuit is also likely to implicate JP Morgan Chase.
