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Ohmy, is it your opinion then, that the FED had nothing to do with hijacking WaMu then handing them off to JPM for the paltry sum of 1.9B, so JPM could then strip WaMu of it's assets? Do you really think WaMu just woke up one morning and said, Gee 'yall I'm sorta tired of being listed on the NYSE so it must be time to flush everything and go to pink sheets? If so, I have a bridge to sell ya.....
OK TY islandcat.
Just curious though, was there a retail trade in there or is that just the MM's playing with each other?
Excellent idea roiresearch.
"XXIS should contact penny friendly online brokers like Choicetrade or Zecco and try to push the trading pool to groups of investors looking to buy into something like this"
I'm sure once 141 has published an established track record for their pool, there will be plenty of takers lined up.
Also, from what I've read "algorithmic trading" or "black box" trading has been around for sometime now however none of the systems were able to deal effectively with the volatility involved. That's where 141's SWARM was supposed to make the difference but SWARM was temporally taken off the table when it was stolen by Spooz's programmer. Hopefully, 141 will get SWARM back now. In the meantime, I think the difference will be that 141's pools will be trading in "seasonal" commodities that are not quite as volatile as non seasonals.
IMO
whoops...duplicate, please delete.
When was WaMu on the BB?
I thought they were on the NYSE before being mugged by the FED?
ok NP.
Go Wamu!
GLTY :)
Don't mean to beat this to death but having a buy order filled pre-market is different then "trading" after hours, such as can be done with aapl for example.
I'll change my mind if anyone can post a transaction of a buy and a sell of wamuq this evening.
No blood no foul just discussing.
GT
Huntewr7 I would be interested if anyone can provide proof of a transaction made on a Pink Sheet stock After hours.
ECN is simply a term for a network that brokers use.
I maintain that what some folks call "AH" trading on Pinks are "T" settlements. "T" settlements are trades executed during the day (usually pre-arranged for a client by the MM's) but posted AH (after hours) by the MM's. The rational given is that the MM's are sometimes too busy to post the trades in sequence during business hours and/or that they are part of a single "basket" buy.
From Investopedia on ECN:
Electronic Communication Network - ECN
What Does Electronic Communication Network - ECN Mean?
An electronic system that attempts to eliminate the role of a third party in the execution of orders entered by an exchange market maker or an over-the-counter market maker, and permits such orders to be entirely or partly executed.
Investopedia explains Electronic Communication Network - ECN...
An ECN connects major brokerages and individual traders so that they can trade directly between themselves without having to go through a middleman.
Somebody wanted in. Notice the 220k shares @.029.
Pink Sheets do not trade after hours.
What you will see are "T" settlements made during the day and posted AH.
Check out the "T" transactions.
The "cover" must be on.
Been watching this one too and it looks like someone is keeping it propped up so there must be life here. I'm in, at this price it can't hurt and from here, the upside is worth the gamble. If it were dead, it would stay down.
GLTA
Judge blogs to abolish SEC? (fat chance)
DJ US Judge Argues Madoff Not A Ponzi Scheme; SEC At Risk
. DOW JONES NEWSWIRES
The self-described $50 billion Ponzi scheme of Bernard Madoff is quite the opposite, and the fallout from that investment calamity is likely to be an ambitious reorganization of the financial regulatory system - possibly including the abolishment of the SEC - a federal appellate court judge notes in a recent blog posting. Seventh Circuit Judge Richard Posner, in a blog posted Dec. 21, offers that in the Madoff case, the attraction of well-off, sophisticated investors coupled with moderately above-average returns with prompt redemptions, argues against the classic Ponzi schemer. Posner expresses surprise that the Securities and Exchange Commission didn't detect the Madoff scheme, and writes that in a possible resulting regulatory shakeup "the SEC may be abolished. If so, Bernard Madoff and (SEC Commissioner) Christopher Cox can share the credit." Blog site: www.becker-posner-blog.com/
Thanks to both of you :)
Your efforts are not in vain, I am one of the newbies here looking for facts and I appreciate the information you guys put forth!
Is it too early to spike my egg nog with a little brandy now? lol
GLTY
GT
OK, this is old but, does this mean I can still use my WaMu bank card?
And if so, does this mean WaMu is still taking in revs?
News Release
Chase, WaMu start sharing ATMs quickly
Customers get no-fee access to 14,000 ATMs less than two weeks after deal
NEW YORK and SEATTLE, Oct. 8, 2008 – Chase and WaMu customers are already finding 14,000 reasons to like the Sept. 25 combination that created the #1 U.S. bank in deposits.
