Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Now that the mostly vainglorious PSI hearings have come to a less than acceptable conclusion, a PR from the EC should be proffered IMO! You can bet your arse that the EC monitors this and other boards to feel out investor sentiment!
It just seems to me that a PR statement would be a gracious maneuver on their part just to let us know that they are there! … rs
KirstenGrind
RT @alwynscott: WaMu Levin ended the hearing without carefully questioning FDIC chief Bair on why FDIC seized the bank.
2 minutes ago via Echofon
Oh my aching arse! Cspan2 is showing a rerun from Tuesday now with Barney Frank! Every time that I hear him speak, I have a hankering for bacon!
Thethethee, thethethee, that’s all folks … rs
KirstenGrind
Only 20 more minutes and then I have to head out to the airport, sadly. Please follow @alwynscott for #WaMu updates.
half a minute ago via web
http://twitter.com/alwynscott
... rs
I am long (in <.11) but was getting a bit concerned when we were nearing .20 approx 30 minutes ago! Hopefully this has bottomed out but I am still concerned regarding the R/S!
With a pps at $5 after an R/S it is true that this may encourage large investors to come to the plate, however, an R/S of this magnitude 1:25 also puts doubt in investors minds! Individual investors tend to see an R/S as a last ditch effort by a failing company to artificially look attractive!
All IMO and watching this closely … rs
Sen, Levin (to the OTS/FDIC) ends with “we appreciate your work and testimony”!
Well he and his colleagues just blasted them for being completely derelict in their (work) duties!
Perhaps it was just a bad choice of wording … rs
This is grand! Sen, Kaufman is basically telling the OTS/FDIC that they were as useless as hooters on a bull in carrying out their duties! … rs
You know – if 50.1% of elected officials were like Sen. Coburn, the United States of America would be a much rosier place! … rs
Hello Otter! I have not been following NEXM with a fine-toothed-comb for the last month or so! The PR that I have seen indicates good news but the overall market sentiment obviously has not responded and/or agreed with my perception – LOL!
This may just be the most unrecognized play of the year! We longs have already been rewarded handsomely, but there is more to come IMO! Much more! … rs
Decent gains (monumental for ANX) the last few days with no news I am aware of!
I will take it. GLTA … rs
Wamunut:
Court hearing, Omnibus, 11:30 AM (Del). Includes:
- Equity Committee motion for summary judgment for motion (3/3/10) to compel a shareholders' meeting (Del).
- Omnibus Claim Objections 1 (#2375), 6 (#3349), 16 (#3293), 19 (5 claims), 21 (4 claims).
- Buus et al. motion
- IP sale
- Settlement with Old Republic & Zurich American Ins. Cos.
- Egencia claim #3678
http://www.my.calendars.net/wmi/d01/04/2010?display=M&style=B&positioning=A
… rs
UMAW! Nice unbridled enthusiasm my friend! I just PM’d you but just wanted to publicly thank you for your work here, especially over the last few days! You are in Rambo mode! Nothing is over!!!
Talk to you soon … rs
Kirsten continues to be a one woman dynamo!
This was posted earlier but here it is again for those who only follow the current posts …
http://seattle.bizjournals.com/seattle/stories/2010/04/12/daily42.html
Many of us have for countless months appealed to the mainstream media thru emails w/attached DD to cover this puppy! Most all of the major media has failed in spades expressing no interest in covering this. If and when court events/documents have been covered, 19 out of 20 times the coverage is violently askew and biased (against WaMu) beyond belief!
Thank you Kirsten and rock on! … rs
FYI! New Court Doc:
http://www.kccllc.net/documents/0812229/0812229100415000000000182.pdf
... rs
Is the Bilderberg group AKA the Iluiminati or vice-versa? I am far from a conspiracy theorist but I believe that I have heard of this/these group(s) thru the overnight conspiracy radio platform “Coast to Coast”! Hold on a second … I thought I just saw a flying saucer – I’m back now! … rs
Dude! Post of the day as your question “SO ... PSI ... How do you use a bank that was blatantly left out of the government rescue as a "case study"???” completely hits the nail on the head!
