WAMU cries like a baby, now suing US Govt for $6.5 BILLION

You have to walk your talk, America

WAMU cries like a baby, now suing US Govt for $6.5 BILLION

Written on March 22, 2009 – 9:17 am | by Schizo America |

OH. MY. GOD.

This ‘corporation is a person‘ thing has got to STOP. People are persons, banks are not persons. Washington Mutual’s holding company is suing federal regulators for billions of dollars, saying the firesale of the bank’s assets to JPMorgan Chase violated its rights. People sadly do not have the billions of dollars needed to hire lawyers to protect themselves in court, only corporations with their lobbyists and phalanx of paid hacks do.

The movie ‘The Corporation’ shows a business man saying ‘Everyone makes mistakes, I can’t be held PERSONALLY LIABLE’… Baron Thurlow said, “Corporations have no soul to save, no body to incarcerate”.

So, this is how convoluted WAMU’s B.S. claim is:

WAMU, the parent company, had its banking arm, WAMU, sold out from under it to J.P. Morgan, at the beginning of our awareness of the banking industry’s financial fiasco.

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W AMU, the parent company, seeks the return of $4 billion of trust preferred securities it said were wrongfully transferred to the banking unit, and said it may be entitled to as much as $3 billion of tax refunds. It also seeks damages of $177.1 million related to unpaid loans made to the banking unit.

Seriously.

After damaging the US and global financial markets with its crazy investment products, which it richly profited off of for years, it now wants you to believe that it has as much right to your tax dollars as you do.

Oh, scrap that, we already know you have NO right to your tax dollars…

Seattle-based Washington Mutual failed after mortgage losses soared, and following a 10-day bank run when customers withdrew $16.7 billion of deposits. It had about $307 billion of assets, and remains by far the largest U.S. lender to fail.

For those of you who believe in the almighty power of markets, the market has spoken. WAMU’s parent lost, because of the markets. We should not have to ‘float’ them with $6.5 BILLION DOLLARS.