Shawn Ayromloo

On WaMu's Birthday, JPMorgan Takes the Cake

A government with enormous failed policies, affecting our wealth and honor in the world adversely, and busy to put together a deal that would take yet another 700 billions dollars from the tax payers has just brokered a deal with JP Morgan to give away profitable portion of WaMu and leave WaMu share holders with nothing to hope for!

The deal, if allowed to stay in place for ever, will rub WaMu investors of their entire investments and is most likely master minded by this administration to create enough fear and terror for smooth and quicker passage of 700 billion bailout.
WaMu is the nation's largest saving and loan bank in the US with over 300 billion dollars in assets and only 30 billion in bad debt and on numerous occasions the investors were assured that it had enough funds to go through this troublesome era - until 2010. For what reasons should the crook FDIC regulators be allowed to give it away for almost nothing to JP Morgan and leave nothing for the share holders?
Two following messages very much are descriptive of the way informed Americans feel about the WaMu and JP Morgan deal. This deal better be reconsidered or greater portion of Americans will stop investing in this country in the future.
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investors doing their due diligence and knowing WM already had several potential buyers should have stuck with it, which is what most of us did, only to be hosed by our own govt illegally taking the profitable parts of WM and basically giving it to JPM...this is illegal, unconstitutional, if there is a bank run, which I really hope happens now, I hope they all go down INCLUDING GS which is where paulson hails from...these washington thugs are just giving their own former coworkers tons of money so they can go back to private sector and lobby...paulson is stealing from us....bush knows about it....why don't "these suckers go down" is the question.....why is AIG which made a lot of bad, greedy bits proclaimed to be "too big to fail" when WM is the biggest thrift on the planet.....why is merrill allowed to be bought but LEH goes down....govt are just picking and choosing, strategizing, instead of actually helping americans...lower mortgage rates for those responsible enough to pay mortgage...otherwise, I hope the whole stinking rotting economy just totally collapses....and dollar is worthless....govt actions are not fair, hypocritical, and reward gluttony and greed...I paid off my mortgage and put some in investments by being frugal only to have govt. just steal it after long term WM investment as well as CFC and NCC...I don't flip or speculate or "day trade" or "short" them....if due diligence is no good anymore, what good is investing in anything??? if banks are all rotten, take all money out of them, and just buy other consumer goods nondiscretionary stocks....I called broker, they are incredulous, and say if I decide to sell WM, they can still get me something for taxes...a lot of good that will do, when rich under mccain will get an automatic 6100 tax deduction if you make over a million, if you are married with two kids and make 80 grand or less though under mccain still the same useless 700 tax deduction....grocery bills have gone up more than this.....DONT TRUST THE GOVT...and what the hell is mccain doing in washington??? he already admitted several times he knows nothing about the economy...there is not enough time to try to educate him as he doesn't even know how to use the internet.....mccain is not prepared to be president in times like this.....there is more to presidency than just pushing red button or attacking every country we don't like....
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I am, or should I say, was, a Washington Mutual shareholder. I did not hold this stock in an attempt to make a fast dollar, I have had this stock for a long time. The CEO of the company repeatedly assured the media that the company was sound through 2010. Then, on the eve of what looked like a "bailout deal" coming to fruition, the FDIC came in, and to the amazement of the WM management and everyone else, took over WM and basically gave it to JPMorgan. I say "gave" as the company is sitting on nearly 300 billion dollars in assets with 30 billion in obvious bad debt, yet it was sold for the fire-sale price of 1.9 billion dollars. I find it hard to believe that WM would not have been able to come up with 1.9 billion itself if that was what was necessary. This was done the evening before the "bailout" was assumed to be completed- including a provision where the government would buy up the bad debt of companies. This allowed JPMorgan, therefore, to buy 300 billion worth of assets for a mere 1.9 billion, AND they will be able to sell back the 30 billion in bad debt to the government! This sir, is robbery! So, not only have I lost my life savings in this outrageous seizure, I will have to also pay my taxes towards the "bailout" that will help buy the debt from JPMorgan! If you go to the Yahoo Finance Message Board, you will see there are MANY, MANY people in my similar predicament. I urge you to look into this outrageous situation and uncover the graft for what it was. The little guy needs a warrior and I hope that will be you. Thank you for your time, I look forward expectantly to your response.