Truth and Transparency

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  • Unjust Deal: How to purchase a Multi-Billion dollar bank for FREE  [View instapost]
    Thanks for the commnet erka61 - it's true, the public in general has turned a blind eye on this hostile takeover and equally true is that the other banks would be screaming "UNFAIR" but the power shift really only leave GS and JPM.
    Mar 15, 2010. 09:06 AM | 3 Likes Like |Link to Comment
  • WaMu Equity Makes Case Via YouTube  [View article]
    Great article Mr. Racki.

    Where is the investigation by the U.S. Attorney General?

    The sum of these allegations is that, if any number of the allegations are true, the activities of JP Morgan Chase & Co.'s leading up to the seizure and sale of Washington Mutual, Inc. assets have the capacity of implicating the laws of unfair competition, unjust enrichment, fraud, securities violations at the expense of Washington resident investors, breach of contract (confidentiality agreement), breach of fiduciary duty, and conversion. The mere fact that these allegations have been levied in Federal court and against a systemically important financial institution requires that the U.S. Attorney General Office immediately start an investigation for the purpose of ‘finding of facts’.
    Feb 1, 2010. 09:44 AM | Likes Like |Link to Comment
  • “Off with their heads!”  [View instapost]
    Feel Free to leave your comments....
    Dec 15, 2009. 11:06 PM | Likes Like |Link to Comment
  • JPM's Ballet among the Carcasses  [View instapost]
    The story is finally coming out - i suggest you read Puget Sound Business Journal Staff Writer Kirsten Grind's article "Why did regulators close WaMu?" link: www.portfolio.com/indu.../
    Dec 8, 2009. 12:11 AM | 1 Like Like |Link to Comment
  • Why the FDIC’s Receivership and Fire-Sale of WaMu is a Mess  [View instapost]
    Hi Lotto,

    I would 'upgrade' the profile so that my articles can be picked up but these are just opinion pieces. I have several FOIA requests in but none have been responded too as of yet. Once I get hard evidence (or once the 2004 discovery process) reveals information that supports my point of view - I will then re-touch the articles and become a Alpha contributor.
    Nov 19, 2009. 12:10 PM | Likes Like |Link to Comment
  • JPM's Ballet among the Carcasses  [View instapost]
    Agreed but JPM (IMO) will never be attacked, investigated by the SEC or broken up simply because the world would (then) see the 77.2 Trillion dollar exposure JPM has in the derivative market. But that doesn't mean the US AG should just stand by - the AG should be pressuring JPM to clean up its messes and to do so quickly.
    Oct 30, 2009. 09:35 AM | 2 Likes Like |Link to Comment
  • Book Review: The House of Dimon, by Patricia Crisafulli  [View article]
    To the author (Patricia Crisafull): You should have waited before writing and publishing this book. Dimon is little more than a thief and his company (JMPc) has (at a minimum) 5 or 6 large lawsuits pending...a couple that may bring criminal charges (Lehman and WMI). JPMc is surviving not because of ethical or sound business practices but because of back-room deals. I don't even want to get into the credit defaults swaps market that JPMc is exposed to. So, yes, you should have waited - you may end up with a 'sensationalized" story of Dimon in handcuffs...
    Jul 12, 2009. 05:21 PM | Likes Like |Link to Comment
  • Why Our Society Needs Real Journalists  [View article]
    This comment is a retort to a journalist at the Seattle Times, Drew DeSilver, Economy/Markets reporter. This journalist was rude and absolutely refuses any points of view that don’t match his own - even though we (at least 20 or so people) have been keeping him abreast of changes in a recent Washington Mutual case. He refuses to report on a recent filling that’s public record in the State of Texas and on docket at the Delaware Bankruptcy court. His refusal to even report on the case is based in part to our inability to ‘prove’ the filing is true with hard evidence. With that:

    The Extinction of Investigative Journalism

    Has the internet done to true professional investigative journalist what nature did to the Dodo? Am I wrong in contending that sound bites, two minute stories, opinion pieces and what I term “internet-echo” seem to be the norm for news reporting? We’ve all seen it lately, during the lead up to the presidential election; stories would break only to find out (later) the journalist didn’t do their home work and verify key facts but in a fever to be able to say “you heard it here first” – ran with the story. Is that journalism or a salaried position as a twitter with a journalism degree? Sadly for newspapers, journalism and the American public, it appears to be the latter.

    I’m not sure if investigative journalism is dead but I do know that very few journalists are looking for the ‘scoop’. Many journalist have become so politically correct that they will not ask tough questions and when presented with a possible ‘block buster’ of a story they sit idly by waiting for the story to come to them instead of going out and breaking the story as Woodward and Bernstein did . It’s certainly true that breaking stories are now birth on websites like seekingalpha and blogs where people like you and me do the tough investigative work, ask the hard questions and draw attention to actions we see as unjust.

    But you see, we (the average Joe’s) often get it wrong – we get emotionally tied to our causes. We get blinded by the forest and that’s why we need the return of the professional spirit and drive that existed in two reporters in their late twenties who broke the Watergate story at the Washington Post – we’re missing the ‘professional’ truth seekers and the way this nation is going – we need them now more than ever.

    I once wrote in a story that there are “versions of truth – pointing out that truth is nothing more than an assertion. An outcome that isn’t testable, provable until it has passed and subjects itself to scrutiny.” And that’s where our new-age journalists are dropping the ball – the scrutiny, the digging, the verifying.

    I started this piece with a question, has the internet done to true professional investigative journalist what nature did to the Dodo? Maybe not yet, but American society performs in much the same way as nature does, we weed out the weak, lazy professionals (regardless of career) and they in effect become extinct and replaced.
    May 17, 2009. 12:06 PM | 1 Like Like |Link to Comment
  • FDIC: Controversial Deals Create Difficult Environment  [View article]
    "New Precedent Undermines Investment in Banks and Holding Companies"

    The FDIC’s takeover of Washington Mutual in September of 2008 and the subsequent fire-sale of Washington Mutual’s assets to JP Morgan changed the game rules for banks that might find themselves in trouble or looking for a buyer. The new rule: Don’t deal with the bank at face value, instead wait or force the FDIC to place the bank into receivership then buy the assets at a fire-sale price. It appears that bidders for BankUnited Financial Corp. hope to do just that.

    Prior to the FDIC’s takeover of Washington Mutual, banks would attempt to sell themselves to prospective buyers near or at face value, attempting to get the most for their assets, their shareholders and creditors. Now bidders, having seen the sweet deal JP Morgan Chase received when it bought Washington Mutual’s assets of 300 billion for 1.888 billion, are not willing to deal directly with banks. Instead bidders now wait on the side lines, hoping for the new form of bailout being offered by the FDIC – “assets on the cheap.”

    The new rule isn’t just speculation, it’s fact as quoted from a recent Bloomberg article about BankUnited Financial, “Potential buyers, including a private-equity group led by former North Fork Bancorp Chief Executive Officer John Kanas, have expressed an interest in buying BankUnited out of receivership, Bloomberg said.”

    Changing the rules of the game doesn’t appear to be the FDIC’s intention when it seized Washington Mutual but bidders have wised up and will certainly take advantage of the way the new game is played, having a chilling effect on potential deals. This of course doesn’t bode well for banks, their shareholders or creditors.
    May 17, 2009. 11:50 AM | Likes Like |Link to Comment
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