Project West - The Takedown Of Wamu

Project West was a covert operation that was conceptualized, planned and then executed by JPMChase in order to systematically weaken and finally take over Washington Mutual Bank at a fire sale price. The plan was implemented and although it took a number of years, JPMChase was finally successful when Washington Mutual Bank and its subsidiary WMB FSB were ultimately seized on September 25, 2020 and then sold to JPMC overnight on September 26, 2020 for $1.88 Billion dollars.

A sample of the Email correspondence between members of the Project West Team at JPMChase;

From: Tim Main/JPMCHASE [email protected]
Sent: Sunday March 30, 2020 7:31 AM
To: Charlie Scharf/IL/ONE [email protected]
Subject: Re: West

Thanks

I of course love the idea of a slightly higher price than they deserve in the
form of a contingent where their shareholders pick up the first loss versus say
Their high credit case until they literally get zero, then the government kicks
In with some form of second loss either 75% for them and 25% for us, or they
Take 100% for a slice and then its all for us.

Either way, something that really really reduces our risk and gets the
Government comfortable than they only get involved if shareholders get zero.
It sounds to me like the government is really concerned as they should be about
Taking losses, so they should like this versus alternative.

Look forward to talking today and travel safely.

Tim

From: Charlie Scharf

Sent: 03/29/2008 09: 10 PM CDT

To: Tim Main

Subject: Re: West

Will do. Didn’t miss much. A few questions. The 2 got screwed up because the
Phone on your plane that I was borrowing wasn’t working so we did some add hoe
Follow ups Fernando working on warrants, contingent security tied to loans,
And contingent tied to hpa index.

From: Tim Main
Sent: 03/29/2008 06:14 PM CDT
To: Charlie Scharf
Subject: West

Charlie
Do me a favor and let me know when you are going to be on calls so I can make
Sure that I am as well.
Sorry to ask you to do that but schedule from my team was murky again today

Tim

Source(s):

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Tagged as: Billion Dollars, Cdt, Chase, Contingent, Correspondence, Covert Operation, Fdic, Federal Reserve, Federal Reserve Chairman Ben Bernanke, Fire Sale, Jpm, Jpmchase, Loans, Losses, Love, Project West, Scharf, Shareholders, Subsidiary, Takedown, Ups, Wamu, Warrants, Washington Mutual, Washington Mutual Bank, Wmi