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Bankrupt WaMu To Become $5 Billion Tax Break For Needy Hedge Funds



But the real remaining asset is about $5 billion in tax breaks owed to the company.  That means the hedge funds that snapped up WaMu debt will be able to buy companies under the corporate guise of WaMu and run them without significant taxes for a long time.

Shareholders agreed to a quick payout in exchange for the deal going through.  J.P. Morgan also approved the sale. The only roadblock is the hedge-fund owners themselves: Appaloosa Management LP, Centerbridge Partners LP, Owl Creek Asset Management LP and Aurelius Capital Management LP.

An investigation is under way as to whether they used inside information about WaMu restructuring talks to benefit from debt trades.





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Reader Comments (8)

GENEVA (AP) -- Health ministers from around the world agreed Tuesday to put off setting a deadline to destroy the last known stockpiles of the smallpox virus for three more years, rejecting a U.S. plan that had called for a five-year delay.

May 24, 2011 at 6:20 PM | Registered CommenterDailyBail
Mubarak to be tried for murder of protesters

May 24, 2011 at 6:21 PM | Registered CommenterDailyBail

Arnold Schwarzenegger's latest scandal—a bombshell revelation about a love child with a household employee—has nearly overshadowed the case that dogged his administration's final days. Last week, San Diego’s D.A. filed suit to void the Governator’s commutation of the murder sentence of a political ally’s kid. Bruce Henderson remembers the night his son was almost killed.

San Diego County District Attorney Bonnie Dumanis last week filed a civil lawsuit seeking to nullify ex-Governor Arnold Schwarzenegger's controversial commutation of the prison sentence of the son of a political ally, former state assembly speaker Fabian Nunez.

must read story...
May 24, 2011 at 7:38 PM | Registered CommenterDailyBail
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