Osceola Weather Progress Energy in Hot Water(stole 146 M)

DoubleA Chase bought it with tax payer money. All this is a big con
game. Biggest scam in the history of the world. Ooops news has I 4
with a deadly crash and traffic backed up for 12 miles. go figure bert

On Sep 26, 3:28*pm, (G=EMC^2 Glazier) wrote:
DoubleA *Chase bought it with tax payer money. All this is a big con
game. * Biggest scam in the history of the world. *Ooops news has I 4
with a deadly crash and traffic backed up for 12 miles. *go figure *bert


A slight warming trend here, but still lots of clouds. Not so cold
last night when the clouds moved in. We will see what the politicians
work out this weekend. I had predicted a 1000 point drop in the DOW
on Friday if the deal fell through, but politicians have kept hope
alive. We will see what they can come up with and what happens on
Monday.

Double-A

Yesterday, the FDIC took control of Washington Mutual, bankrupting it.
WaMu's shareholders and bondholders took the loss, not the FDIC.

Besides the 1.9 gig dollars Chase paid the FDIC,
Chase has taken on 31 giga dollars of bad debt ( net assets == 0 )
and it will have to remodel many branches.

Chase will have to borrow 10 giga dollars to pay for this.

Quoting yesterday's Bloomberg.COM,
Bloomberg.COM/apps/news?pid=20670001&refer=home&sid=a2VofC5midrw

“ WaMu's collapse, the largest U.S. bank failure, came at
a ‘ zero cost ’ to the insurance fund for deposits, said
FDIC Chairman Sheila Bair in an interview with Bloomberg Television.

A ‘ clean, seamless transfer ’
of the Seattle-based lender's banking unit
helped shield the $45 billion fund, Bair said.

The FDIC's fund, drained by 12 other failures so far this year,
was spared because WaMu's corporate structure
let the agency seize only the bank.

The holding company retained the liabilities,
including senior and subordinated debt and equity. �

“ WaMu's shareholders and bondholders
will absorb the debt JPMorgan didn't buy.

WaMu had $30 billion in shareholder's equity on June 30,
which would be wiped out by the writedown,
leaving some losses for bondholders. �

“ The FDIC deposit insurance fund fell 14 percent to $ 45.2 billion
in the quarter ended June 30, with the July 11 failure of IndyMac
Bancorp Inc. costing about $ 8.9 billion, the agency said.

An increase in insurance premiums paid by banks
will be considered Oct. 7, Bair said this week.

Washington Mutual's holding company ‘ basically got cut loose ’,
said Sterne Agee & Leach Inc. analyst Adam Barkstrom.
‘ The way WaMu and JPMorgan Chase worked,
that's the way the system is supposed to work.

The banks that made crappy loans
and have crappy portfolios need to pay. ’. �