Levin is the Witchfinder General pure and simple on a discombobulated mission! … rs
A few questions regarding “the mole” theory! I know that many people here believe that Rotella was a mole planted my JPM! Has this ever been proven? I honestly have not followed that part of this debacle.
Also, does anyone know the current personal relationship between KK and Rotella? Were they sitting at the table on Tuesday 6 feet apart loathing each other, or are they still on the same team so-to-speak?
Just curious? TIA … rs
Thanks Don for the work that you did in getting this letter out including the iHub family signatures! Even tough there are currently 560+ letters/objections filed, this one is special as hell!
4/12/2010 3244 Letter Filed by Donnie R. Hedlind Regarding Shareholders 679 k
... rs
Great job umaw! You are really taking the bull by the horns with tenacity and aplomb! I really like Sen. Coburn. He is one of the few congressmen that I have respect for! Hopefully he will respond to your email promptly!
Thanks … rs
I would have to agree JHD! On the surface, it appears that JMW has been rather sloth-like in her rulings to date! However, she has welcomed the UST, EC, and Solomon and is conceivably anticipating documents and declarations (from the latter two) as much as we are to move this case along! … rs
UMAW! That letter is chockfull of excellent points albeit it could be more refined! It will probably be tossed into the trash can by a staffer anyways but it does warm the old heart to see the fervency of this camp (WaMu Equity) and it’s total irritation with congress! … rs
Thanks umaw! I listen to KFI every morning and evening religiously! As I stated, the KFI piece does not mention WaMu or JPM but I was dumbfounded (in a good way) when I heard the report while listening LIVE last night!
Was it a coincidence for Tim Conway Jr. to bring up that topic just hours after the PSI hearing? I know that he dabbles in the market so maybe he has a chunk of WAMUQ! … rs
EDIT: Perhaps he was fishing so-to-speak to his audience and throwing the topic out there seeing if anyone will bite!
I will email him today with DD and see if HE bites!
For those claiming that KK was a bit apprehensive at times during yesterday’s grilling, the following excerpts speak volumes IMO! Levin was not impressed however but at least the below is now publicly on record and consumable …
Killinger deflected the criticism and laid blame on the government. He argued that even before the crisis struck with force, the government treated Seattle-based Washington Mutual unfairly. He noted it was excluded from a list of large financial firms whose stock couldn't be sold short under a temporary government ban in July 2008. In short-selling, traders bet a stock price will drop and use borrowed shares to profit from any decline.
"For those that were part of the inner circle and were 'too clubby to fail,' the benefits were obvious," Killinger said. "For those outside of the club, the penalty was severe."
Killinger said it was "unfair" that Washington Mutual didn't get the benefits of government actions that helped other financial institutions in the days of the crisis in the fall of 2008. He was referring to steps such as a doubling of the limit on deposit insurance to $250,000 and new federal guarantees for bank debt.
Full article:
http://www.wibc.com/news/article.aspx?id=2213751
… rs
Regarding congress trying to get to the bottom of the financial crisis fueled by the “bad mortgages”, they simply need to look at themselves! The link below is to a podcast from The Tim Conway Jr. show on KFI (LA) last night!
I have included the entire podcast (that includes other topics) but the interesting synopsis that congress should be ashamed of is aired from the 26:30m to 31:00m marks!
http://www.kfiam640.com/mediaplayer/?station=KFI-AM&action=ondemand&item=18688347&feed_name=TimConwayJr.xml
This is of course ancient history to us (LOL) and there is no mention of WaMu or JPM but is purely a great reminder of how congress fails us and blames others for their oversights! Morons! … rs
Newest Court Docs: (Sorry if they were posted earlier):
http://www.kccllc.net/documents/0812229/0812229100413000000000010.pdf
http://www.kccllc.net/documents/0812229/0812229100413000000000022.pdf
http://www.kccllc.net/documents/0812229/0812229100413000000000023.pdf
… rs
FYI: KFI, a behemoth Los Angeles radio station, just 5 minutes ago on the Tim Conway Jr. show aired a scathing report of how the Bush Administration tried to reign in Fannie Mae and Freddy Mac years ago but were not able to get the votes in congress! Barney Frank was also mentioned – no surprise!
