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Have anyone experience with Wire Transfer before. I just wire transfer from my bank to TDameritrade this morning at 8am and it been debited in my account. Call TDameritrade and verify to see if they have received the fund. The reps told me yes and it should be in the account within the hours. That was at 9am this morning. Should I called back? At this price I just can;t wait any longer. Got some P but Q is looking real good right now. Thanks
Not at all, just speaking the fact that when the time come.
I would recommended all of you to seek an accountant or some financial counselor when the time come. Also dont forget to donate to charity for what justice have done for you.
Is it over yet? EOM
What with the 0 share going thru on "Last Sale" in Ameritrade. I never seen that before except for the Ps.
With the common trading at over 18 millions in less then an hour should be an indication of something is up and that is that 50% chance. The P's might be just really hard to obtain that is why we have that low volume.
It's all come down to 50/50 chance really! If you sold and hope for the delay then you are 50% right and you can say "I told you guy". But if we are 50% right that the Judge will handle over the 4B then you are F. GLTA!
There isn't an good board to turn to now. Everywhere i go to it is filll with crap and not any good post to read. The yahoo board especially with all of the EC stuff. Let get back to basic people and put people you dont want to see on ignore. GLTA!
I see a lot of people loose so many hope for this. Whatever happen to seeing justice and all. Come on people just give it a chance to let the law work it out first. If you have sold then walk away and invest in something else and leave us be. Please and thank you.
Thanks for the update Wamook!
Don't know if this is a repost but I found it on Twitter.
U.S. May Strip SEC of Powers in Regulatory Overhaul
May 20 (Bloomberg) -- The Obama administration may call for stripping the Securities and Exchange Commission of some of its powers under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said.
The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies, the people said. On the table: giving oversight of mutual funds to a bank regulator or a new agency to police consumer-finance products, two people said.
The 75-year-old SEC, chartered to oversee Wall Street and safeguard investors, has seen its reputation tarnished as some lawmakers blamed it for missing the incipient financial crisis and failing to detect Bernard Madoff’s $65 billion Ponzi scheme. Any move to rein in the agency is likely to provoke a battle in Congress, which would need to approve the changes, and draw the ire of union pension funds and other advocates for shareholders.
“It would be a terrible mistake,” said Stanley Sporkin, a former federal judge and SEC enforcement chief. “Whatever the SEC has done or didn’t do, it is still the premier investor protection agency around.”
Schapiro Determination
SEC Chairman Mary Schapiro’s agency has been mostly absent from negotiations within the administration on the regulatory overhaul, and she has expressed frustration about not being consulted, according to people who have spoken with her. She has pledged to fight any attempt to diminish the SEC, they said.
Treasury Secretary Timothy Geithner was set to discuss proposals to change financial regulations at a dinner last night with National Economic Council Director Lawrence Summers, former Fed Chairman Paul Volcker, ex-SEC Chairman Arthur Levitt and Elizabeth Warren, the Harvard University law professor who heads the congressional watchdog group for the $700 billion Troubled Asset Relief Program.
Levitt, in an interview today with Bloomberg Television, said it’s unlikely the SEC will ultimately be stripped of its responsibilities.
“I don’t think it’s a great idea nor do I necessarily think it’s going to happen,” Levitt said. The SEC “is a pretty powerful unit and to substitute that for a new bureaucracy is a mistake. I don’t think policy makers are likely to go down that path.”
More Resources
Levitt added that the SEC needs stronger resources to make up for “nearly 15 years of deregulatory efforts.”
Geithner and Summers are leading the administration’s effort to redraw the lines of authority for policing the financial system.
“We’re going to have to bring about a lot of changes to the basic framework of oversight, so there’s better enforcement,” Geithner said May 18 at the National Press Club in Washington. “That’s going to require simplifying, consolidating this enormously complicated, segmented structure.”
Geithner said today in testimony to a Senate Banking Committee hearing in Washington that financial “rules of the road” are needed to ensure against “manipulation, deception and abuse.”
