Remember when the FDIC sold off Washington Mutual? Guess what. The people that bought didn't get the main assets of the bank that were worth the money. The government got it and screwed the bondholders. The assets were divided up and given to other companies.
The whole bailout thing is starting to look like a scam. The politicians are treating us, the taxpayer, as their own personal piggy bank. They are taking $700 (some accounts are $805) TRILLION dollars or OUR money and giving it themselves and their friends.Quit Ceding Power to Tyrants
By Chuck Saletta [Motleyfool.com]
October 2, 2008
The government just appropriated those assets and handed them to a better politically connected company. What's left of the old Washington Mutual may have some assets that followed it into bankruptcy, but even those assets aren't quite what they originally seemed. In a recent SEC filing, Washington Mutual disclosed:
In its chapter 11 petition, the Company reported that the amount of assets reflected on its books and records was $32,896,605,516. However, this amount includes the Company’s common stock interest in Washington Mutual Bank, which is currently in receivership and the assets of which have reportedly been transferred to JPMorgan Chase & Co. or an affiliate. The FDIC, which was appointed the receiver for the bank, indicates on its website that it does not anticipate that there will be any recovery to the Company for that common stock interest. [Emphasis added]