Coup

Those wishing to register now are simply asked to send an email to.

register@wamucoup.com (register link) (information link)

The two links provided are just for your convenience. If you just want to register yourself for updates* then please use the first link or put "Shareholder Registration" in the subject. If you are registered or just want to provide information please put "Information" in the subject.

(*Update via email will only happen for a major development unless I can get some automation set up on this site. Otherwise general news will be posted on the site so visit often.)

You may provide as little or as much information as you want. Your email address will not be used for any other purpose than to keep in touch with you regarding WAMU Coup related updates.
Useful information would be what city you live in, how many shares you hold and how much you might be willing to contribute to a retainer for litigation. I will send a reply from each registration email each evening. Do not register more than once. your email is your unique ID.

Again any information you give will not be disclosed to anyone else.
The primary purpose is to gain numbers of people involved and to centralize a means of contact. Also to form aggregates of numbers that can be used when soliciting an attorney. The intention will be to post updates/counts here and possibly at the forums of yahoo and google from which this site has been inspired. Initially I see this as a temporary site until a more suitable solution emerges.. such as a lawyer willing to deal with this. Until then this site is here.

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SITE NAVIGATION LINKS.

Form letter for congressman with othe info.    Two replies from Big Wig lawyers here Not interested?.    Sen Cantwell acknowledges WAMU was squeezed + Videos..    Older Links and stories originally on Home page..    Demand for congressional investigation from ex FDIC employee..   

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Find information, discussions and strategies for action at.

Discussion and Action board Here (wamurape.org)

Check out the two replies from Big Wig lawyers here no ham sam.

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If you have some special information/insights/strategies/etc or links to special information then please include that. Also if you see problems or errors on this site please let me know as all this is done in a big hurry.

Informative Links

Sorry.10/22/08 and I have not updated anything here. however my message at the top is important. Please follow up :-).

• NEW More on how FDIC wamu seizure will affect investor confidence..
  "... another reputable author who thinks there was 'dirty ' business going on..."
  [link]

http://www.gracecheng.com/stocks/2008/09/27/washington-mutual-bond-holders-wiped-out/

• 10/09/08 - GREAT Senator Maria Cantwell considers inquiry into timing of bank’s takeover and sale..
  "(thanks to wamurape.org) .... ..."
  "Fantastic News. Maria Cantwell, a Washington Senator, is asking for an investigation of the OTS, FDIC and JPM in this criminal conspiracy." http://seattlepi.nwsource.com/business/382407_cantwellwamu09.html [link]
  Email her and thank her! http://cantwell.senate.gov/contact/webformIQV2.cfm
  [link]

• 10/09/08 Perfect example of stupid 'swallow the status quo line' reporter..
  "watch this video.. JP Morgan has been a white knight? .. yeah right.... more like a black vulture..."
  [link]

• 10/9/08 WAMUQ may be seriously undervalued ...(Source:investorshub website))
  "WAMUQ may be seriously undervalued ... FDIC and JPM maybe coming under fire.. WAMU Holding company $5 billion cash, the future of which is yet to be determined...!"
  [link]

• 10/5/08 800 billion dollar coup 79
  ".. yet another clear look at the situation ... WAMU did not fall on its own merit...!"
  [link]

• 10/3/08 Yahoo Message board Class Action registration tops 400
  ".. would advise signing up on this even if I have your registration.. ..bewarned that your email is public here.!"
  [link]

Older Links and stories originally on Home page..

  

Yahoo! Finance Message Board Post

[ Reposted here with permission original post ]

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.

That doesn't even begin to mention that by next week the whole dynamics of WM could change for the better with the government bailout coming. Stock could have increased in value once the toxic paper was taken from WM. More liquidity would have been available. The 2010 deadline would be extended to many more years once the toxic paper was removed. This was not a bank in trouble in any of the standards that have been repeated over the last eighty years.

You really want to get upset about it, take a look at the aftermarket trading volume. Before any of this was announced, there were three very large trades in the early aftermarket, in a three minute period totaling almost 13 million shares. The FDIC and the markets allowed someone to get inside and make away with some 12 million dollars. nasdaq screenshot There is no way that trading should not have been suspended before this was allowed to happen, just another case of corruption and manipulation by the government and large institutions.

Possibly the most damaging could be what this could do to the American psyche as a whole. The corruption in the system has just killed the morale and spirit of many people. They have no trust in Wall Street, the financial system, politics and the future of America! Corruption, short selling, manipulation of stock, and abusive ratings downgrades are all responsible for bringing this company down to the point that this could happen, and then a corrupt government agency cherry picked a bargain for their buddies at JPMorgan who get a huge upside. The FDIC facilitated a transaction that was so corrupt and damaging words cannot properly describe it.

In the end, it is the system as a whole that will lose, as the average American can no longer trust not only it's banking industry, or Wall Street, but apparently it's government anymore.

My Original Take

below was my original take on this .... which missed the fact that Wamu's demise meant another 31 billion the 700 billion wouldn't have to worry about.

....... Yes there was some mis management but WAMU was positioned to recover in time (esp with the bailout coming). However the FDIC moving in on Wamu (without Wamu management knowledge?) and then turning around and selling of the cream to JP Morgan was an act of conspiracy and expedience leaving WM share holders out in the cold. This act permitted three things. First, it permitted the FDIC to reduce its possible exposure that it could not meet because it is financially weaker than we think. Second, it facillitated JP Mogan getting what they have wanted for a long time a rock bottom prices (and getting all the good bits of Wamu while leaving other bits behind - among other things like share holders). While both these on their own are enough to be conspiratorial they pale in comparison to the third point of which these both form an essential part.

The media failed us in the reporting of what really happened here. We are told that Wamu was bought out. BUT it was not. JP morgan did not buy Wamu from Wamu. It bought it from the FDIC after FDIC prematurely siezed it. And where did the money go (small though it was) that JP Mogan paid? Not to Wamu share holders thats for sure!

There is no simple coincidence that the federal government and Paulson were at this time trying to get their 700 billion bailout through congress, just 48 hours prior to this, with all its problems of 'No oversight' (actually the no oversight clause was actually written into the bill by Paulson et al!). It wasn't moving through congress fast enough and in danger of stalling. What could the administration do to get congress to accept their 700 billion solution???

The expedient and convenient collapse of another big bank should do the trick. Wamu was the bank of choice.... it was in the news ... JP morgan could shoulder the FDIC responsibilties in return for a great deal from them and be seen as a white knight (which they are not!)... and another bank failure (as contrieved as it would be) would convince congress to hurry up and sign the bail out. The feds CHOOSE to fail Wamu not on economic grounds but because it suited their purposes and with JP morgan they had the means to accomplish it with little out of pocket expenses. The other bank failures were actual failures... Wamu didn't fail ... it was strong armed by those who had the power and the will to abuse it for their own purposes. Wamu's failure was not the act of the 'free' market. So the question should be is there going to be a class action suit for Wamu share holders against the federal government (and FDIC) for stepping in prematurely for purposes quite different than Bank failure (and possibly against JP Morgan for collusion and facilitation of this).

Just because its a conspiracy doesn't mean it is not real ... just means you may not have seen it happening. I would encourage all to start looking closer at this travisty .. and maybe some law firm to consider what could be done.