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SETTLEMENT!!!!!!!
Most of the trades about 93% the last hour have been buys. The MM will try and hold it down but looks like there is some pressure to push this higher today.
Shorts are starting to cover.
The MM need to stop the manipulation and let this stock run.
Have to give you credit for that call so far. your chart was correct
She should go to Jail.
Will just wait for the 10Q on or before May 17th.
The larger than normal blocks from MM UBSS on the bid/ask is very interesting.
A lawyer with his briefcase can steal more than a hundred men with guns. "Tom Hagen - From the Godfather"
Thought this is appropriate at this point now.
Will be happy when this is above 2 cents
I agree
3.5 Million buy at .007
Maybe a short cover?
Let it fly MM
With the buy/sell volume pretty much even at about 7 million each...I think this is a good sign for an upward swing. In the past this mix in volume would be a down +20% day, but we are flat.
looks like the MM are playing this one for a run. Time to cover shorts.
The ask is getting hit good today.
88% of the volume today has been BUYS!!!!
Looks like we had a net income of
$35 Million for 2010
-vs-
a loss of $67.3 million in 2009.
83% buys vs sell today. to bad not much volume to move this faster.
only a matter of time I hope.
Settle with EC now before it gets worse.
This is IMHO what we would be happy with for a settlement:
North of $850 / share for P's
between $22-25 / share for K's
$4.18 + for commons
That would be around $10.6 Billion to settle with the EC.
Now if they want to offer a share swap with the new company and or JPMC that can increase values.
All in my opinion
Just as I wrote my last post MM ARCA leaves the ask.
MM ARCA is the one that will hold this back. Was not on the ask most of the day and now is here to hold it from running.
I agree!!! Write a complaint on the FDIC website. maybe we can flood them with complaints?
I dont disagree with you. pay out preferred 100%. I own plenty of those shares also. Just making the point that now would be a great time to settle. I arrived at the $4.18 number by a few different assumptions.
I think there has to be an expectable resolution to move on for JPM and the FDIC. Would love to see more in the $9.00 + range but when we are coming to a resolution to settle my assumption of $4.18 is going to make all parties an amount that they can live with.
If anyone from JPM/FDIC is reading this....do this deal now. If not, this will drag out for a long time and you will lose. you might win the court battles in the near term, but time will catch up with you. It always does. Ask madoff and standford. Do the right thing now when the world is pre-occupied by other world changing global events.
Now would be a smart time for the FDIC/JPM/WMI/greedy A-holes to settle with shareholders.
The majority of the world is focused on Japan and nuclear disaster.
Settle for $4.18 /share for common, 50%-70% value for preferred and it would not even make front page news.
As much as we deserve more than that price at this point it would be accepted by the EC and shareholders.
DO IT NOW JPM !!!!!!!!!!!!!
Time for the shorts to cover.
Same on americanbulls.com
http://www.americanbulls.com/StockPage.asp?CompanyTicker=WAMUQ&MarketTicker=OTC&TYP=S
This is getting ready for a run on level 2. imo
Might be something that leaked? or more likely just the MM playing around again.
I don't think we will hear anything from either side until after JPM reports earnings on Friday. IMO
When the crook JD spoke yesterday about giving out $4 billion in dividends it made me sick. I think the greed is going to catch up with him very soon. Would love nothing more than have silver go up and for him to get screwed with the huge short position they have.
Now we have 5 billion more. Hope to see .20 open and maybe close to a dollar by end of the week.
Will open around .20 on Monday. IMO
Hope we get our Christmas Miracle soon.
I think we are going to get discovery now?
There is no justice any longer.
a share is a share. does not matter when you bought it.
IMHO - This is my take on what can happen.
Getting screwed by JPM = current price to $.20
Slap in the face = $.20 - $.70 / share
Pocket change for JPM = $.70 - $1.00 / share
Amount the JPM will pay it current shareholders in a dividend that should belong to WAMU = $1.00 - $2.00 / share
Somewhat happy = $2 - $3 / share
Happy = $3 - $5 / Share
Fairly excited = $5 - $8 / share
Excited = $8 -$12 / share
If we used real numbers based on A>L = $12 - $18 / share
MM playing games
I can't wait for one of those MM to get raided by the FBI.