Treasury spokesman Andrew Williams said that “no decisions have been made” yet on the final proposals to change regulations. The administration “is seeking views as it puts together its framework,” he also said in an e-mail.
Schapiro’s Changes
Since taking over at the SEC in January, Schapiro has tried to restore investor confidence by speeding fraud investigations and hiring Robert Khuzami, a former federal prosecutor and Deutsche Bank AG attorney, to lead the enforcement unit.
She’s also hired an outside consultant to examine how the agency handles tips after a former money manager said he tried to convince the SEC for nine years that Madoff was a fraud. In an effort to safeguard client holdings, the agency last week proposed new rules that would subject most investment advisers to surprise examinations.
The SEC declined to comment.
President Barack Obama has said he wants to sign legislation on regulatory changes by year-end. House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, is planning hearings with the aim of drafting a bill by the end of June.
SEC Makeup
The SEC’s job is to regulate stock markets, police securities sales and make sure public companies make adequate disclosures to investors about their finances. The commission has five members, with the chairman and two commissioners typically from the president’s political party and the other two from the party not in the White House.
Schapiro was appointed by Obama to replace Christopher Cox, who was named by President George W. Bush.
Under Cox, the SEC ceded some of its authority to the Fed after the central bank responded to Bear Stearns Cos.’ near collapse last year by inserting its own examiners into Wall Street securities firms.
Former Treasury Secretary Henry Paulson, Geithner’s predecessor, urged Congress in a March 2008 “blueprint” for overhauling financial rules to give the Fed broader powers to oversee risk in the system.
Opponents of giving the Fed more authority, such as former SEC chief Levitt, have said the central bank’s focus on keeping the financial system solvent may trump efforts to punish companies for violating securities laws. Levitt is a board member of Bloomberg LP, the parent company of Bloomberg News.
Insider Trading
The SEC’s reputation took a hit last week when U.S. Senator Charles Grassley, an Iowa Republican, released a report saying two of its enforcement attorneys face an insider-trading investigation by the Federal Bureau of Investigation.
The report, written by the SEC inspector general’s office, faulted the SEC for inadequately monitoring trades by the employees and said one of them sold shares in companies after co-workers opened probes into the firms. Both employees, who are enforcement attorneys in the SEC division that investigates securities fraud, denied any wrongdoing.
While the agency has been battered recently, it still has powerful supporters, including a number of Democrats on the Senate Banking Committee who aren’t likely to support having an agency they oversee cut back.
In addition, public pension funds that hold $872 billion of assets urged lawmakers this month to protect the SEC’s turf in any legislation overhauling financial regulation.
The California Public Employees’ Retirement System, the New York retirement fund and 12 other pension funds wrote letters to Frank and Senate Banking Committee Chairman Christopher Dodd, arguing that the SEC “must maintain robust regulatory and enforcement authority” over securities trading, brokers, money managers, corporate disclosures and accounting rules.
To contact the reporters on this story: Robert Schmidt in Washington at rschmidt5@bloomberg.net; Jesse Westbrook in Washington at jwestbrook1@bloomberg.net.
http://www.bloomberg.com/apps/news?pid=20601087&sid=amepJWiwJJNM&refer=home
Here is another link to the story from International Business Times.
http://www.ibtimes.com/articles/20090520/wamu-asks-bankruptcy-court-to-rule-on-dispute-with-jpmorgan.htm
WOW wish i have 3000 shares of P. Only have 417 since November when it was under $2.
Good morning all,
Did some of you see that JPM is on the spotlight again.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRVxedq2.x4U&refer=home
May 8 (Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. bank by market value, says it may be charged with violating federal securities laws for selling fixed-income financing that helped push Alabama’s most populous county to the brink of bankruptcy.
The potential sanctions by the U.S. Securities and Exchange Commission, disclosed yesterday in two sentences of a 162-page quarterly regulatory filing, relate to a series of bond and interest-rate swap sales in 2002 and 2003 for sewers in Jefferson County, which covers about 1,125 square miles including Birmingham, the state capital with more than 240,000 residents.
