When Chase Took Over

I have been trying to find any of this is the old news reports, but so far I have not been able to. However, the information I received came through an long standing employee with impeccable creditials.

This goes back to President Bush, Hank Paulson, and the original TARP bailouts. Little Tim Guetner and Mr Bernake were there as well.

We need to go back to September of 2008, back when we still had a semi free economic system. Hard to remember that now.

Back in September 2008, Washington Mutual was collapsing, and was triggered by a wave of deposit withdrawals. The Federal Government stepped in and seized Washington Mutual. And this stinks just like the Bank of America scandal. If you remember, B of A was forced to buy a company after they found their debt was billion more than reported. B of A stock took a nose dive, wiping out many private investors. And there have been congressional hearings on it since, where Paulson admitted to forcing the deal.

Well, apparently, after the Government seized Washington Mutual, they gave it to J. P. Morgon Chase for 1.9 Billion Dollars for WaMu's banking operations and will assumed the loan portfolio of the thrift, which has $307 billion in assets. Holders of more than $30 billion in debt and preferred stock got stuck holding the bag.

Well, and apparently they were not the only ones.

When Chase took over WaMu, they inherited there employees. Many of them long term, and what the news and media never reported, when the government gave WaMu to Chase, they wiped out all the WaMu employees retirement plans as part of the deal.

That is right, 20 year plus employees suddenly had no retirement thanks to the US government.

There is currently a lawsuit from the employees who are trying to recoup their retirement. Though I don't give it great odds at success.

As in all these government takeovers and bailouts, the folks loose everything. GM sand Chrysler stockholders got screwed, Bank of America stock holders got screwed.

I can only imagine this same scenario has quietly been playing out behind the scenes in all these takeovers. I only wonder why the media has not reported on any of it at all.

Well, I know, it makes the government look like it doesn't care about the people.