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Bought 1Million at .0002 last week, today bought 1 Million at .0004, sold today 1 Million at .0008. Free equals one million shares, don't care what happens now boys go for it. I'm done made my money plus some keeping one million for long ride now. GLTA
Main point here is Net Income from 2008 and now 2009 had a negative $817,232 in 2008 now a positive $10,130 this is a gain in Net Income of $827,000 from one year to this. This is explosive even without new news. Numbers don't lie, people do. This is great news, and 2009 is not done yet.
The possibility could be they are walking down the price due to some pressure put on by their current shareholders here. Just a thought is all.
Regardless of any of these billions in dollars that WAMU can get out of all these areas no one here knows if our shares will be cancelled and new ones issued and we get wiped out. No one here knows that piece and won't until whatever is left of this company decides that fate, regardless of their gains in the future court battles.
Jax, Mad and Wall I appreciate your efforts as well to the equity holders in this case. I have, as we all have witnessed the equity holders losing out over at LEARQ recently. I'm here since .04 days and post once in awhile. Never seen such support by holders of a stock to this degree before. We are all in hopes that it serves a good end, here, here. GLTA.
Posted by: brikk Date: Sunday, November 08, 2009 12:42:07 AM
In reply to: dnoto who wrote msg# 4253 Post # of 4268
check this out... note the last line in bold. it's just one blogger's opinion, but i'm encouraged:
http://taxprof.typepad.com/taxprof_blog/2009/01/obama-proposes-extending-nol-carryback-from-2-years-to-5-years.html
January 6, 2009
Obama Proposes Extending NOL Carryback From 2 Years to 5 Years
Wall Street Journal: Write-Offs a Boon to Builders, Bankers, by Jesse Drucker:
The main business tax cuts proposed by President-elect Barack Obama are likely to be a windfall for two industries particularly tied to the current economic meltdown: Wall Street investment banks and home builders.
Under the proposal being crafted by the incoming Obama administration and congressional Democrats, companies would be able to use their so-called tax losses to offset taxable U.S. profits earned in the past five years.
Typically, companies can carry back such losses only two years. The Obama proposals likely would mean that companies with enormous losses from last year and this year could use the losses to help wipe out tax obligations from the previous five years and receive sizable tax-refund checks from the Treasury Department. For some firms, that would mean cash payments of billions of dollars.
That tax cut would be particularly helpful to industries that were flying high for the past several years, but now aren't expected to report much profit for the foreseeable future -- such as Wall Street firms, home builders and construction companies. ...
"I think it's ridiculous," said Dean Baker, an economist and co-director of the Center for Economic and Policy Research. "It's rewarding the people who messed up."
* Associated Press
* Bloomberg
* TaxVox
January 6, 2009 in News | Permalink
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Comments
To say it is ridiculous is shortsided. The current system allows these troubled industries to carry forward their losses. This would reduce their tax obligation in the future. Why not give it to them now when they need it so they can survive better and thus keep jobs in place. Fast forward 10 years. Long term would have not net effect on the the tax revenue for the government. These companies will have to pay taxes in the future (assuming they make profits in the next 10 years) in exchange for recieving a refund for their losses on the proposed 5-year carryback. The government does not loss out (long-term...other than inherent interest that could be argued) and the companies hopefully will keep their employees.
Posted by: nate | Jan 12, 2009 10:40:38 PM
Dean Baker, You are an Idiot! I agree. Why not give it to them now, and especially to the people that are feaking working and not sitting on their Ass like some of these other tax plans. Wake up and smell the coffee Dean! I am a developper and builder and i didnt "Screw Up" that is crazy and i think you are a fool for making such a ridiculous comment. you must be a a "State Worker" or in a cubical all day on facebook!
Posted by: I am an idiot Dean Baker | Jan 22, 2009 10:53:58 PM
Dean Baker, I would not go as far as to call you and idiot, like the previous posted blogger, as that would be rude. He does have a point. I too, was a builder caught up in this mortgage meltdown. I was forced to go with a private money lender when Countrywide Construction Lending was running into trouble back 2006. I had to witness my project drop 70 - 80% in value during 2007-08. It has completey destroyed my life.
