whats going on! AND I DONT LIKE IT AT ALL

whats going on! AND I DONT LIKE IT AT ALL

FDIC and Washington Mutual !!!!!!!!! MUST READ         While the markets were closed, and the
Chairman of Washington Mutual was on a flight from New York to
Seattle, the largest theft in US history took place. Although there
has been negative news about the financial stocks for the past few
months, including Washington Mutual,the FDIC and Washington Mutual
repeated assurances that the bank was in good shape through 2010 over
and over and the fact that WaMu met it's daily requirements. If that
is the case, the seizure and immediate for profit sale of WAMU to JP
Morgan Chase raises many questions.

This isn't so much about the failure of WAMU, as that may have
happened eventually anyway, but suddenly the FDIC has become a for
profit institution taking over and selling off a company for 1.9
Billion dollars. This is unprecedented in many ways, and in many ways
probably illegal. The shareholders own WAMU, not the FDIC. Yes, the
FDIC regulates banking, however shareholders own the company. WAMU
could have literally gone bankrupt and sold off chairs, computers,
land etc and shareholders would have received some portion of
compensation. In this seizure, Chase gets the assets and deposits at a
bargain, the FDIC gets 1.9 Billion dollars and shareholders get
nothing. It is literally something you might think would happen in
Nazi Germany, not the United States.

It seems as if these failures are following a pattern that we are
seeing over and over. First, short sellers work to smear the bank's
reputation. Major media outlets join the fray. Analysts downgrade.
Ratings agencies follow with downgrades. Cost of insurance skyrockets
creating self-fulfilling prophecy. The Bank forced to come up with
reserve capital to please ratings agencies. Dilution of shareholder
equity at sale prices. Share price falls further triggering more
downgrades from above-mentioned entities. The Media really starts to
salivate now and creates all kinds of instability with doom and gloom,
and seem outright gleeful about it. Then institutions and high net
worth individuals begin pulling deposits out of the targeted bank.
Further ratings agencies downgrades. The media then creates a self
fulfilling prophesy with constant reporting of doom and gloom and
individuals also pull their money out of the targeted bank. Then the
FDIC having all the ammunition it needs steps in and seizes the bank
assets and sells them to whoever they are in bed with that week.

Basically the government decided that they liked JP Morgan Chase so
much as an institution that they would gift them this company.

It's worse than that though, last week Goldman Sachs upgraded WM to
hold knowing all of this was going on. Serious misrepresentation of
the facts. The story told to the public was that Goldman was supposed
to be brokering a sale. This at the expense of average Americans. Sure
there are a lot of institutions that owned shares in WAMU, but there
are an incredible amount of average Americans who had large portions
of their retirements tied up in WAMU stock. Without that upgrade, many
may not have kept the stock through this trouble. Some are now
threatening suicide. Families are breaking up. People have lost
everything. How can the American public not be safe investing in an
American Bank. A bank that owns assets, that had a large deposit base
and that stated it could sustain life until 2010.

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