That’s because they can now use any of 14,000 Chase or WaMu ATMs in the United States without a fee – from California and Washington to Florida and New York, and from Texas to Illinois.
“We wanted to provide almost immediate benefits to millions [/]of our WaMu and Chase customers,” said Charlie Scharf, head of Retail Financial Services for Chase. “Helping customers manage their money is especially important in these challenging times.”
Chase and WaMu customers can now make withdrawals and balance inquiries with no fee at any Chase or WaMu ATM. Those same customers will eventually be able to make deposits at the combined network of ATMs and have access to a network of more than 5,400 branches as computer systems are converted.
Chase and WaMu have ATMs in 27 states, including excellent convenience in the following states:
State ATMs
New York 2,664
California 1,987
Texas 1,730
Illinois 1,623
Florida 1,038
Arizona 875
Ohio 861
Indiana 553
New Jersey 456
Michigan 444
Louisiana 356
Colorado 288
Washington 251
To find a Chase or WaMu ATM, customers can visit Chase.com and WaMu.com, respectively.
IMO, the only logical reason for selling now would be an EOY tax write off. (simply based on timing alone)
For example, if one's portfolio contained a few big winners and a non performer, they might chose to take a chance and sell WAMUQ based on the timing. They could realize a tax write off for this year then get back in for a nice gain later when the rest of the story comes out.
To just sell WAMUQ because they think it's going to tank based solely on an incomplete A L and rumor would be playing right into shorty's hands. In that case, the pps would temporarily dip because of fear. But guess what? it's going right back up after all the facts are out.
Just have to wait and see.
GLTA longs
GT
Exactly rockie,
On the surface it may look like a cut and run here, but IMO there is absolutely no reason to panic sell this stock, not yet at least and especially if you are upside down. Remember what you own here and how this company found itself in pinkie land in the first place. If this were a stinky pinkie from the get-go that found itself in BK, it would be a horse of a different color but keep in mind what exchange this stock was on just a few short months ago and what forces precipitated it's demise. Next, think in terms of what is currently going on behind the scenes and why. You can bet there is a whole lot of posturing going on in the financial markets with a lot of maneuvering in an effort to artificially undervalue this company. Why you ask? Why would someone want to keep the value down? Because there is a war of attrition going on in the financial markets and what we are seeing here is basically a hostile takeover in disguise. Right now it's basic survival time for WaMu and what's important is to simply stay under the radar, restructure and emerge from BK, with what's left of it's own skin. Once that has been accomplished, we will see a leaner, stronger company that has real shareholder value so there is no real reason to flaunt what they have.....not just yet anyway.
AIMHO
GT
IMO, it's all about Market manipulation newt69.
All is not what it appears here, small blocks at the bid are meant to draw down the pps for covering and/or to scare retail into selling or create artificial demand. MM's will make buys look like sells and vice versa or hold up orders and not let you in or out as necessary or whatever they want in order to suit their needs.
Pinks Sheets is not an exchange like the OTC:BB or NYSE, hence market makers are not regulated.....thus the "wild west" syndrome.
GLTU
GT
The 6th largest bank wont just lay down and go out w/o a fight.
IMO, the FRB and JPM are in cahoots, got greedy and tried to make a quick cash grab. But guess what? there are far too many eyes studying the fingerprints on the cookie jar. Busted.
GLTA longs
GT
NS contractor, how about this headline....
Bernanke drives FRB get-away-car during daylight bank heist.....
Thanks Z, you're the best :)
GT
This is old news from 11/25. And I'm a little behind here.
Did the BK court accept the company's disposition procedures and has anyone heard if anyone has filed an objection yet? or is this now JPM's concern? Apparently there is a 5 day wait period counting from Dec, 16th to file an objection.
Sorry if this has already been beat to death here. [ok to delete if it has been covered]
WaMu to Sell Interests in 10 Venture Capital Funds
Washington Mutual Inc., the holding company whose thrift subsidiary was taken over by the Federal Deposit Insurance Corp. in September, intends to sell its interests in 10 venture capital funds that invested in technology and financial technology industries.
Because WaMu would likely not be in a position to satisfy cash calls made by the funds and thereby possibly suffer a loss of part of its investments, the bank holding company will be in U.S. Bankruptcy Court in Delaware on Dec. 16 for authority to sell the interests so long as no one objects.
WaMu already invested $27.8 million in the funds from commitments totaling $36.5 million.
If the bankruptcy court adopts the company’s disposition procedures, anyone who doesn’t like a sale WaMu proposes must file an objection within five days.