The proposed five year carryback would be the most effective way for someone like me to be able to move forward. It would help use wipe out loses that just are not of the norm. It would aid us in moving forward.
I highly doubt that most builders and developers even have the means to continue in the same field. As for me, I am returning to college to finish up in optical engineering, as my education and experience in construction and related engineering as now seemingly worthless.
The five year carryback, also, may aid the bankrupcy courts in dealing with taxation issues, too.
I hope this helps WAMU make millions back in taxes has anyone seen this yet here? GLTA, here.
http://www.glgroup.com/News/Obama-Expected-to-Sign-Generous-NOL-Carryback-Bill-on-Friday-44635.html
And I think both Judge's know this fact as well and are giving JPM time to come clean but it's not happening and they are not acting as real humans would as they are the elitist rich whom answer to no one even a Judge. So I say JPM be damned then the Judge's have given you enough rope to come clean but you resist still and it will be your total undoing here. Perhaps you would be best to settle properly with WMI and move on that way the public would not continue to HATE you and your ilk. Fat chance.
Like I said WAMU from Washington State, not an insider in the beltway or wall street, so an outside is not allowed to show up the big boys we'll show them by taking control of them by making it appear that they are failing. We'll save the country and that way no one will mind what we've done here.
You can see the discrimination written all over this tragedy of errors. The illuminati did not like it so they ended it.
I still cannot fathom the FDIC side of the argument, their claim is that WAMU was failing and they could not allow it to fail, yet they assumed and took over monies and accounts that they did not know what they in fact took over or owned and handed that unknown over to JPM. So if their argument is they were saving WAMU from creating a financial collapse then how could they not know what they took over in value??? You cannot have this both ways. And why would they be fighting over money when they claimed WAMU had none? I am at a loss as to their whole argument and stance on this totally. Sorry all.
Good Luck pal I am sure you are not alone in this country these days. Perhaps we should all quit out jobs and take advantage of our own tax money being given out to those whom put nothing into the system. It used to be an old joke 25 years ago that folks could come to America and right after they filed through immigration they headed down to the unemployment office and signed up for benefits. Not too funny now.
Call Obama I understand he is still handing out free money. Good Luck, I don't have his number though. LONG IFSL. No one and I mean no one should be in the market especially these risky investments with their rent money. Sorry you are out. Get some of that socialism that's out there nows the time to get your free stuff.
I am sorry but I just did not think it took this long for JPM to have transferred their payoff $$ to the Judge in that Swiss bank account they set up for her. Sorry it's taken so long but she wanted to assure the money was there about $2 Billion of the $4 they would have given to WAMU. They saved $2 billion.
Yeah sorry vv, been here a long time and hurts to see something with nothing climb faster than our little idta is all. take care.
They also reduced their overall liabilities from $1,609,728 in 2008 down to $1,201,244 lowered their overhead by $400K who does that these days. Gross Profit in 2008 was $600K this year so far it's $2,850,601. Not too shabby I'd say outstanding.
Total fully reporting income 2008 was -($75,355) and this year 2009 so far it is $725,462.00. Another outstanding number. Its all good news to me this should take off with these numbers.
Perhaps the Judge had to sign off on these claims prior to the deal being offered, which she knew would happen? Just assuming again here, but makes sense to me to eliminate the other trashy items before and it's a clean offer then.
What I find interesting about stocks these days is when great news happens they go up 1.5 cents to 2 cents but when bad news happens this drops like a rock. I have a very hard time understanding how the average investor can ever win the battle of the huge manipulation that goes on in the markets daily by those whom have nothing else to do but cause others harm. JMHO.
The entire country's belief system is being dealt daily blows for us citizens. So being here and investing in WAMU really stands for correcting injustices in our everyday lives and is something that we truly feel was an invalid reason to take over WAMU Bank and rape it's shareholders and clients this way. We believe in the U.S. Justice system and that the presiding Judge in this case will common sensically rule in the favor of WAMU/WMI so that our belief in this system is validated in today's world. I think that a ruling any other way will really put a nail into the coffin of those of us left believing our system of justice really does work these days. I think any other judgement against WAMU will destroy what's left of the folks on this boards belief system of this process and leave us mindless of the rest of our days. We have become a society it would seem where the rich rule most and the richer rule everyone that is considered rich no matter if it's the justice system or something more minor in nature. I hope you all find peace in your investment here but to me the bigger issue is not making a small amount of cash that you cannot take with you but the fact that our justice system must work for all no matter what. Thank you all for your input on this board as I have found your intelligence most astounding. Take care.