I will post the podcast tomorrow when it is available … rs
Tuesday, April 13, 2010, 2:44pm PDT | Modified: Tuesday, April 13, 2010, 6:56pm PDT
Ex-WaMu CEO Killinger testifies at hearing
http://seattle.bizjournals.com/seattle/stories/2010/04/12/daily25.html
… rs
I wholeheartedly agree. Sen. Coburn [R] was practically begging KK for those 3 little letters! I was shouting at my flatscreen, say it KK – SAY IT!!! I still cannot figure why he refused to publicly answer. Odd!
Sen. Levin [D] conversely is an arrogant slob showing no signs of even trying to hide his agenda! Congress needs a BIG scapegoat for the financial collapse and planting WaMu firmly on their list of greedy banks is a feather in his cap! I was waiting for Levin to ask KK if he had anything to do with the Toyota acceleration problem! Jeez … rs
The end of that exchange was intense! ... rs
Go KK Go!!! Killingers words - WaMu should have been a surviving bank! The Co was not treated fairly, was NOT on the no short list!... rs
Schneider is getting grilled pretty good at the moment – IMO, he does NOT look very comfortable. … rs
"too clubby to fail"! Those words are accurate to a tee!
After a long public absence, something has gotten under Killingers skin as of late! I want to think that it was Rosen’s POR that sent KK over the edge! OK – you bought my old bank for 1.9B back in 09/08, then to rectify matters, you offer 6 or 7 billion in 03/10 to make this all go away!
Thank you Rosen – you may have awoken your worst nightmare! … rs
Blah, blah, blah! Blame, blame, blame! Weren’t all bank failures (and there were many) based on seedy shady loan practices! This is congress at its finest, getting to the bottom of the obvious! A situation that they themselves created!
After this bad loan crapola, I sincerely hope that Killinger will have the time to publicly air at least 2 acronyms to the public, FDIC, JPM! … rs
At least Sen Coburn threw in the names Fannie and Freddie in his opening statement! … rs
The middle class American has had his hat handed to him on many an occasion! We ourselves (well not me) are completely to blame! Why we continuously elect folks that we would not be comfortable preparing our Big Mac’s is beyond my comprehension!
Perhaps there should be an IQ test in regards to voting rights! You have to PASS a driving test! A voting test would render perhaps 15% of American’s that said right, right?
I digress as usual!
Bring on Tuesday and go Killinger, Kirsten, and eat dust Rosen! … rs
The potential is in the air Mehedi! The perfect storm? … rs
As law and order as I am (please overlook the hemp intake in the movie – LOL) I have never, since my initial investment here, believed that the law would have a tinker’s diddly damn affect on the outcome of this fiasco!
Even with the upcoming PSI hearings, Senator’s IMO will not allow the FDIC to be seen publicly as scavengers and JPM (JD) is too big to fail in their feeble minds
If all goes well in said hearing, I see negotiations ramping up, with our EC suddenly being in the driver’s seat! No – the law is the law! Just negotiate this puppy towards an equitable settlement so that it goes away!
The Senate would love this to be gone as much as us! They do not see this as a hunt for justice but another thorn in their side that finally needs to be dealt with!
The Senators involved here would be much happier in a meeting to raise our taxes! To them, the hearing is work that involves their full attention and the ability to think on their feet! Very few in high positions have that ability! … rs
IMO he can infer blame without mentioning certain parties (FDIC/JPM) if you get my drift! He may not go for the jugular himself, but can certainly map it out to the panel if awarded the time to do so! … rs