Washington Mutual (WMI) - Objection To Proposed Settlement Filed by Sankarshan Acharya

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4ptimai Goverance
Dr. Sankarhan Achara. 176 W NbrRdge Dr, Lopr IL 641. 8152419. sahararorosperit.cm
The Honorable Mar Walrath, Chief Judge
United States Bakruptcy Cour
District of Delaware
824 Market Street, 5th Floor
Wilmington, DE 19801
Deputy: Julia_Johnston@deb.uscourts.gov
C: Piding Honorale Jue Gror M. Se
1. Caleb Bogs Feea Building
84N. King Ste
Rom 4324, Un 19
Wlmington DE 19801-3569
Sub: JPMC's takver of a solvent Washington Mutual i unconsttutonal}
D Honorable Judge Wa
April 2, 2010
I res you to cnside tis memo in your judgen of J Morgan & Chase's Septemb 25, 208
takeve of Wahingtn Mut assets (au) for the following rens:
1. Throug my rech on moral hd in banking ad fnancial makets,2 I actely forew
in 203 the re fincia meltdown idenife it as being me and brewing within the
industy, ad propose in Mrch 2003 t the US Congess for premptve optmal policies to
ave the csis due to the prevailing unsfe banking. 3
The Conges mus have then take my wag and policy advic in 2003 siously, phas
bs the unpreene bak forelosre rule it ee in FICIA-I91 is ba on my
publishe rech.
My infeenc t t Cones repnde promptly in 203 is bas on the temonies it
sgt in Ob 203 fm the Fee Res B on se a suns of banks a
1
The bc i o this meo ar f m bo k uPrr: Opimal Goranc, Bankn, captal Marets,
Global Trde and Excange Rate," pblishe by Cizens Pubishing.
2
"Se Bankin to Avoid Morl Har," pbise in 20in the Joural of R Manageent in Financial
Insituions, an availabe on the interet at http:/pro-posperit.comlResearch/moralhazar-sfebanking.p,
"Se Bankn," pbie in 203 in the Amercn Acemy o Busnesan availabe on the interet at,
httpJ/pro-prospr.comResearch/Safe%20Banking.p, "Opimal Bank Reoranizaion Poie an Prcn o
Feerl Dpt Insrnc" pbishe in 199 in the Joural o Financ and wrin ppr, enie, "A
Ecnomic Ther o Consitutonal Goeranc," availabe at httpJ/pro
rosprity.CmlResearch/MoraIHazarUbr.p.
http:/pro-prosprity.comlGlobal%20Econom20Chatterxarlng-USCongress-ln-2003-0n-Home
Mortgage-Debacle.html
C: Memo to Honore Jude Ma F. Wat Apr 2. 2010 P lof4
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0812229100415000000000132
Docket #3404 Date Filed: 4/2/2010
Citzens for Development and Pro.Prsperty.Com
t ssue cnfec held by te Fe on t topc la in 203. T Fe ha invite me
to the 203 cnferc, but I culd not at en.
T ave bako is ccial b t Fe, to bakes a Wal Ste mers, and
top univesity prfsrs of enomics a fc including Nobel Memorial P winnes
have aly file to fr t G Res on le aon prps preive plicie t
avet it. How they miss sch a Cphic even-that h deye abut $50 tillions of
welth worldwideis in my mems to Presdes Bush ad Obaa a mebe of
Conges.4 Te memos tack fly how the 208 Gre Reession is made, who the
ar ae a Wmmop is. I hve 0dy involve in this pa a
0rtor, a a reche ad as an active purse of plicies in public inteest. My fory
ino 0rr plicies W i t wae of t 1987 me cllas, whn I wa a
asistat prfsr of m a N. I cnnue it a a fnancial enomist a the Boad of
GvO of t Fee R Sysem I hve pe t O a a a a
purser of policies, to the bst public ineest by a deterination to prevent fture
fcial criss. This mem is a cntnuaion of sch pits.
2. A an inveor, I sw a immen re on invn in Wau common stok ad bught a
few sh t day bfor te siz. My mn invemn maybe insigct. But t
non-pa rewad is immens in ters of ftheg slfess Nch for soiety which
spprs m.
My Or6h, lokin ford, is aime to rore the 0in baking and govNc
t m ths non nnil on e at immigs fm al ove t world t
pre, innovae ad cree bte ides, prucs a sice.
My invement as smen WN b t CEO of JMC as sw immen vue
in acuisiion ofWaMu on ely the se day, baely a few hos afe I bught the ss
ofWau cmmn stok T only dfen be my invOa JMC's tkeve
is t I investe my hrd ee svings t buy the cmmon stok ofWau's pat, W
while JMC swlow my invem by cniving t wale awy all profle 8 of
Wincluding Wahington Mu Bak () fr pittce.
3. T JMC cnive to wagle awy te profable 8 ofWau prve to b te by t
disclosre of table assets a liabilities of W on Mch 26, 2010 ad by the reent letter
t slde W on Mh 26, 2010 by t CEO ofJMC. I ne nt blar on te
data th the Cour ay h on the pare cmy's ('s) assts ad liabilitie.
I Nsbmitin blow my evauaio ofWa's ases auire by JMC, ba on, ps
inexly, dislos steents ad my ae of asst pcing: ( unOd the Court will have
fncial aysis fm an aprve e.)