Since credit markets seized up in 2007, Jefferson County’s annual sewer debt payment more than doubled. At least seven former JPMorgan bankers are under scrutiny in a Justice Department criminal antitrust investigation of the sale of unregulated derivatives to local governments across the U.S., federal regulatory records show.
The SEC investigation of New York-based JPMorgan is the first by the commission to directly challenge the ways in which securities firms sell derivatives to state and local governments. Derivatives are contracts whose values are tied to assets, including stocks, bonds, commodities and currencies, or events such as changes in interest rates or the weather.
“The bigger the amount of money, the more temptation there is for corruption,” said Christopher “Kit” Taylor, who was executive director of the Alexandria, Virginia-based Municipal Securities Rulemaking Board, the national regulator of the municipal bond market, from 1978 to 2007.
Group Disbanded
JPMorgan disbanded the unit selling debt derivatives to municipalities in September because it said in an internal memo obtained by Bloomberg News that “the returns no longer justify the level of resources we have allocated to it.”
Brian Marchiony, a JPMorgan spokesman, declined to comment. The company said in yesterday’s filing that it is “engaged in discussions” with the SEC to reach a resolution before the agency files a civil complaint.
SEC spokesman John Heine declined to comment and Jefferson County Commissioner Jim Carns said he was unaware of any SEC moves against JPMorgan.
Between 2002 and 2003, Jefferson County, led by current Birmingham Mayor Larry Langford, paid JPMorgan and a group of banks $120.2 million in fees for derivatives that were supposed to protect it from the risk of rising interest rates, according to a series of stories published by Bloomberg News in 2005. When interest rates unexpectedly fell, the county was unable to make sudden payments on its debt.
The public financings have pushed the county toward insolvency and more than tripled Jefferson County residents’ sewer bills.
Financing Fees
The financing fees Jefferson County paid were about $100 million more than they should have been based on prevailing rates, according to estimates last year by James White, an adviser the county hired in 2007 after the SEC said it was investigating the deals.
Langford, the 61-year-old mayor of Birmingham who was president of the commission that approved the sewer financings, was charged in December with bribery, fraud, money laundering and filing false tax returns. His trial may begin as early as this summer, according to court documents.
JPMorgan’s role in selling interest-rate derivatives to cities and towns has led to a nationwide federal investigation. Prosecutors are trying to determine whether it conspired with financial advisers to overcharge customers. The probe is focusing on municipal financings gone awry from Alabama to Pennsylvania.
Replaced Debt
Between 2002 and 2003, Jefferson County, relying on JPMorgan’s advice, refinanced $3 billion of sewer bonds with floating-rate debt and interest-rate swaps, public records show.
The bank told county commissioners the deals would cut the locality’s borrowing costs. In a swap, parties agree to exchange interest payments based on an underlying bond. The two sides pay each other amounts based on different rates, which may vary based on a financial index.
Insurers guaranteeing Jefferson County’s bonds lost their top credit ratings last year after suffering subprime mortgage related losses. As a result, the yields on the bonds surged more than three-fold in one month to 10 percent.
The swaps compounded the increased borrowing costs because, under the agreements, the variable rates paid by the banks to the county declined.
Sewer Payments
Since then, Jefferson County’s annual sewer debt payment rose to $460 million, more than twice the $190 million it collects in revenue. The county couldn’t refinance the bonds without paying hundreds of millions of dollars in fees to get out of the swaps, and it didn’t have the money to do that.
JPMorgan is now in negotiations to prevent Jefferson County from filing the biggest municipal bankruptcy since Orange County, California, defaulted in 1994.
In Butler, Pennsylvania, JPMorgan convinced a cash-strapped school district in 2003 to sell it an option on an interest-rate swap, a so-called swaption, for $730,000. The district later said it had been duped by the bank. Last year it repaid JPMorgan seven times what it had received to get out of the deal.
Erie, Pennsylvania’s school district sold a similar contract to the bank in 2003. Three years after JPMorgan paid the Erie schools $750,000, interest rates went the wrong way and the district paid the bank $2.9 million to cancel the contract.
Jefferson County now owes JPMorgan more than $600 million for swaps and the bank has so far not forced the county to pay up.
