“The record shows that the swap was the only reason for this suit. It also shows that the FDIC knew that it had no factual or legal basis for its claims, and that its cases here and in Washington were shams.”

As usual, Judge Hughes is acerbic in his opinion regarding the FDIC’s conduct, noting in particular that FDIC officials “lied about it all under oath” and they “discarded the mantle of the American Republic for the cloak of a secret society of extortionists.”

“It’s hard to find a word that captures the essence of the FDIC’s bringing this action. Irresponsible is close. Arbitrary, dishonest, exploitative, extortionate, and abusive all fit.”

Judge Hughes concluded that Hurwitz and Maxxam “will recover their costs because the record reveals corrupt individuals within a corrupt agency with corrupt influences on it, bringing this litigation.”

The Biggest Banking Heist in World History: Washington Mutual
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=13894

Please read this descriptive complaint that was submitted to the SEC from Apex Venture Advisors
Mike Stathis Managing Principal on October 7, 2008 in regards to the manipulation that occurred;

http://www.avaresearch.com/files/20090930175434.pdf

http://wamuqd.com
http://www.wamu-shareholders-resources.com/wamued.html
http://www.wamucoup.com
http://wamustory.com
http://ghostofwamu.com

http://www.kccllc.net/wamu

Jamie Dimon planted “moles” in Wamu??? JPMorgan committed corporate fraud???

http://www.kccllc.net/documents/0812229/0812229090501000000000002.pdf

Wamu’s claims against JPMorgan/Chase;

http://wmish.com/doc/gov/0603/JPM_V_WMI_-_ANSWER.PDF

Debtors seek the Rule 2004 examination of the following Knowledgeable Parties: ”

“The Regulators”
FDIC – The Federal Deposit Insurance Corporation, in its capacity as receiver for WMB and in its corporate
capacity,
OTS – Office of Thrift Supervision
OCC – Office of the Comptroller of the Currency
Federal Reserve – Board of Governors of the Federal Reserve System
Treasury Department – U.S. Department of the Treasury
SEC – U.S. Securities and Exchange Commission
Paulson – former U.S. Treasury Secretary Henry M. Paulson, Jr

“The Rating Agencies”
Moody’s – Moody’s Investors Service
S&P – Standard and Poor’s Corporation (“S&P”)

“The WaMu Suitors”
Banco Santander – Banco Santander, S.A.
Toronto-Dominion – Toronto-Dominion Bank
TD Bank – TD Bank, N.A.
Wells Fargo – Wells Fargo, N.A.

“The Banks”
FHLB-SF – Federal Home Loan Bank-San Francisco
FHLB- Seattle – Federal Home Loan Bank-Seattle
Goldman Sachs – The Goldman Sachs Group, Inc.

“The JPMC Professionals”
PWC – PricewaterhouseCoopers
Equale – Equale & Associates
Holt – Richard F. Holt
Horne – David Horne, LLC

http://www.kccllc.net/documents/0812229/0812229091214000000000008.pdf

Please read this article;
http://www.portfolio.com/industry-news/banking-finance/2009/12/07/why-federal-regulators-closed-washington-mutual/index.html

http://seattle.bizjournals.com/seattle/stories/2009/12/14/daily18.html

KTS9 Interviews Kirsten Grind “How Washington Mutual Could Have Survived…”
http://www.youtube.com/watch?v=7HW7JjnoqGo

Radio Interview by David Ross;

http://www.youtube.com/watch?v=Zx-BNk4QnTY

http://www.youtube.com/watch?v=Lra79RZztrM

PLEASE READ THESE COURT DOCUMENTS…..

JPMorgan admits that the FDIC took over a solvent bank in one of the latest court documents…

I’m enclosing a few more documents filed through the BK court in regards to a declaration of Thomas M. Blake (http://www.crai.com/ProfessionalStaff/listingdetails.aspx?id=1276 ).

The declaration can be found in 103-4.pdf at http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287
Quoting:
12. Based on my review to date, there is no indication that the OTS performed a solvency analysis consistent with the test for insolvency specified in the Bankruptcy Code. There is no indication that the OTS assessed the fair sale-able value of the assets of WMB (or WMI). Nor is there an indication that OTS compared the fair sale-able value of the assets of WMB (or WMI) to the total amount of either company’s respective liabilities. There is no indication that the OTS performed a comprehensive cash flow analysis
of WMB (or WMI). Instead, the OTS found that “WMB met the well-capitalized standards through the date of receivership.”8 Thus, without a thorough analysis of the assets, liabilities and capital of WMI and WMB, it is not possible to come to a reliable conclusion concerning the financial solvency of either entity, whether on a consolidated or stand-alone basis.

Here is another document that says as of August 14, 2008:
“We propose to decapitalize WMBfsb by returning $20 billion of capital to its parent. The $20 billion will include the master note of approximately $7 billion, proceeds from $3.5 billion of Discount Notes and cash generated through additional wholesale deposits and advances from FHLB Seattle. We propose the payment of at least $10 billion by September 30, 2008 and the remaining $10 billion through December 2009.”

“The net balance sheet of WMBfsb will be approximately $34 billion to $36 billion after Project Fillmore. The leverage ratio will decrease to 25% from 62%. A well-capitalized institution requires an 8% or higher leverage ratio.”

Read reference page 45 of DOCUMENT 103-1.pdf from here:
http://www.mediafire.com/?sharekey=3b830df9f3d0e6fce7c82ed4b8f0c380aff12395630f22f3ce018c8114394287

Included, is the form to the OTS requesting a decapitalization of WMBfsb. Pg. 117

http://www.kccllc.net/documents/0812229/0812229100208000000000003.pdf

Enclosed is a link to the affidavit of Doreen Logan who is the Controller/ Assistant Treasurer of Wamu who states that there was no liquidity problems;

http://www.google.com/search?hl=en&ie=ISO-8859-1&q=%20Ex.%20D%20to%20Affidavit%20of%20Doreen%20Logan%20%28%201%20/07-3/08%20Account%20Statements%29%20A-46%20…&btnG=Search

Remember, WMBfsb was also taken from the holding company and sold to JMorgan/Chase with all of the other assets for only $1.88bil…..

That means that all us peasants have a better understanding of what’s going on. Can’t have that.

I also love this short and succinct list:
Who failed?
1. Wall Street management.
2. Wall Street’s boards of directors.
3. Regulators of all stripes, including the SEC, FINRA, OCC (Office of the Comptroller of the Currency), FHFA (Federal Housing Finance Agency), and OTS (Office of Thrift Supervision).
4. Congressional oversight.

That in itself requires more digging. 

Thanks for the tip, jbjd. 

He is no hero. 

And btw, I absolutely agree with your assessment of Gramm and Cox [though I have a layman's knowledge of the financial landscape].  In IMHO, they did the American public a great disservice. 

Hope to read more of your comments.