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Washington Mutual

"Mork from Ork" wonders:

Wouldn't the nations most profitable bankruptcy firm set their prime objective to be the recovery of as much value as possible to the owners of the company? Wouldn't the unprecedented orchestration of events that led to the extra-market demise of WaMu give rise to a broad range of legal claims that would benefit stockholders, claims that should be protected at all costs and pursued?

Robin Williams was loved as "Mork" as he played an alien with an almost child-like innocence as he tried to understand the complexities of human society here on earth. Without a doubt, Mork would have great trouble understanding how some banks had their liquidity revoked while others received quite handsome bailouts. Bailouts that were supposed to lend money to business to get the economy going again, but instead were used to consolidate power among the surviving institutions.

Quite funny really, the naiveté of this impish looking alien. Almost like a law student, or clueless law professor, who just don't get the real world.

One day WaMu is doing about the same as other big U.S. banks... the next day stockholders are screwed and the hedge fund clients of certain law firms start profiting as they traffic in the neo-fiscal tragedy. So here is the start of coverage of the Washington Mutual neo-bankruptcy.