WaMu Judge Lets Shareholders Retain Bankruptcy Role (Update1) It is INSANE if DEPOSITORS are given less priority than SHAREHOLDERS
It is INSANE if DEPOSITORS are given less priority than SHAREHOLDERS
See this Bloomberg report:
Jan. 29 (Bloomberg) — Shareholders of Washington Mutual Inc., the former parent of the biggest U.S. bank to fail, deserve their expanded role in the company’s bankruptcy case, a judge ruled.
U.S. Bankruptcy Judge Mary Walrath yesterday rejected a request from Washington Mutual’s lawyers to disband a court- sanctioned committee appointed to represent the interest of shareholders.
Shareholders “have a right to a place at the table,” Walrath said during a hearing in Wilmington, Delaware.
TO read the full story, click here: http://www.bloomberg.com/apps/news?pid=email_en&sid=aKXk5O6nPiEA
Hi, for those of you who study this site in order to gain knowledge, study for a court case, or merely for voyeuristic amusement, you should know, we are watching you as well.
For those of you helping the depositors of Indymac in some way legislatively, we THANK YOU immensely for your efforts, and encourage you to contact the sponsor of this website for any detail you require to assist you in your work. We also want to thank the members of the press who have really pushed and publicized for some results in our cause. It is a simple case of theft, only complicated by those denying us of the justice due to all affected by the Indymac debacle.
This topic will become a case study in some MBA program someday, if it is not already.
Be aware that we Indymac depositors intend to re-write history, and if we need to find a bunch of MBA candidates to help solve the way we have been wronged, then so be it. I know some of you in Cambridge MA, have been watching and you guys have competitors at Wharton doing same. I look forward to hearing from your great minds to aim our firepower in the right direction to recoup lost savings.
Well, if our old friends at Indymac, now OneWest are up to the business as usual, the business of ripping off people. I recently read a book named “The Best Way to Rob a Bank is to Own One”, by William Black. He features the Charles Keating misadventure back in the 80′s when colossal failures in banking history were made. Funny thing is, (sick funny) Darrel Dochow was working in the OTS and Charles Keating was under Dochow’s watch back then. History repeats itself. Since he was “retired” from the OTS in late December 2008 (with FULL retirement benefits) amid a storm cloud of banking clusters, we see that he was the key person allowing the backdating of funds to prop Indymac up, and keep it off the watch list in the eyes of the OTS and the FDIC. If it were not for this man, who should be in prison, we’d have been far a field from a bank on the watch list, all of us.
Ladies and gentlemen, it is my bold opinion that our government is responsible for taking our savings from us. It is the OTS that oversees what the FDIC is doing. If we cannot keep track of a pantie bomber, reported by his father to be a Muslim extremist, (seemingly a simple task), then how are we to ever have faith in the United States Government to keep our economy strong and back our almighty flagging dollar. Good old Ms. Sheila Bair of the FDIC will tell you “we (the FDIC) are backed by the full faith and credit of the United States government.” Ha. Well, Ms. Bair, I guess we who banked at Indymac, have no faith in the credit of the United States got the shaft. I am very patriotic and love my country, I just do not have faith in some of the puppets in control now.
Since Barney Frank led the Democrats on the House Rules Committee to unanimously vote down both potential amendments proposed by Congresswoman Jane Harman and presented by Congressman David Dreier regarding the Financial Reform Bill HR 4173, are Democrats really for the people? I am hearing from a lot of dyed in the wool Democrats who believe the party has betrayed many, and is out for its own personal power grab. When Republicans on the Rules Committee (who were out numbered) voted unanimously for our cause with regard to Congresswoman Harman’s proposed amendments, I guess we are getting a picture painted for us of what is going on in goverments. It’s a power struggle. It’s nothing more than a partisan power struggle. So, even when we see Dreier (R) support Harman (D), we have Barney Frank put up a wall of his blithering jabber and shoot them both down.
People, it’s not your party, it’s your principles, and if people keep voting along party lines, from you and me, joe and jane voter, all the way to the guys and gals in Congress who make more and more rules for us to live by, then we all lose. The devil is in the details. I suggest that before you punch any voter cards in November, or primaries in June, You really read, I mean really read about the issues, and what your about to vote for when you pick the leaders for your district, state, or Nation as a whole! Please for the love of God and Country, don’t just vote this party or that because your mother or dad did, or that is the way you have always done it, or your union tells you so, or you fear being judged. Start to educate yourself NOW on these issues. If we had all been active particpants a long time ago, we would be in a little less pain now, I am sure.
After watching our President Obama’s State of the Union address last evening, I find contradictions between his statements on behalf of the administration, and the actions of the administration. President Obama clearly stated that he was not happy about the banking bailouts. He said that we, the PEOPLE were not happy with them either. You know who is? The Bank owners! That is who. So if the President is not happy and you are not happy, then why did CONGRESS vote to perform money transfusions for the BANKS and money-ectomies from us? Even after we pay taxes on our money, and put it in the bank, they are not happy. They want it all. Well, when the government has all the money and all the power and we have none of either, then who are they empowered over, and by what method of rule? I think they call that Communism.
So I will leave you with the story to confirm yet again how the banks are making out like bandits, and we are at the open end of the barrel…
Click this link to read the story of one upstanding family and how a bank plays dirty pool.