And did we get screwed on the WAMU deal?

[Oyate]

Some of us are buzzing around trying to come up with verifiable numbers, but it's starting to look like Morgan bought Wamu's ASSETS but not (all of) it's LIABILITIES.

Know who's backing the LIABILITIES? You are. You, me and all us little guys once again. Because the FDIC (Fed) ends up just sort of holding onto a bunch of them, and either way it's debt that gets passed to you and me.

And it's starting to look like Morgans stands to make a few billion in a day or so of trading. Earlier today when I read a quote by a Morgan exec, that they made a purchase that "made the risk acceptable" to them or something, I really had no idea.

This is guaranteed profit for them. Same players, same vilians, same victims over and over.

[thomaspaine23]

Some of us are buzzing around trying to come up with verifiable numbers, but it's starting to look like Morgan bought Wamu's ASSETS but not (all of) it's LIABILITIES.

This is guaranteed profit for them. Same players, same vilians, same victims over and over.


I suggest a new term for this, Been Bernakeed...


As in America, You've just Been Bernakeed!!!

[steph3n]

I suggest a new term for this, Been Bernakeed...


As in America, You've just Been Bernakeed!!!

yes helicopter bernaked!

[Drknows]

i find this hilarious.

But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. WaMu was not immediately available for comment.

http://www.nytimes.com/2008/09/26/business/26wamu.html

[Oyate]

Yeah I guess executive compensation isn't listed as a "liability".