After the FDIC took over the savings-and-loan subsidiary, it was immediately given over to JPMorgan Chase & Co. The holding company sought Chapter 11 relief late the next day. The bank was the sixth-largest depository and credit-card issuer in the U.S. and the largest bank failure in the country’s history.
The case is Washington Mutual Inc., 08-12229, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Citing the 200 share bid whack @.022 right before the bell at 3:59:50, try not to let it get to you: it's Just another MM (devious) takedown before the cat gets out :)
GLTA longs
GT
The Company is in the process of filing their 15c211 in preparation to move to the OTC:BB. Their audited financials should soon be completed.
Considering the small O/S, and as they launch their new products and sign more states for the lottery displays, we will see revenues climb rather rapidly. All of which will drive the pps northward.
All IMO
GT
Ok gotcha tallstahl, I see what you mean. My mistake, TY.
And right again, they should be about fully covered by now.
GLTU
GT
It's looking that way W3Research,
I guess we will know when the MM's let it run....
GLTY
GT
tallstahl, not according to this:
Unless Pink Sheets has it wrong....
Short Interest
Date Short Int % ChangeAvg. Daily Share VolumeDays to Cover Split New Issue
Nov 28, 2008 67,735,529 -12.37 16,062,910 4.22 No No
Nov 14, 2008 77,298,968 -16.92 21,775,905 3.55 No No
Oct 31, 2008 93,043,959 -15.38 39,202,573 2.37 No No
Oct 15, 2008 109,950,595 -52.87 133,070,287 1.00 No No
Sep 30, 2008 233,301,635 100.00 277,126,099 1.00 No No
Yeah it's hard to figure chivalri, but you have to keep in mind that Pink Sheets is not an exchange thus the MM's are not regulated. MM's will make buys appear as sells or whatever they want to do to fool retail investors.
Pink Sheets is simply a "clearing house for financiers" and MMs to move paper between themselves. Retail investors are solely at the mercy of their whims.
Shorty "a MM", can drop the pps with small bid whacks then make basket buys unseen by retail and settle up AH with "T" trades. Usually "T" transactions are "pre-arranged" by MM's as a way to cover or "buy" while beguiling "retail" into thinking the ship is going down causing them to sell into the MM's "shortys" hands. Nasty business it is.
All in my opinion of course.
GLTA longs
GT
Shorty finishing up. He was at 233+ million on Sept. 30th, now he is down to 16 million as of Nov 28th. He should be done in time for AL to report in.
JMO
GT
NP HROLLER, It's always a good idea to keep an eye on the MMs.
GT
FYI, If you are interested, or have the time, you could contact the "Intermarket Surveillance Group (ISG) and request a "Blue Sheet Audit" A blue Sheet audit is where the Brokers "Tape" is compared to the actual "sequence" of "transactions" that were placed that day. The audit can provide insight as to whether certain transactions were held up or otherwise placed out of sequence to the actual orders being placed by the retail market.
http://www.cftc.gov/industryoversight/contractsandproducts/sfpisgsummary.html
Intermarket Surveillance Group
Overview
The purpose of the ISG is to provide a framework for the sharing of information and the coordination of regulatory efforts among exchanges trading securities and related products to address potential intermarket manipulations and trading abuses. The ISG plays a crucial role in information sharing among markets that trade securities, options on securities, security futures products, and futures and options on broad-based security indexes. The ISG also provides a forum for discussing common regulatory concerns, thus enhancing members’ ability to fulfill efficiently their regulatory responsibilities.
In effect, the ISG is an information-sharing cooperative governed by a written agreement. The ISG is not subject to regulatory oversight, nor does it file rule changes with the CFTC or the Securities and Exchange Commission (SEC) or seek approval when it considers requests from securities or futures exchanges to become a member.
Background and History
The ISG was created in 1983 by the major U.S. securities exchanges in response to the growing need among these marketplaces to share information regarding securities’ related products related to the conduct of routine market. The proliferation of related products and derivative instruments created the need for a system of formalized, consistent procedures for the exchange of information across different jurisdictions. In 1990, an affiliate category of ISG membership was created to allow futures exchanges and non-U.S. organizations into the ISG to facilitate further information sharing. Today the ISG has grown to include North American, Asian, and European exchanges, all of which have a common interest in ensuring that the securities and futures marketplaces are regulated effectively and efficiently. All U.S. national securities exchanges and national securities associations are full members of the ISG, and most U.S. futures exchanges and non-U.S. exchanges and associations trading securities and related products are affiliate members of the ISG.
