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Thank You. Exactly!
Good night all - been a long day ..... rs
Desp. Don’t know how to exactly respond to your post. The FED would indeed fail the audit! It is a given! They are arseholes! Now, as to sealing the results for ten years? Watergate and the Lewinsky incident were flushed out fairly quickly were they not?
There are no significant secrets in our government that can be kept secret unless one listens to George Norrie! Ghosts, Goblins, etc ....
In conclusion, I do love the fact that we own BOMBS that can cause mass devastation to any enemy! That is a part of why we rule ... rs
Interesting theory! If the FDIC does find itself on the hook for this, would not the administration (with our money) simply bail the FDIC out! After all, Presidents, Congressmen, and janitors at the DMV consider money a printable asset!
Money just happens – it is not a zero sum game in their world … rs
Nice find W3.
This passage I found the most interesting …
“There are several members of Congress skeptical about the notion of leaving the keys to the kingdom with the king who didn’t protect it, notably Ron Paul and Alan Grayson, leading the march to adopt HR1207, a bill to audit the Fed. Yet, the administration has backed the Fed for chief big-bank watchdog from the get-go.”
If the FDIC and SEC are left to audit themselves, we Americans will be in a continual world of hurt! Banks are stolen in broad daylight raids and blatant manipulation by MM’s are left ignored. … rs
I see – that’s an awful kick in the head isn’t it! Well … If you are looking to get back in at .19 or so like I believe you said, my feeling and the consensus of the board is those days are gone. We are currently sitting near .24 and with two important hearings coming up this month, the pps is expecting to only RISE from here.
GLTU … rs
Are you saying that you are a flipper and you were averaged in at .024, and you sold at .23 instead of .40?
Monica Lewinsky ?
Jerle does have a unique and accurate way of summarizing the facts to a T! Bravo! I thoroughly enjoy his concise and no BS posts.
May I also add that I think that we had a good week - not pps wise - but as a whole. I believe there is reason for increased optimism of a settlement coming sooner than later!
This week we have seen the following:
• News of Jamie Dimon eventually relinquishing his post! Ousted?
• The (for all intents and purposes) naming of Jes Staley as JD’s successor!
• The rumor of JPM splitting its evil empire into possibly 4 divisions!
Mix in 2 more court hearings this month, including one that could see a ruling on the $4.4 billion, and you have a delicious recipe that suggests settlement talks are getting closer and closer by the day between the 2 parties!
Sure the timing of the JD news and JPM shakeup could be a colossal coincidence but IMO, things sure look a hell of a lot better today than they did just a few short weeks ago … rs
Agreed. The damn administration should forget about health care and move on to wealth care! Protect the wealth of the American citizens by cracking down on weasels like Dimon and shoring up the FDIC and SEC.
OK. Well good luck. I hope I stand corrected ... rs
Sorry ….. but posting on Facebook is tantamount to posting on a middle school bathroom wall!
The response will most likely be – yes I hear ya regarding WAMUQ….., but I just cooked chili for dinner and did the laundry 30 minutes ago. How was your day?
Ashton Kucher (however the spelling) is probably heavily invested in AVON and the like! LOL!
It is indeed evident that our counsel is substantially more ethical than most! A rare gift in that practice! They are not leaking info.
As for JPM! They seem to be losing their luster, especially with the rumored re-org plan and the soon to be deposed Jamie Dimon! Even so, IMO, I do not think that they will fail as other posters have conjectured! As you put it “as JPM goes so goes the American economy and as the American economy goes, so goes the world economy ”.
As dastardly as JPM is, they will NOT be brought down publicly - which is good for us!
I personally am of the opinion that a nice quite settlement agreement will be proffered within the next few months or sooner. I did not think this even last week, but with the latest news of JPM looking a little vulnerable, they may be ready to sweep this under the rug and settle with a share swap.
GLTU and all …… rs
Diamond and all,
That article by Mike Stathis in “The Market Oracle” was certainly a breath of fresh air. It always feels good to see ones thoughts validated by some one else in print in a forum bigger than ones own. This guy sounds like he really knows his onions regarding the market and the overall economy and indubitably did his homework! Splendid effort!
Now …..… that said! How much clout does this man have in the mainstream media and will the lazy, clueless, dumb asses in the mainstream media give this article any attention or consideration? I do not want to rain on any ones parade, but will this be discerned as anything more than a glorified blog to everyone else on the planet but us?
Sorry for the pessimism, but the press (yes – even FOX), has refused to touch this baby for over a year now. I do not know of 1 person in congress that has had the balls to speak of this injustice either (and you can bet it is not out of ignorance of the matter – just bought silence)!
Once again, sorry for venting and I hope that I am dead ass wrong. After all - my wife says that I am wrong all of the time - LOL! ... rs
You just beat me to posting this. I just quickly read thru it. I do not know the author from a hole in the ground but he states what we have been saying for a loooooong time. Hopefully it will get picked up elsewehere and spread ... rs
You think thats bad - I just invested in beach front property last week in Pago Pago - LOL ... rs
Location: Carlsbad,NY
Age: 76
Interests/Hobbies: shuffle board, stocks, and fine brandies
Favorite Stocks: JP morgan,
Investment Philosophy: Make money and turn it into gold before the government makes the dollar valueless
Job/Title: Capitalist
Favorite Links:
Quote:
Alias Born On: Friday, July 10, 2009
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Nice try ... Skip that. Futlile try Mr Favorite stock JMP ... rs
Agree as well jhd. I forgot to address that option in my prior post. Cash Is KING
IMO however, I think that will be the last option proffered ... rs
True - but everyhing is in deep red today ... rs
I myself would prefer the later. WAMU was quite the beloved bank. It was an immense institution that did business in a Mom and Pop friendly and personal manner. IMO, if they went back into banking (after settlement) we could eventually see a pps at or around that of JPM’s current price.