4Se, pprt .c, an, in parlar, "hooy o Mare Dpine Unre by Mare Cr: A Ne
P
i
y o Gnc," 0to Pn an
Cs
, ab o t inee. http://pro
prosprity.comMyholoy%20ofk20Maret%20Discipline%20Unrvele%20bY20Mare%20Crsh.html
CF: Meo t Honorle Jude Ma F. Wat Aprl 2, 2010
Pae2of4
Ctzn for Development and Pro-Prsperty. Com
JMC's 209 Es: l0.434B5
JMC's 209 EI: 6.390B
4
JMC's 209 Ta: 4. 415
4
JMC's 2009 Cash fow (for Dt & Eut) = EBI-t = 59. 975B
JMC's 209 Cas flow as a pece of egs = 59.975110. 434 =. 6
JMC's CEO s in his Mach 26, 2010 memo to saeholdes about 30B of eg fom
Wau in 209. The Cou may ne to ren tis fom JMC.
Aquire Wau's 209 incementa csh flow, apprximately = .6 x 30 = ISB
A conaive etimate of cost of capital6 in a low interest rae evironment = 0.05.
Fair Value ofWa As= ISI.05 = 36B asno gwh.
The Acquire Wa det i 220B even i snior bndholders ae adde.
Tis me t acuire Wau's e wor 36220140B. Tis euiy belngs to te
paret cmpay, W. Now, W is slven on a liquidaon basis, even without the 140B
t i shold hve rigly owne in the tsfer Wau asets.
A the tme of takeve, when I purchas a few shs of W the te vaue of euity
wold hve e me a ve high re of re. JMC k it to, a t fcs prete by
its CEO's let t h shaeholders now prve.
T FIC neles s this te W eit value fom me a many ot r
families in USA ad aond the word t hand the sme ove to JMC with an alibi tht some
b r of$l6 fm WM h tae plac. Bu the FIC cnfdeally cmmunice t
JMC aut thre weks bfore the dae of seizre t JMC culd reeive the valuable
Wa as a p nes rers plish lae. Suc cndena cmnicon may
have rfed sme uninsre desitors to tsfe their fnds, maybe to JMC t wa
kow t the a the acquire ofWM.
I ay c, Wau h an enorous ch balance, ac t Feeal Rese fnds, and
imp T A mney a the tme of sim. T flimsy alibi of FIC is simply unle
at b. A wors, i amounts t a unconstutonal usaon of prive weth, like my hrd
ee hsld svings, t sn fvore by a relao any tht h utey fale t
se the taaye due to pton of me bang shenanigans t have cs the
crsis, a p my alysis. 7
5 http:/nanc.yaho.cqlS?sJPM&annual
6 I sol b a r ajuse wihte c o cpial for deb an euiy. Bu sinc the euit sake in the
acuir asis lo, deb will doinae the c o cptal ee.
7 "Myhooy of Mafet Dspine Unree b Mafet Crs, meo wten to the Prnt an Conrson
CF: Memo to Honorle Jude Ma F. Wat Apr 2, 2010 Pae30f4
Citzns for Development and Pro-Prsperty. Com
4. The t in Aec bang ad govc is vita to enc prospeity of individuals
bas on their tng, sklls and pesevenc. Prosrit is prese as creit, which mes
t. Bae their reors, c a gvee mst pre this ts for sety t
prsp. Trs is desoye i privae houshold ceitprpy/prospity is trasfere to
favore b. Such tfes ae uncnsional. Th au t savey of thos who
work had by the othes wo game to bet sch tsfer.
5. T cnstuton principle of fe make enmy W N fllw t detenine t tue
value ofWau trough, e.g., ope bidding. The mos prminen deision mae durng te
208 as Wt Fee Re Bd bs i only culd ce mon. JMC is a
prominent mmbe of the bd of direors of t Feeal Rese Ba of Ne York which
hle t 208 cisis in bh of the Fee Res B. T ion of JMC t
acquire Wa wa well kow Mssive nake shor slling ofWau cmmon stk tok
pl d t tme. The SEC bane shr sllin of ms fnacial cmies, except
Wau. News reprs publishe lae show t JMC dissade other penta bidders of
Wa.
The only raion infeence fom thes facts is that the goveent relators fcilitae a
sreos tsf of Wa to JMC by derving t h ee svings of invesr in
WaMu sties and by irely deimaing the t in Aec banng ad govece
in addition t tle loss of weh ofa $50 tllion wordwide. T I lost litte in t
cpital destcon pros is incidental. W is ccia is t I a living in a tstless
evn of t t t re te ros d t s Ge Dson. I py t t
Gat Depresion dos not r, bu praying wt my 1M mens sching for
t t of hw _ d sld gove ourlve t ke o ee digy, prospity
ad mutual 0."
Only your Cour c dee whhe an uncnsttuton tsfe of private prpy has tae
plae in t acuisition ofWau by JMC. I tue, W shld be reor t i prese s.
I have ts in te Cour. Bu I have to aso render my duty in fec of mutual t. I have,
te , fo i pre t ofe tis int, not just a a smal inveor, b a a a slfes
rhe wh sce a lot for siping a ronl enomic ther of conituon gove.
My enomic tr t o t b t aesis of t prling dog t t mae paipants
c ac ely pric asss under te cret system of govec. That the mes abjely file to
pric asWovios d 208, w fen pblic exrs ion of axiey by top gven
rtors t the mkets h collas ad t the "illiquid" asets could not b prce. This filur
vc my rch a dele in acmic p ad plicy memos.
With profund reds,
Mr 7 an Febar 27, 2010, availabe on the ineret her ht://p
r.cMyOloYA2002OMaret%20DiPine%20unrvele%20b%20Maret%20Cr.hl
htp:/proprosor.comlesearchlA 020Uning%20Philosophy20of20Govemance. p
CF: Memo to Honorle Jude Ma F. Wat Apr 2, 2010 Pae4of4

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