I will.
Right off their latest filing in August I don't think J&J needs a company that produces absolutely nothing. By the way elsewhere in this same document they spent $0 dollars on advertising, the below tells you why that is.
Currently the Company no longer produces any products. Earned sales are derived from finished goods inventory on hand and the reversal of reserves recorded in 2007 for chargebacks, rebates and product returns as the criteria for meeting the recognition of this revenue has occurred in 2008.
I think his statement is setting up the fact that they do not want a bankrupcy Judge to ever overule them again. Means perhaps he knows they lost this battle with WMI and it will be an example of what they do not want to happen again. I think it is a sign that WMI has prevailed here in BK court. JMHO, of course.
And you've seen the record that these good guys have paid this back, not just news headlines that they did so.
I do find it interesting that the FDIC is not on trial here but stand in JPM's corner so the discrimination against WAMU continues to this very day, what is that all about. It's about this is a bank that would be in the way of their buddies JPM and GS so they had to let if fail and buy it before they paid to keep their buds alive. WAMU was a threat to all of them, not from Seattle you don't, NYC is the place you gotta be so we loaded up the Mercedes and headed to the Statue of Liberty.
Now you all did notice that GS and JPM were not listed as owners that have to take the 90% cut in pay, all other takers though were on the news as losing their salaries but not these good ole boys, no sirree.
Absolutely correct, that would put the FDIC in a position of taking over a bank that was not in failure. JPM argued today that WAMU was a failed bank, I beg to differ totally due to the fact that after this went down the Gov't bailed out all their other banking buddies with major cash, they just don't like WAMU for some reason.
To All Longs here I for one am sticking this out for better or worse, as most of you are as well. I appreciate all your positive comments about this situation and do not post that much here but it is all appreciated especially today. For me in this case it's not about the money but the principal that someone can claim they own something they do not rightfully own but took it anyway and now lay's claim to it. In their own argument JPM did not know if it the $4B even exists yet they do not want to give it back, interesting, seems to be a known to me if it's worth the argument and the FDIC as well.
Great Post Mordicai and reminder. FDIC is incorrect to have made those comments in today's court, they are not only wrong but DEAD WRONG.
WTF, JPM about to hand out over $24billion in bonus monies and this $4b will hurt them, give me a freaking break pal.
JPM's argument just really proves to me they did not really know what they purchased via the FDIC. Fools rushed in and thought WAMU would just roll over. So you see they want discovery now and the all the records now but they really should have done their homework when they decided to buy a pig in a poke. So they are the ones at fault along with the FDIC, now they want to cry over spilt milk, and cannot grasp that they are the ones not performing due dilligence on what they bought. Too late now, if the Judge cannot see that even if WAMU recordkeeping was not up to JPM standards makes no difference in that JPM smartie pants did not know what they in fact purchased, they are just a culpable and should return money they received that is questionable at best.
Beacon, Thank you for bringing back to earth from my frustration overall. Just a bad week for me so far, you know what I mean I am sure.
Too Funny, all this time we have been waiting for news of this settlement and we finally get it and BOOM down we go. Too Funny to even comment. Been here forever and a day. Be the same next year, no upside here, gone.
Sounds to me like payoff money from the Fed to JPM for the FDIC screw up of the takeover without due diligence. I would say JPM now is fully funded to pay for the FDIC error of their ways without the FDIC being ridicled in public. It's almost that obvious to me. Good news perhaps for JPM to settle with our WAMU. GLTA
Still Declining in value I see. Good Luck to all longs here including myself we need it. Again nothing to see here shows over, or is it?
I bought in at .04 cents 10K shares sold 2K and doubled my money, now riding free 8K shares, small position here should have loaded the boat but hey I'll take it.
