This pisses me off so much: The Fight For WaMu Documents. It is an email from Sheila Bair, chair of the FDIC, to Jason Cave, also at the FDIC, with the subject line WAMU. It is so sensitive that it cannot be seen by the press. Just what is the FDIC hiding? And the OTS, they were far more direct: they simply told the Puget Sound Business Journal that their FOIA request was "denied in full".
All during the boom years of the 90s and 2000s, did the OTS or FDIC ever stand up to anyone, for either law or principal? I doubt it. But now they are smug and arrogant enough to send shit like this to the Puget Sound Business Journal. Beyond the insolence of our government agencies there is a very serious charge being made here: that government regulators gave WaMu to J.P. Morgan Chase ("Just the assets please, we don't want the liabilities."). They did this to keep JPM solvent. "Kyle Krol", in comments, alleges that JPM committed felonies in the process (click the link and go down). Who knows if there is any truth here, or if this is just a vindictive lawsuit? If our government is permitted to do this sort of concealment we will never know.
When us mere citizens write a check or swipe a debit card the transaction is a matter of record. And if we are indicted for some crime, or if the government just chooses to audit us (even at random), all our financial transactions may be seen. But the financial dealings of major too big to fail banks – they are far too sensitive for public scrutiny. Suppose the bank is charged with wrongdoing? No one will be permitted to see anything. If the government sides with the bank, and even conspired in the crime, what hope would the plaintiff ever have?
Pretty Boy Floyd and Jesse James were thought to be good at robbing banks in their day. They had no idea what could be done if you got the federal government to back you up.