OK- got it.  I read the email and it wasn’t clear what the ask was.  Let’s discuss when you get back how best to handle Frank.

Read the email I sent you from Nick. Boies represents creditors in this instance and wants tax credits to go to receivership not JP Morgan.

Sent on the Sprint® Now Network from my BlackBerry®

Can we get David Boies a meeting with Frank's staff on WaMu issue.

Sent on the Sprint® Now Network from my BlackBerry®

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From: Nicholas Gravante <NGravante@BSFLLP.com>

Date: Thu, 4 Mar 2010 13:19:12 -0500

To: 'hbiden@rosemontseneca.com'<hbiden@rosemontseneca.com>

Cc: Michael Endler<mendler@BSFLLP.com>

Subject: Re: Washinton Mutual Issue

 

Hunter,

FYI, David is meeting with Sheila Bair on Monday in DC. Let me know if you have any luck with Frank or his staff.

Regards,
Nick

 

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From: Nicholas Gravante
To: hbiden@rosemontseneca.com <hbiden@rosemontseneca.com>
Cc: Michael Endler
Sent: Wed Mar 03 11:21:46 2010
Subject: FW: Washinton Mutual Issue

 

Hunter,

 

The email below is the general introduction email we have used when contacting folks an Capitol Hill.  Please let me know if you need anything else.

 

Thanks,

Nick

 

 

Here is text for an all purposes email

 

You may remember that in September of 2008, JP Morgan bought most of the assets of Washington Mutual Bank for $1.88 billion from the FDIC.  This transaction occurred on the same day WaMu was closed and the FDIC was appointed WaMu’s receiver.  JPM has reported that it has made billions from its 2008 purchase of WaMu from the FDIC.  JPMC a TARP recipient, is now claiming an additional $2.6 billion in WaMu tax refunds from the November 2009 stimulus package.  Congress expressly carved out TARP recipients—such as JPM—from those who could benefit from the November 2009 stimulus package.  JPM argues nonetheless  that there is a loophole in the law: Washington Mutual Bank, not JPMC, may claim the stimulus tax relief and then turn it over to JPM.   JPM is now trying to obtain the FDIC’s consent to a settlement of claims that awards the $2.6 billion in stimulus refunds to a TARP recipient (JPM) and the FDIC is urging a settlement that will permit that result.

 

 

 

 

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