Sounds real crazy to me but with all the good news we continue to go down. How do we make money going down? Hmmm must be a new technique NEOM knows but is not sharing with its true investors. Maybe we should ask them.
Aren't we heading in the wrong direction here folks, with all of our patents in our pockets and great deals with other companies and court decisions we will be winning. This should be rocketing on up there to the stratosphere. Oh well just another penny stock I guess all BS and no substance as usual poorer that the poor slobs that invested in this loser.
So much for patents, hey NEOM.
This stock reminds me of the space program always delaying their launches. Oh well nothing but time on our side for this to takeoff once they are not in court doing battle over proprietary wares.
From Yahoo Board: Rotella.
Part 2: Continued
Rotella appears to be the front runner on a shortlist of people that may fit the 'mole' scenario put forth in the Texas Action Suit.
See link below:
http://seattletimes.nwsource.com/html/bu...
“According to yet another longtime executive, Rotella became involved more than most top bank executives when the mortgage sales staff complained about applications that were declined. More than once, Rotella pressured credit officers to reverse their decisions, this executive said. "Steve Rotella created a culture of fear" WaMu had five chief credit officers during the less than 4 years Rotella was at the bank.
Which brings me to my next point....
"WMB had 5 chief credit officers during the less than 4 years Rotella was at the bank"
I've searched and searched for these 5 Chief Credit Officers (CCO) and the only one I could locate was: John McMurray
This find was of particular interest to me because it is a direct link to one of the 'Chief Credit Officers" that Rotella had pressured to reverse decisions on faulty loans...or so the story goes.
So John was a "Cheif Credit Officer" and then John was promoted to Chief Risk Officer. John replaced Ron Cathcart who resigned after having worked with WMB from 2004 until 4/2008. Ron's resignation motive was never stated and remains unclear. John who was a chief credit officer interacted with Rotella and played a large role in the 'toxic mortgages' that were at the 'root of WMB's unwinding', yet he was promoted.
1. WMB hires Rotella from JPM
2. Rotella hires Schneider
3. 5 Chief Credit Officers depart their position during Rotella's less than four year run (for unknown reasons)
4. One of the chief credit officers who stood, John, is promoted to that of Chief Risk Officer despite his 'poor' success as a credit officer and the dwindling status of WMB
5. John remains Chief Risk Officer for 3 and a half months then WMB is seized by OTS. As Chief Risk Officer and Chief Credit Officer some of his responsibilities included: "leading the company's overall strategy and working with the business to achieve appropriate balance between risk and expected return."
http://www.seattlepi.com/business/361135...
So another player who interacted with Rotella (and his interesting strategies/priorities) gets promoted, has the major responsibility of ensuring WMB manages their risks properly, WMB is said to have failed because of giving out 'risky loans'; inclusive of option arms. http://www.marketwatch.com/story/wamu-fa...
So the person that was suppose to manage risk; does not (if in fact WMB failed because of high risk lending) the bank fails. Then JPM keeps him; someone that had always played a part in containing/eliminating risk for WMB.
http://www.reuters.com/article/businessN...
"JP Morgan will be hiring several senior Washington Mutual executives ...John McMurray, chief enterprise risk officer; David Schneider, president, home loans"
Take the person who was hired by Rotella and keep him as head of retail banking with your team. Then take one of the people that directly interacted with Rotella about lending, the person that is responsible for assessing risk and keep him (though he clearly failed) and keep him in charge of assessing risk.
This indicates one of two things to me:
1. JPM doesn't believe that WMB failed because of risky loans and toxic mortgages and wanted to keep the skilled people (thinking it wouldn't come back to bite them)
2. JPM thinks/knows that they owe these people a bit of gratitude for the damage they did internally at WMB, allowing for the OTS/FDIC to provide JPM with WMB for a discounted rate.
Would not the good of the country be what they did for AIG, GM, Bank of America, JPM, Chrystler, why was that in the best interest of the country but not WAMU. I'll tell you why because they thought they could get away with it then, but found out it was the wrong thing to do. So their whole gameplan changed for these others because they realized what they did to WAMU was totally wrong way to go about it.