WSJ article - Wells Fargo’s Secret Offer to Buy WaMu
Has the actual email from Shelia to Jamie Dimon on the WSJ website.
http://blogs.wsj.com/deals/2010/12/02/wells-fargos-secret-offer-to-buy-wamu/?mod=yahoo_hs
* December 2, 2010, 5:33 PM ET
Wells Fargo’s Secret Offer to Buy WaMu
Deal Journal HOME PAGE »
By Dan Fitzpatrick
The day before regulators seized the banking operations of Washington Mutual and sold it to J.P. Morgan Chase in 2008, Wells Fargo & Co. made an 11th-hour pitch to buy the Seattle institution if it went down.
In a Sept. 24, 2008, letter to Federal Deposit Insurance Corporation Chairman Sheila Bair, Wells Fargo Chairman Richard Kovacevich proposed that Wells could assume all deposits at the “best premium we could offer” and perhaps acquire $50 billion to $100 billion in assets if the FDIC would allow for a 60-day review period.
Bloomberg News
Newly released documents for the first time show Wells Fargo tried to buy Washington Mutual in the final hours before the government sold WaMu in a fire sale.
The message is the first evidence that an institution other than J.P. Morgan and Citigroup wanted to purchase a failing Washington Mutual. The letter is among a trove of documents recently made public by a court-appointed examiner in Washington Mutual’s bankruptcy case.
(Click HERE to read Kovacevich’s email to Sheila Bair.)
The FDIC looked at the proposal but didn’t pursue it, according to a person familiar with the matter. Wells Fargo declined to comment about its late pitch for a piece of the nation’s largest-ever bank failure.
The structure proposed by Wells Fargo had not been offered or discussed with other banks and it was too late in the process to offer a similar opportunity to additional bidders, according to the person familiar with the matter. Bids were due the evening of Sept. 24, 2008.
Bair notified J.P. Morgan CEO James Dimon via email at 8:23 p.m. that he was the winner, according to another document unearthed by the examiner and recently made public.
“You are the high bid,” she wrote in the Sept. 24, 2008, message, according to the document. The subject line of the e-mail read “Congrats.”
Regulators did speed up the action, taking WaMu down on Thursday, Sept. 25. J.P. Morgan assumed all deposits and most assets for $1.88 billion, saving any costs to the FDIC’s insurance fund.
Wells Fargo’s failed purchase attempt certainly didn’t deter the bank from going after Charlotte, N.C.-based Wachovia a week later. Its purchase of Wachovia transformed the San Francisco company into the nation’s fourth-largest bank as measured by assets.
Kovacevich, who stepped down as Wells Fargo chairman at the end of 2009, said in his Sept. 24, 2008, letter to Bair that Wells Fargo was unable to submit a bid that met the FDIC’s parameters because there wasn’t enough time to conduct the proper due diligence and because of “the extreme uncertainty associated with potential losses to Washington Mutual’s loan portfolio.”
Instead, he proposed an alternative structure in a series of bullet points, arguing that his approach “could serve as a basis for a bid in the event Washington Mutual is placed in a receivership or conservatorship”:
* Wells, he wrote, would assume all deposits in exchange for “the best premium we could offer.”
* All other liabilities would be assumed by the FDIC, and Wells would get up to 60 days to decide which it wanted to assume.
* FDIC would hold all assets, and Wells Fargo would get 60 days to decide which to purchase. He said Wells Fargo would likely buy between $50 billion and $100 billion. Any assets not acquired by Wells Fargo would be retained by the FDIC, but Wells Fargo would agree to manage and dispose of the assets it didn’t want to hopefully “maximize recoveries for the FDIC.”
Kovacevich argued that a “a bid structured along these lines would both be in the best interests of Wells Fargo and its shareholders, and would allow the FDIC to dispose of Washington Mutual’s assets and effect a resolution measured in terms of expenditures (long and short term and direct and contingent) in the manner the least costly to the FDIC when compared with other alternatives.”
“If the FDIC is interested in discussing this proposal further, please contact me or John Stumpf,” the bank’s chief executive officer.
That never happened. The FDIC decided the Wells Fargo proposal could not be considered, even as a non-conforming bid.
Think I will buy some puts of JPM