XPost: can.internet.highspeed, can.general   
   From: jfmezei.spamnot@vaxination.ca   
      
   Canuck57 wrote:   
      
   > I guess they didn't send Obama and democrats enough money to get their   
   > bailouts.   
      
   These are pre-arranged failures. In the case of Wa-Mu, (Wahington   
   Mutual), Chase had a deal with the FDIC to acquire WAMU. The second the   
   FDIC saw that the numbers are WAMU were bad, it closed it, and handed   
   the bank over to Chase for $1. (or some ridiculously low sum).   
      
   All Washington Mutial shareholders lost a lot of money.   
      
   These deal came out later when Wachovia ended up closed by FDIC.   
   However, before it could be handed over on a platter for $1 to Citibank,   
   Wells Fargo made a significant offer to purchase the bank as an ongoing   
   business (aka: buy shares from shareholders and assume the bank's debts,   
   whereas Citibank was getting the remains of Wachovia through the FDIC,   
   like Chase did for WaMu).   
      
   There was a big fight, but in the end, FDIC had to reneg on its   
   pre-arranged deal with Citibank because the Wells Fargo deal was MUCH   
   better and the FDIC had gotten egg opn its face when this whole   
   "pre-arranged bank funeral" thing became public.   
      
   I suspect similar arrangements were made bwteen FDIC and TD Bank in   
   advance and when everythingf was ready, FDIC sent the men in black to   
   close the banks and hand them over on a platter to TD Bank.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)