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This is stock manipulation. There is NO way the PPS could have dropped that much after the market closed...even with those sell orders filled. In addition, look at the ridiculous spread.
GEEZ... give us a friggin break.
I bet it's nice to see some of your money come back to your account :}
Total trade volume keeps going UP UP UP...
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=issue&Issue=WAMUQ&SortBy=volume&Month=12-1-2008&IMAGE1.x=24&IMAGE1.y=4
1.68 million shares traded after 4pm.
Type wamuq: http://www.otcbb.com/asp/Info_Center.asp
After Hours: $ 0.0215
0.00 (0.00%)
Volume: 1.68 m
4:12 PM EST Dec 31, 2008
US bankruptcy court approves Williams as WaMu president
http://www.reuters.com/article/marketsNews/idESBNG41768320081231?rpc=44
I was going to respond asking the same thing. I haven't read any bad news. Delays are part of the process.
Go WAMUQ!!!
U.S. Securities and Exchange Commission http://www.sec.gov/complaint/selectconduct.shtml
Just fill out the form.
and let go of that wee-wee :) Take some time off and enjoy the new year.
As Viva would say... we will be fine in 2009.
That is funny. It better have some HOT WMI centerfolds for that price.
MUST READ: WaMu's Parent Seeks To Keep Bids For Its Investments Secret Daily Bankruptcy Review, December 29, 2008, 415 words English Washington Mutual Inc., the holding company for failed Washington Mutual Bank, wants to keep secret how much buyers are offering to pay for its interests in 10 venture capital funds and equity interests in three companies....
https://www.fis.dowjones.com/article.aspx?ProductIDFromApplication=10&aid=DJFDBR0020081229e4ct0005n&r=Rss&s=DJFDBR
Don't worry, I won't tell anyone...LMAO
MUST READ: WaMu's Parent Seeks To Keep Bids For Its Investments Secret Daily Bankruptcy Review, December 29, 2008, 415 words English Washington Mutual Inc., the holding company for failed Washington Mutual Bank, wants to keep secret how much buyers are offering to pay for its interests in 10 venture capital funds and equity interests in three companies....
https://www.fis.dowjones.com/article.aspx?ProductIDFromApplication=10&aid=DJFDBR0020081229e4ct0005n&r=Rss&s=DJFDBR
Don't worry, I won't tell anyone...LMAO
MUST READ: WaMu's Parent Seeks To Keep Bids For Its Investments Secret Daily Bankruptcy Review, December 29, 2008, 415 words English Washington Mutual Inc., the holding company for failed Washington Mutual Bank, wants to keep secret how much buyers are offering to pay for its interests in 10 venture capital funds and equity interests in three companies....
https://www.fis.dowjones.com/article.aspx?ProductIDFromApplication=10&aid=DJFDBR0020081229e4ct0005n&r=Rss&s=DJFDBR
Don't worry, I won't tell anyone...LMAO
MUST READ: WaMu's Parent Seeks To Keep Bids For Its Investments Secret Daily Bankruptcy Review, December 29, 2008, 415 words English Washington Mutual Inc., the holding company for failed Washington Mutual Bank, wants to keep secret how much buyers are offering to pay for its interests in 10 venture capital funds and equity interests in three companies....
https://www.fis.dowjones.com/article.aspx?ProductIDFromApplication=10&aid=DJFDBR0020081229e4ct0005n&r=Rss&s=DJFDBR
Don't worry, I won't tell anyone...LMAO
dmceng-- How do you come up with 170 billion for a lawsuit? I like the sound of it, but was wondering what did you base that figure on.
News for 'WAMUQ' - (=DJ Bank Stocks Have Fallen Too Much - Analyst)
By Alistair Barr
Bank stocks have lost too much of their value and the industry may be a lot stronger than most investors think, an equity analyst said Monday.
Third-quarter data from the Federal Deposit Insurance Corp. suggest that banks are relatively well capitalized, especially when half of the industry's reserves are added back into an estimate of common equity, analyst Dick Bove explained.
Government investment and other programs to support the financial-services industry, the largest since the Great Depression, may also help bolster the value of some of the securities held by banks, Bove said.
"The decline in bank stock prices has been excessive," he wrote in a note to investors. "Many of these stocks represent excellent values."
The KBW Bank Index, which tracks shares of 24 leading lenders, has slumped 54% this year as the housing slowdown grew into a global financial crisis. Washington Mutual (WAMUQ) collapsed in the largest bank failure in U.S. history and 24 other banks failed, including IndyMac (IDMCQ).
A major concern among investors has been that banks don't have enough common equity to cope with rising losses from soured mortgages and other bad loans. That's left banks unable to boost reserves enough to keep up with these non-performing assets.
