The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as...

The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure.

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  • User 509088
    , contributor
    Comments (1704) | Send Message
    anybody hear the b/g music from jaws playing?


    are they going to sue the ratings agencies as well?
    5 Jan 2013, 05:34 AM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    They will sue anyone or any entity who/that they feel has assets and can be accused of misleading deeds. It is a classic move to exonerate themselves of any responsibility for their actions. It is a classic kids game, when asked who did it, everyone points at someone else and says he/she did it, not me.
    5 Jan 2013, 06:22 AM Reply Like
  • Venerability
    , contributor
    Comments (3043) | Send Message
    From Zero Hedge:


    If JPM - as telegraphed by its CNBC minions - truly tries to pull a Megamove against Silver this month because some of their London contingent is now in such serious, serious trouble, they are drowning in their own muck, I think this time, those on Our Side need to do everything in our power to stop them.


    Several generations of Silver and Silver stock investors have now been burned by the neverending three-card monte moves involving the Dresdner - No, Bear - No, JPM - No, Too Entangled to Claim Ownership - Silver Short that never dies, but simply bloats and bloats and bloats some more, with no restrictions, because everyone is still terrified that if it is pricked, whatever is inside will spread over World Markets like some derivative-based pink slime.


    I say, Enough! Basta! No Mas!


    This one Mutant Short Position has done so much damage to the World in so many ways, it is time for it to be obliterated forever for the sake of some little shred of Honesty and Integrity and some Micro-particle of Reality returning to our Markets.


    It's high time for even the Quantiest of Quants to admit that the Mutant Short has hurt them as much or more than everyone else through the years.


    It's also a solution to at least some of our woes that BOTH sides of the equation - Hard Money people and Managed Money people - could agree on, if they worked out the details behind the scenes in tandem.


    Yes, I really believe it is possible.
    5 Jan 2013, 01:15 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    5 Jan 2013, 04:06 PM Reply Like
  • jim prieur
    , contributor
    Comment (1) | Send Message
    JPM bought the assets and deposits of WAMU, not the company. If WAMU did what was alleged, they should be going after the WAMU estate ... i.e. they're stretching it to allege that the company buying WAMU's assets is responsible for WAMU's actions
    5 Jan 2013, 11:20 PM Reply Like
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