Feeds:
Posts
Comments

Archive for the ‘Washington Mutual’ Category

Well, as you probably already know, Fox News makes me feel like losing my groceries, but I had to show this video attack on Congressman Alan Grayson. This repulsive dude, Neil Cavuto, is attempting to take on the appearance of authority to trick him into giving him an absolute number on an argument that doesn’t really call for anything but a relative example.

What Alan is dealing with here is known as The “Cavuto mark”. Following a satirical segment proposing it on The Daily Show on September 13, 2006, the word “Cavuto” is sometimes used to refer to a question mark “used to turn any statement, no matter how outrageous, into a simple, seemingly fair, question.”

Barney Frank: “This is presumably a psychological disorder”

Huffington Post

April fools day, 2009

House Republicans did their best Wednesday to battle Rep. Barney Frank (D-Mass.) on the House floor and wound up on the receiving end of some classic Frank jabs.

The bill at issue, authored by Rep. Alan Grayson (D-Fla.), would cap executive compensation at bailed-out financial institutions and it puts the GOP in a tough spot: after expressing outrage over the AIG bonuses, it’s tough to vote against the bill.

In announcing their opposition, Republicans such as Rep. John Culberson (R-Texas) took to the floor to decry the fact that the stimulus allowed the bonus payments to be made. They excoriated Democrats for not reading the full stimulus bill but said they objected to the bill on the floor that would fix the loophole that had been in the stimulus.

Frank had a field day with it.

“This is really extraordinary,” he said. “What you have just heard is a denunciation of something the Congress did a few weeks ago and a refusal to undo it. I’ve never seen people, Mr. Chairman, so attached to something they hate. This is presumably a psychological disorder which I am not equipped to diagnose. The objection of the gentleman from Texas was that when the recovery bill was passed, it was passed too quickly [and it] included a provision that shouldn’t have been in there. This bill takes it out.”

Read Full Post »

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.

MORE HERE

Read Full Post »

Follow

Get every new post delivered to your Inbox.

Join 503 other followers

%d bloggers like this: