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  • Sunlight Is a Powerful Disinfectant 1 comment
    May 17, 2009 2:12 PM | about stocks: WMIH, JPM

    The Washington Mutual “sham” or “illegal confiscation” theory isn’t just for blog columnist and angry shareholders anymore. Quinn (Co-counsel with Weil for WMI) filed a motion of discovery on May 1st that would be the envy of most movie script writers.

    In its lengthy motion, Quinn is asking Judge Walrath for full disclosure of all documents between FDIC, JPM with respect to WaMu. Quinn has laid out a series of suspicious events that are at a minimum accusing JPM of shorting for the purpose of devaluing, withholding deposits, planting moles in the WaMu organization, pre-arranged bidding for WaMu and downright collusion between the FDIC (Bair) and JPMc and breach of confidentiality agreements.

    Quinn has requested some 47 production request for documents which leads many WMI shareholders to believe that Quinn has the ‘smoking gun’ but wants to see if JPMc will produce the gun under orders from Judge Walrath, of course – Quinn will win either way as JPMc nor the FDIC will allow themselves to be the subject of court deposition or JPMc/FDIC will attempt to parlay its position in court and fail in its attempt to pull the wool over Judge Walraths and the public’s eye.

    To quote a WMI shareholder “Sunlight is a powerful disinfectant" and Quinn’s motion is going to test that axiom. And let’s not forget that an entire crew of dedicated and motivated WMI shareholders have found suspicious connections with respect to FDIC and JPM, to include JPM being given 3 weeks notice that a Bid for WaMu assets would take place, refused bids the night of the FDIC’s receivership under FDIC’s premise that the bids were non-conforming, FDIC ignoring OTS guidelines that stated WaMu was well capitalized, all finalizing in the minds of many WMI shareholders that the receivership of WaMu was planned and executed by parties with unclean hands.

    Quinn’s motion will be ruled on by Judge Walrath on May 20th, 2009.

    WMI will respond in connection with the motion on May 18th, 2009 at 8:00 am (EST).

    Link Quinn's motion:

    Stocks: WMIH, JPM
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  • Chicagoman
    , contributor
    Comments (5) | Send Message
    JPM is still getting away with this insult on our democratic system


    It is time for the major media - and others here and elsewhere on the net - to push this story to the top of the news


    WMI was mugged beaten up and robbed - it does not get any simpler (and it should not matter if WaMu was a player in the old mortgage market)


    Push this to the top of the news
    18 May 2009, 08:02 AM Reply Like
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