Federal Indictment
The federal indictment of Langford alleged that JPMorgan paid an Alabama banker and former chairman of Alabama’s Democratic Party to get involved in the sewer financing deals. JPMorgan gave William Blount, a long-time friend of Langford, almost $3 million to arrange the swaps associated with the county’s sewer refinancing, the indictment said.
Bear Stearns Cos., acquired by JPMorgan in March 2008, paid Blount $2.4 million and Goldman Sachs Group Inc. paid him $300,000 after Langford told JPMorgan to include Goldman Sachs as a condition of a $1.1 billion swap agreement in 2003, the indictment said. The banks weren’t charged.
Blount helped Langford get a $50,000 loan and paid for jewelry, a Rolex watch and expensive clothing from Ermenegildo Zegna SpA and Salvatore Ferragamo SpA, the indictment said.
Langford, Blount and Blount’s associate Albert LaPierre, who was allegedly paid $219,500 by Blount for his help, have all pleaded not guilty. In response to a parallel civil complaint filed by the SEC, the men have argued that the agency doesn’t have jurisdiction over swaps.
Given the scope of the case so far, it’s not surprising that the SEC would consider charges against JPMorgan, said White, the financial adviser.
“If you know all that, and you’ve read the indictment, then you wouldn’t be surprised,” White said yesterday.
To contact the reporter on this story: William Selway in San Francisco at wselway@bloomberg.net; Martin Z. Braun in New York at mbraun6@bloomberg.net.
Last Updated: May 8, 2009 05:58 EDT
Just got in with with a few shares just love to see where this is heading?
Soon or later the public will be informed about the deal the government made with JPM. But will that created massive chaos in our financial world or the government will keep this matter under the table? Any comment?
What i meant is when the settlement come! How will the public react to that?
That's not a very bad close @32.99. I m happy with that!
Yeah that's the one :)
I know and I'm happy with that. I know it's the end that really matter, but i just though with all of the hype over the weekend i was hoping to have some big gun jump on this. I dont have many shares and i will hold mind till the end. Just like to see more green sooner then later.
I'm a little disappointed the PPS didn’t rise as most of us anticipated for the motion. But we have to see what the Closing price is at.
Thanks Doc, let's hope we close even today. Wish i could of added more when it was 22 instead of this morning. Oh well, still cheap.
Doc, i wish i did but i put everything into this baby a long time ago.
Did i see this right so the bill got pass or what?
http://finance.yahoo.com/news/House-passes-credit-card-bill-apf-15090373.html?sec=topStories&pos=4&asset=&ccode=
Man what is going on today while i m gone. I see a little pullback to 22 but we back're up now.
Slow time, a chance to get some work done. See y'all at 3:30 with my magic ball.
Yeah that $40 sound nice. Hope people would just realized that 30 is still cheap.
Good morning all, let keep the green going with my small position.
I can drink to that. Let do this again tomorrow and i am never tired of having green in my chart. :)
Traderdon, we closed at $30 and that is still good.
In about 7 minutes, we'll start the firework!
Yeah, found it, let me shake it and let me see here. It said that it going to $30.99.
Now, where did i put that "Magic 8 Ball" at, used it yesterday but can;t seem to find it now. LOL
Can't wait till 2:30 Central time again!
Let the P lead the way now, now show me $33.50
Thanks Dan, even though i can;t see i am sure other are very thankful.
Dan,
How come i can;t see your L2 screen shot. Just every now and then i can view one.
Come on $32
Good morning to all, let see some movement to $30.
I have been trying to tell my family and friend about this stock for sometime now and they all didnt believe me that someday this will be trading as high as it is now. I got in around $2-$2.20 and i told them give that the potential of this stock it is massive. It is also about believe in our system of justice that wrong will be made right base on the fact that we have been seeing. This board is always exciting but i need to get some rest here and cant wait till tomorrow morning. Hopefully another day where i keep looking at my screen instead of working.
Good night all.
Let keep our board on the 15 active forum, so let's guess the opening price for tomorrow.
Open: $28
Close: $32