If that is not in the cards however, I would take JPM stock in a 4 for 1 swap! I don’t believe that JPM is in as bad a shape as Lawrence just posted.
Thanks Jerle. I do feel sorry for the people that got in >.30 as they are obviously sweating it out. I have been there on some other plays and know how it feels.
I am relaxed and awaiting the next few weeks. GLTA ... rs
Gado. I actually agree with you. In all honesty, I was being a little facetious with my post as we know the MM's have been shaking this tree like a pack of monkeys fighting over the last banana!
Seeing that the market and financials specifically are tanking today, it seems that they chose this opportunity to take her down artificially for their benefit ... rs
Jerle. 1 1/2 hours in today and we are already approaching the avg vol of the last 3 days. Odd - seems this is the "FINAL", final shakedown.
The DOW is down. Financial sector is down. No correlation to our case or JD news ... rs
OK! Gotcha! I will sleep better tonight! I know that we are way ahead of ourselves settlement wise but his is something to think about if/when we all wake up one morning and see a $12.00 WAMUQ pps in our portfolios!
Take care Chuck and all WAMUQ’ers … rs
Thank you Chuck! I hope that your assessment is correct but with an initial massive sell-off with NO re-org plans, why would the pps hold its own?
Sorry if I sound like devils advocate but this is also part of the passion play … rs
Agreed! But with a cash settlement and NO re-org plan offered at settlement, the pps could drop immediately with a massive sell-off if there is no re-org plan proffered.
That was my point to a previous post! I think that a re-org plan will be announced concurrently with a settlement to NOT initiate an immediate sell-off! Our legal team and powers that be know this and most likely have this in their master plan!
Conjecture at best but all in all, it is first things first my friend! A decisive WAMUQ victory over the bastard JD and oompany! Then let the chips (pps) fall where they may …… rs
The “to hold or to sell” scenario AFTER a settlement will be just as speculative as our current situation. If settlement is a share swap, we would all own a piece of JD’s company and that may not sit well with many. If a cash settlement, it will be totally dependant on the re-org plan which not a one of us can even guess at this time. With a huge settlement, there is speculation that WAMU will return to banking. With WAMU’s great reputation as a people friendly bank, I myself would hold as the pps could further surge with that news.
If a cash settlement is announced but no re-org plans are issued at that time, I would suspect a massive sell-off would occur with the subsequent booking of flights to Tahiti, Barbados, Vegas, etc,! That is why I think a re-org model will be presented as part of a settlement announcement!
All just IMHO … rs
I think the point is that JPM stock IS holding its own today. Their shareholders certainly do not seem phased about the possible loss of old JD ... rs
Fish. One would think that the SEC has enough funding to put an $8.50 per hour employee in front of a L2 WAMU flat screen one day for 6 ½ hours and monitor the MM’s devious shenanigans!
I wonder how many complaints (and more importantly from whom) they have to receive to monitor a stocks manipulation!
Linda. This was answered some posts ago regarding the low volume but it is simply due to everyone being locked, loaded and holding. The day traders are gone and the waiting game is in play again … rs
Averaged in at .08 and holding until the end! Your assumption was not very accurate ... rs
PORK. It depends on what you mean by buy-out! If a share swap is instituted, I myself would grudgingly hold for a while (as I would now hold the evil JPM shares) and it would not ethically sit well with me. That said, if JPM shares do not tank within a few days of said swap, I would hold this position as with any other investment. We are in the market to make money after all.
If it is a cash settlement (highly unlikely but preferable) to WMI, the commons would/should skyrocket to $4.00/$8.00/$12.00 per share – pick a number depending how the A/L really lines up.
If after a settlement, we soon hear that WAMU does intend to go back into banking (once again highly unlikely but possible), I would hold my shares with an iron fist and welcome this glorious event!
Lest we not forget, WAMU was a different way of banking – a big player without the big player attitude!
Sorry for rambling and all just IMHO … rs
It is related to another case "Washington Mutual Inc v. Federal Deposit Insurance Corp, U.S. District Court for the District of Columbia, No. 09-00533".
It seems a good sign for WAMUQ that the FDIC is trolling for cash to settle the case!
This is from ZACKS. It is from an article regarding CITI but the following wording of one of the paragraphs caught my eye …
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“Citi has a global footprint with its branches located internationally. The company currently operates about 1,000 U.S. branches, significantly lower than the 5,000-plus run by Bank of America Corporation (BAC), Wells Fargo (WFC) and JP Morgan Chase & Co. (JPM), which expanded its network with the takeover of Washington Mutual last year.”
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Usually “takeover” is not mentioned! The words acquisition, bailout, etc., have been the more pedestrian terms used by the press.
Whole-heartedly Agree – although that is unlikely to happen as it makes too much sense!
And guess what - LEHMQ is moving a bit as well. Have we seen this before?
The timing of this JPM thing is just too curious! Sounds like some kind of convoluted cockamamie JPM ploy to throw a financial monkey wrench into this battle!
REAL. Can you give some specifics of the report?
It's been a while but I believe the consensus of speculation was for the 4 bil turnover ... rs