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Archive for March 21st, 2009

WaMu sues FDIC for more than $13 billion over forced sale

Raw Story- Stephen C. Webster
Published: Saturday March 21, 2009

Washington Mutual, the bankrupt, seized and “under investigation” financial institution which saw some operations forcibly sold off to JPMorgan Chase in 2008, is suing the agency that guarantees Americans’ deposits, and that agency is running low on funds.

Washington Mutual (WaMu), formerly one of the nation’s most prestigious banks and alleged holder of over $307 billion in assets, is suing the Federal Deposit Insurance Corporation for more than $13 billion over the roll-up of its banking division into JPMorgan Chase & Co.

Washington Mutual was seized by federal regulators in Sept. 2008; the company filed for bankruptcy immediately thereafter. The ensuing investigation “one of the largest and most complex federal investigations ever undertaken in Western Washington,” a US Attorney told the Seattle Times

“In a complaint filed with the U.S. District Court for the District of Columbia, the thrift’s former parent accused the FDIC of having on January 23 made a ‘cryptic disallowance’ of its claims, prompting the lawsuit,” reported Reuters.

“It also accused the FDIC of agreeing to an unreasonably low price in arranging the a $1.9 billion sale of the banking business to JPMorgan on September 25, when regulators seized Washington Mutual and appointed the FDIC as receiver.”

“On a Friday night in September 2008, the government forced WaMu into a shotgun marriage with new owners at pennies on the dollar. The FDIC seized the bank and then sold it to JPMorgan Chase for $1.9 billion,” reported MSNBC.

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Talking Heads – Burning Down The House

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Some say Cheney ‘feeling the heat’ over potential probes

Raw Story- Rachel Oswald
Published: Friday March 20, 2009

While the rest of the mainstream press has largely reacted to former Vice President Dick Cheney’s harsh critique of the Obama administration in last Sunday’s interview on CNN as business as usual for the man, several observers have a different theory – that Cheney is nervous about calls for investigations into the Bush adminstration and is going on the offensive.

Bobby Ghosh writes for Time, “Several observers think Cheney may be starting to feel the heat from Democrats’ efforts to investigate the Bush Administration’s counterterrorism policies – policies Cheney advocated, and for which his proteges allegedly provided the legal basis. But if he was trying to deflect attention from Bush-era policies, Cheney’s aggression will likely have the opposite effect.”

“If his goal was to tamp down talk of a truth commission, he has probably exacerbated the problem,” a veteran Republican told Time.

The recent release of controversial Office of Legal Counsel memos, which authorized harsh interrogation tactics for detainees and made the case for doing away with protected civil liberties under the Fourth Amendment, when taken with investigative reporter Seymour Hersh’s allegations of an “executive assassination ring” operating under the direction of the former veep, may have prompted the normally very private Cheney to think that an interview on a large media platform, like CNN, was in order to strengthen his public image.

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Robert Scheer | Truthdig | March 17, 2009

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There must be a criminal investigation of the AIG debacle, and it looks as if New York’s top lawman is on the case. The collusion to save this toxic company in order to salvage the rogue financiers who conspired to enrich themselves by impoverishing millions is being revealed as the greatest financial scandal in U.S. history. Instead of taking bonuses, the culprits should be taking perp walks.

I’m not just referring to the swindlers in the Financial Products Subsidiary of AIG who devised and sold those insurance policies on derivatives that brought the world economy to its knees. They do seem deserving of a special place in hell, and presumably the same divine power that according to Scripture labeled usury a high moral crime and threw the money-changers out of the temple will consider that outcome. (more…)

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