But Bove argued that to better measure banks' common equity, roughly half of their reserves should be included. That, according to the analyst, would bring the industry's "true" common equity up to 10.15% of assets. That would represent the fifth-highest ratio since the number was first calculated in 1948, he noted.
"Thus, one might argue that the banking industry is relatively well capitalized," Bove wrote. "It will take a number of losses over a period of years to bring true equity down to a level which constitutes a threat to the industry."
Bove also said that one of the main reasons why banks' common equity has been falling is a sharp drop in a measure known as other comprehensive income, or OCI.
This measures the difference between the market value and the book value of certain assets held by banks. There's a difference because banks don't have to take all write-downs through their income statements. Instead, they are required to report such changes through an OCI account.
The banking industry's OCI dropped to a negative $62.1 billion in the third quarter, Bove noted, citing FDIC data. That included valuation losses of $11.9 billion plus unrealized losses of $50.2 billion on available-for-sale securities.
"If the policies of the Federal Reserve and the Treasury work and the liquidity being injected into the markets is effective, then all interest rates will fall, not just those associated with government issued/guaranteed debt," the analyst said.
"OCI would then return to a positive number and the reserve gap noted earlier would be neutralized by a gain in asset values," he wrote. "The banks would not need any equity contributions."
-Alistair Barr; 415-439-6400; AskNewswires@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=wlBSaMq6yMuoYPYozv7c9w%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
December 29, 2008 16:10 ET (21:10 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 04 10 PM EST 12-29-08
Alright. What did I miss? You guys are all talking about PPS again. What changed?
In addition, typically there is at least one run during a BK and I have notice in the last few months that we have not had one single run on the commons, which I find strange. The share price appears to be controlled and they are walking/keeping it down.
Check the following... Pilgrim Pride, Circuit City, and Tribune all had runs.
maybe... since the U. S. District Court for the Northern District of Texas hasn't barred us for having speculative discussions.
Probably another Google issue, but look here
Please note the URL is for wamuq, but pointing to WAHUQ.
http://finance.google.com/finance?q=wamuq
FYI--
U. S. District Court for the Northern District of Texas barred "Garry W. Denke, Individually, and Denoco Inc." in the 97th District Court from revealing details ("Joint and Mutual Release"), the Order of Dismissal signed. GLTA
http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_(A_to_Z)/Stocks_W/threadview?bn=86316&tid=46898&mid=47170
By looking at the time and sales in I-Hub who would be crazy enough to purchase this stock.... ME, cuz I feel it's just a smoke screen. They are hiding a lot of buys by making them look like sells... very smart I must add.
Hoping to buy in @ .11 this morning. Low was .103 in pre-market.
Go CTIC!!!
I was watching that one on Wed, but chickened out. Best of luck to you. I hope it pops for you over 1.00.
I will do my part tomorrow morning. I have a buy order @ .025 that I'm hoping to get filled before the run :).
http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db20081224_250286_page_2.htm
You're talking about companies like New Century and Countrywide…but what about Washington Mutual (WAMUQ)? They are regulated by the Office of Thrift Supervision. What will change?
I think that given all the well-publicized thrift failures, there will be a strong move afoot in Congress to do away with the OTS. There are different ways to do this, if they decide to go forward. One way is to have the thrifts convert to banks. They can choose if they want to be a national or state bank. On the other hand, you could take the OTS charter and give it to someone else like the OCC, but that would perpetuate the same business model. You would still have thrifts, engaged almost exclusively in the business of mortgage lending, without the same kind of diversification that commercial banks have. I would question why you would want to do that.
News for 'WAMUQ' - (*DJ Fitch: WaMu Rtgs Affirmations Reflect Limited Amortization Since Issuance)
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
December 24, 2008 13:34 ET (18:34 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 01 34 PM EST 12-24-08
I agree with you there. I just have an Italian disease now called "Funds-are-low" :)
Wish I could buy more...
You can analyze the server logs of where the hits are coming from by running a utility like webalizer. It gives you a lot of information i.e operating system, location, pages hit, time on the pages etc...
Example: http://www.webalizer.org/sample/usage_199905.html
Here you go... http://www.otcbb.com/asp/Info_Center.asp
Type in wamuq under Depth/Level II
It's back to 5000x5000
Same for zecco. that is crazy. I have never seen the bid size that high before.
Be patient. I don't think anyone is ignoring you, maybe they are not in front of the computer as much as we are :)
I remember reading about this... but can't give you an accurate answer. I "think" there is a reference to a 3.1a that does not exist yet, but don't quote me on that... due to my bad memory.
