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I take it to mean that they want to see what the EC already has in their hands from other sources.
Nice way to treat your "clients". Based upon her position in the hearing about the relationship between WMI and the EC, THJMW will not look kindly on this development IMO
There may be some truth to that. However, if you look at the market and banking sector since the market started to turn down on 4/27, the DOW is down 10.6% and the S&P is off 11.1%. The Banking sector is down 15.3%, B of A is down 14.6%, Wells Fargo is off 17.2%, while JPM is down only 13.7%. My point is simply that despite all of the negative press lately, JPM remains the 2,000 lb. gorilla, and the movement of it's stock price tends to trend closer to the overall market. It doesn't appear to be affected much by whatever new evil is exposed or what happens in WaMu BK (as much as some on this board might like to think that's the case). That would change if we got paid close to the good professor's numbers, but I doubt we will. If we get Diamond's 2 X Plus, we'll be happy, and they'll spin it with limited impact on their pps. IMO
Totally agree!!!
Cheech - I'm not quite so happy when JPM is down. As much as we dislike them and the way they do business, when JPM is down, that generally means the whole market is down (never a great situation for my portfolio). Secondly, I'm still of the opinion that any settlement will included both cash and stock, so a big part of me hopes that JPM stock value remains high.
Lots of chatter about this on the Y Board. Look on page 3, section 4
http://www.kccllc.net/documents/0812229/0812229100513000000000024.pdf
I love this board, but sometimes I just shake my head. People, including myself, received a hard copy of a motion that was filed back in April. It was posted on the KCC site at the time. This is nothing new, and I am 100% certain that the EC and Susman have been compiling the response. Why is everyone running around like Chicken Little? The only comment that has made sense is perhaps contacting the EC to ensure that they are good to go with this. If so, sit back and let the pros do THEIR job.
The big news of the day has dominated the Y board, which is the request for a jury trial demanded by American National Insurance, et. al. against JPMC in the DC court. They look ready to expose everything in a public trial, and with their filing, IMO, they are doing us a huge favor.
I received today it as well. Not really a letter, but rather a copy of the notice of hearing for the Disclosure Statement. I'm sure this was posted on this board the day it was filed on April 14th (too lazy to go back and look). We all know that Susman and the EC have been working 24/7 to prepare our response to the Disclosure Statement, so it probably is not worth anyone getting their "panties in a bunch". The only thing a bit unusual was to receive a hard copy by mail from my broker.
I believe Sussman was there. He spoke first and introduced his associate, Justin Nelson to argue the motion. He did great by the way - IMO
There's also a second group called Save WaMu - And It's Sharholders (their misspelling, not mine)
I think this is just a simple (albeit stupid) mistake. The author is a Dentist and is long on WAMUQ (pre-seizure).
The market is tanking because S&P downgraded Greece's debt to junk and the dollar is up 0.8%. Has nothing to do with GS getting grilled.
Of course it's Friday. That way, if anything negative comes out about FDIC, OTS, and JPM, the news gets lost over the weekend. The WaMu grilling had to be on Tuesday, so the media could keep it alive in the news cycle for days if it felt it helped JPM and the Senate panel look good.
There is NO court hearing tomorrow!!
No way that is a quote from Greg Cross. A brilliant attorney would never put anything out with MULTIPLE spelling and grammatical errors such as those contained within that message. What's up Voodoo?? Link??
Share price matters only as far as how much more I can afford to buy. I weakened a bit on Friday and sold 50K, but bought back 30K, after it went back up over $0.13. Would like to pick up another 20K tomorrow and return to my original 250K share position.
Euros or $$
Good Grief - not the pre/post seizure argument again. A share is a share ...
My apologies - I remember seeing some reference to rule 9019 yesterday, but forgot what that would mean for us.
Any word on the agenda for the 18th?
I'm sorry, but a $42+ stock, which is down $0.43 in a market that is down almost 50 points is not the definition of "tanking" ...
I honestly think this strategy is ill advised. THJMW gets it. This settlement is a sham and a delay tactic - period. I believe and trust that the EC and Judge will do right by us in the end, and bombarding the court with form letters (and a poorly written one at that, imo) has no positive value and wastes the time of the people who work there.
If you want to write letters or emails, direct them to your Senator, House Representative, the UST, and any federal government investigative official. We are all angry and frustrated, but we shouldn't chance ticking off the one person who's action in approving the EC still has us in the game. imho
There is less than a week to go before THJMW issues the ruling on the 4B and SJ (there is no more time for JPM/FDIC). Are you seriously suggesting that the EC is just now entertaining first offers??? If we believe that a global settlement announcement is going to occur sometime between now and Friday, those discussions took place long ago, the EC is okay with the number (since they didn't object during Thursday's hearing). This week, IMHO, is simply to have the JPM/FDIC Boards sign off,and get all of their ducks in a row.
I could live with that scenario!
Great post Fish, but given all that you laid out, why would you let them off for $16? One would think that the EC and Quinn should be able to squeeze $24 min.
That was quick. Important that it's retroactive to the Jan. 11th, the date of EC formation.
Reading way too much into the question SlyOne. Yes, that individual was from the USDOJ, but you have to look at the "Representing" section That person was there on behalf of the Acting UST. Nothing more than that.
I would venture to guess that like most of the "worker bees" in the country, the majority of the former WAMU employees now at Chase are very unsophisticated in the ways of money management and do not have a private brokerage account. Every invested dollar is most likely in that 401K. Not only are they clueless as to what's happening, they probably wouldn't know what to do if even if they were aware of what was going down.
I believe it said that McIntosh worked at the White House until 1/20/09. That means he worked for President Bush, and I doubt the current administration would give a whit about the opinion of a Bush insider
Well stated!
I would probably agree with the 8-10 year statement for most Scotch. However, that 25 year-old Bowmore goes down like butter. Unfortunately, it runs about $250 a bottle, but some things are worth the price. I have a bottle set aside for when WAMU hits.
Great idea for a board. I too am an Islay guy - nothing beats a 25 year-old Bowmore. I am fortunate to travel to Scotland annually, and have found wonderful single malts all over. While Islay single malts are my favorite, Speyside scotches are a close second. a double-mature Craggenmore fits the bill nicely from that region. While I'm not a huge Highland fan, Edradour (if you can find it) is a nice little every day 10 year-old Highland.
Which means what relative to a potential settlement?
Just thinking out loud - if all of these investigations are starting up, what does that do to any incentive to settle this thing by JPM and FDIC quickly? I'd love to see these folks get the justice they deserve, but I'd sure like my $$$ soon - not years from now.
The Dow is down over 200 pts., and the entire financial sector is down big. I wouldn't get too excited about JPM being below 39. (I'm excited because I've been playing puts on JPM, WFC, WYNN, PCLN, and AMZN all morning. It's been a very good day!!)
The key to trading an option on JPM will be timing. Options expire on the third Saturday (for practical purposes, they expire at the close of trade on the third Friday) of the month for that month's options. For example, January options expired on 1/15/10. February options will expire on 2/20, March options expire on 3/20, etc. If you are considering "put options" on JPM, make sure there is enough time for the settlement or SJ to move the stock down prior to expiration. Of course, the more time value you buy, the more expensive the option. If the stock doesn't go down significantly, or goes up by the time the option expires, you are in deep kimchi. Option trading is not for the faint of heart nor the novice.