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Wednesday, June 24, 2009

What we've learned about corporate greed

Apparently, not much.

Comments (7)

What's "corporate" about greed?

Nowadays, it's redundant.

Just another reason that corporations/companies should have been allowed to fail. I don't blame anyone for going for the 'gold ring' even if it turns out to be brass. But if you fall off your horse while grabbing for it, then you are an idiot and should fall. Unfortunately our new CEO of this country throws our money at these idiots and we end up with more of the same.

...our new CEO of this country throws our money at these idiots...

Ah, how short is our memory.

I always hear everyone complain about what was done, but I never hear anyone talk about an alternative. What would have happened if the govt had done nothing and Citi, AIG, etc had failed.

According to some very credible experts, we would have seen the collapse of the global economy. Then I am sure you would have bitched about govt not doing enough.

mp97303, I agree that the damage would have been greater had CITI and AIG been allowed to fail. But why was $307bill of WAMU's assets given, for $1.9bill, by the FDIC's Sheila Bair to JPM Chase's Dimon? The bank was solvent. It is not at all clear that CITI or AIG were (are?) "solvent" without huge federal subsidies.

This thread is about greed: http://www.wamuequity.org/

Speaking of greed and WAMU -- a large regional presence that was poorly managed in later years by at least one very greedy CEO but that, via a unique program called WaMoola, which relied on customers' use of their debit cards, contributed millions of dollars to Portland's public schools -- it is clear that JPM Chase's Jamie Dimon coveted the bank long before colluding with the FDIC's Sheila Bair to steal it. That's one egregious variety corporate greed: to grow without restraint through government subsidy and encouragement.

But now, WAMU's parent, WMI, having declared bankruptcy, introduces another variety: the corporation seeks to abandon its plundered shareholders and begin anew. That is, it is very possible for WMI to emerge from bankruptcy prior to the settlement of its substantial suits against JPM and the FDIC and to consume whatever monies it might recover without distribution to its abandoned shareholders.

If there are any WAMUQ shareholders still stunned by what has happened to them since last Sept 25th, it is critical at this time to awaken and do what they can to oppose the naked greed of those who have stolen from them and those who would steal whatever is left: http://eresearch.fidelity.com/eresearch/evaluate/news/basicNewsStory.jhtml?symbols=WAMUQ&sb=1&storyid=200906230600PR_NEWS_USPR_____SF36664&provider=PR_NEWS_&product=USPR____

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