Oh yeah, I've read those. He has some good information. I hope he's right :)
I was thinking the same thing. What am I missing? Please let me know what you found.
http://seattletimes.nwsource.com/html/sundaybuzz/2008543903_sundaybuzz21.html?syndication=rss
A Florida teacher files an arbitration claim against WaMu after he was persuaded by a WaMu Investments stockbroker to take $150,000 from a WaMu home-equity line of credit and invest it in WaMu stock.
By Rami Grunbaum
Deputy business editor, and Seattle Times Business staff
When a stupendously reckless investment gamble goes wrong, who's to blame — the professional who allegedly suggested it, or the customer who followed the advice?
That's the question posed by a case that has Seattle-based WaMu written all over it.
A high-school teacher in suburban Fort Lauderdale, Fla., claims that at the urging of a WaMu Investments stockbroker at his WaMu bank branch, he borrowed $150,000 using his WaMu home equity line of credit and sank it all into WaMu stock.
The investment has evaporated, leaving only a hefty debt — and an arbitration case in which the teacher demands compensation from the broker and WaMu Investments, now part of JPMorgan Chase.
More details only deepen the picture of breathtakingly bad judgment on both sides. The arbitration claim paints Charles (his lawyer redacted the full name from a copy provided to The Seattle Times) as a greenhorn investor with a modest annual salary of $45,540.
His total stock-market experience, says the claim, consisted of an $11,000 employer-funded retirement plan and a six-year-old WaMu investment account in which he'd made one purchase and one sale, losing more than a third of his original $3,200.
Yet on June 13 he bought 20,000 shares of WaMu's downward-spiraling stock at $6.75, tapping his home-equity line of credit for the necessary capital of $135,605. In August he upped his stake by another $17,018 to buy another 4,000 shares, according to the arbitration claim that attorney Paulino Nunez filed with the Financial Industry Regulatory Authority (FINRA), the self-regulatory body that oversees stockbrokers and securities firms.
Nunez, aware that people may see his client Charles as a foolhardy speculator who got in over his head, acknowledges that "at some level we are all responsible for our decisions."
But the higher responsibility, he argues, lay with the broker and WaMu. Independent experts in securities law agree that brokers are subject to a raft of professional rules about recommending suitable investments, keeping clients diversified, and so forth.
"The guy had zero money to invest, and it's four times his annual salary. I don't think it takes a lot to say he can't afford it," says Nunez, a partner at Tramont Guerra & Nunez in Coral Gables.
"This is one of the most egregious cases I've seen. It would have been an egregious situation anyway, because when somebody has all their money invested in one stock, that's never a good thing."
On top of that, "there's a clear conflict of interest in this (WaMu broker) selling WaMu stock. Then the kicker is, this guy didn't have the money to invest. So they tell him we'll lend you the money on your house."
advertising
He notes that the National Association of Securities Dealers, whose regulatory arm was the precursor to FINRA, warned its brokerage members in 2004 that "a recommendation for a homeowner to (borrow against) home equity for investment purposes poses significant and unique risks for investors." One key risk: "The investor may lose his or her home."
Since last summer, South Florida property values have fallen sharply, and Nunez says his client now believes his home is worth less than the recently increased debt.
The WaMu broker only earned $600 in commissions for selling Charles the two bundles of WaMu shares, according to brokerage statements reviewed by Nunez. But the attorney wonders whether WaMu Investments offered brokers additional incentives, either for helping maintain demand for WaMu stock when it was plunging, or for getting customers such as Charles to activate a home-equity line of credit.
A spokeswoman for JPMorgan Chase, which picked up WaMu Investments along with WaMu's banking operation after federal regulators seized them in September, said the company would not comment on the case.
John C. Coffee, a securities law expert at Columbia University School of Law, says FINRA requires brokers to "know your customer" and direct clients to suitable investments. "If you recommend a risky penny stock to an aged widow of modest means, you have probably violated this rule," he says.
Arbitration panels "tend to split the difference, imposing anywhere from 10 to 70 percent of the losses on the broker and/or his firm for recommending unsuitable securities," but they have great discretion, Coffee adds.
William Jacobson, a Cornell University law professor who runs a clinic that helps brokerage customers with arbitration cases, says the single, large, risky investment described in Charles' case "is on its face almost unsuitable for anyone."
"As natural as the reaction may be to say, 'How could this investor have done this,' nonetheless it's the obligation of the broker not to make the recommendation."
Jacobson, too, asks whether extra incentives might have been prompted the WaMu broker to suggest such a dubious investment in WaMu stock. That's an issue Nunez says he will pursue as his client's case makes its way through arbitration, which could take a year or more.
Comments? Send them to Rami Grunbaum: rgrunbaum@seattletimes.com or 206-464-8541
Copyright © 2008 The Seattle Times Company