Information Sharing
Membership in the ISG carries with it a commitment to share information required for regulatory purposes with other members. ISG agreements provide that information, which is shared, must be kept strictly confidential and used only for regulatory purposes. Such information is shared on an as-needed basis and only upon request. In addition, U.S. securities participants, via the facilities of the Securities Industry Automation Corporation (SIAC), routinely share trading information electronically.
Allocation of Regulatory Responsibilities
In connection with the routine sharing of information, the ISG has defined certain types of violations which can occur across markets, and has allocated responsibility for surveillance for such activity to the appropriate member. This enables participants to avoid duplicative efforts while continuing to ensure effective intermarket surveillance.
Meetings
Generally, the ISG meets three times per year in North America. However, since 1994 in even numbered years, one meeting has been hosted by a foreign affiliate member. Meetings are open only to representatives of members and affiliates, prospective members, SIAC representatives, and appropriate governmental authorities such as the CFTC, SEC, the UK Financial Services Authority, and, on occasion, international organizations such as the International Organization of Securities Commissions (IOSCO). Senior market surveillance or market regulation personnel represent member organizations.
Subgroups
From time to time, and at the discretion of the Chairman, subgroups may be formed to address specific issues of importance to the Group. Such subgroups may be permanent or have a limited time depending on the subject. Subgroups are headed by a representative of a member or affiliate and are appointed by the Chairman. Meetings of subgroup members are generally independent of regular ISG meetings and may take place either at a location directed by the subgroup chairperson or telephonically during the four-month interval between ISG meetings. Ordinarily, standing subgroups meet on the day preceding a full ISG meeting.
Eligibility
Affiliate membership in the ISG is open to all recognized market centers that trade products that have rules and regulations designed to detect and deter possible abuses in their marketplaces. Participants in the ISG must have the ability to share regulatory information and otherwise cooperate with other ISG participants in connection with regulatory matters affecting their markets.
Trading in Security Futures Products
To detect manipulation and insider trading, the Commodity Exchange Act and the Exchange Act require that exchanges and associations trading security futures products have procedures in place for coordinated surveillance with other markets on which security futures products trade, any market on which any security underlying the security futures product is traded, and other markets on which any related security trades. The SEC and CFTC have interpreted the statutory requirement for coordinated surveillance to mean that an exchange or association must be: a Full Member of the ISG; an Affiliate Member having entered into appropriate supplemental information-sharing agreements; or have the ability to obtain all information that a Full Member of the ISG is currently able to obtain from both current and former members, including, among other things, the ability to obtain market surveillance reports or information, and information relating to investigations. Any information-sharing arrangement that is not effected through membership in the ISG should ensure that the information sharing is comparable to being a Full Member of the ISG. In a Federal Register release dated May 24, 2002 (page 36750), the CFTC and the SEC issued interpretive guidance regarding the coordinated surveillance requirement and membership in the ISG.
Last Updated: September 12, 2007
I suppose you could say that,
however I didn't interpret the DJ news wire, I simply posted what DJ News has reported regarding WaMu.
I provided a phone number for you to call if you like clarification. Dow Jones News Wires. 201-938-5400
I know Z caught a news reporter making a blunder the other day to which Z called and got a retraction so it does happen....
GL
GT
This is all I have been able to find on the headline so far. If anyone doubts the validity of my post, feel free to call the phone number provided below...
*DJ S&P: WaMu Affirmations Reflect Adequate Credit Support Percentages
.
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
December 17, 2008 10:24 ET (15:24 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 10 24 AM EST 12-17-08
**Brought to you by Scottrader, a product of Scottrade Inc**
Off the DJ news ticker. More to follow...
*DJ S&P: WaMu Affirmations Reflect Adequate Credit Support Percentages
The pace of covering seems to be picking up.
Nice work Z man.
Thanks for your efforts :)
GT
This stock is so new that the only brokerage I know where you can get shares is Sea board Securities Inc., Florham Park, NJ.
Stay tuned.
GT
Hi, I was just cruisin around this evening
and heard all the comotion over here so I thought I'd drop in.
I did a quick scan of the posts here earlier and I see what the problem is. In a post that has since been removed, a certain individual must have had a fruedian slip because he signed off as "eli" LMAO!
FYI, rumour has it, Eli Kauderer has gotton companies into trouble by hiring spammers that target companies such as Spooz.
GLTA
GT
Right, FINRA ruled in favor of bank customers to arbitrate against JPM as well as other Banks. IMO, certain Bank's customers experienced loses because their banks prevented ARS liquidations. This happened because of the domino effect the sub-prime fiasco had on cash reserves; banks took a wait-and-see position while awaiting the pending TARP funds and froze many processes in doing so. Again, JMO.