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Thanks!
And my scottrade lists the price as .12 - go figure. I'm at work and can't see level 2 - thanks for the update!
I just bought a moderate amount with a bid of .13 and they gave me a partial fill at .12 -
I wish I could stay home from work to watch and see how Levin treats Goldman during the hearings today. The news this morning is all about Wall Street gambling but, the only bank our government really went after was WAMU, not anywhere close to Wall Street - wonder why??? This is a question that will not be addressed.
I was watching Meet the Press and thought the same thing. They are going to justify the take down of WAMU by making this the blueprint for taking down any bank they choose to in the future. Our money will not be safe anywhere - I may need a thicker matress - for now, my local credit union will do. We'll see what happens.
The NY Times -impressive, I guess you need to read the party line in order to see what the other side thinks. Thanks for your impressive DD on WAMU and your contributions to the debate.
"But as a senior mortgage underwriter at Washington Mutual during the late, great mortgage boom, Ms. Cooper says she found herself in a vise. Brokers squeezed her from one side, her superiors from the other, she says, and both pressured her to approve loans, no matter what"....blah blah
There are people who worked in this capacity in every bank in America who would say this same thing - quote them as well. This was not just going on at WAMU- it was system wide. It was just a smaller percentage of WAMU's business than most others.
And you need to check out what of WAMU's overall business this represented. Can you say miniscule? This justifies taking down a solvent bank? Levin, is that you???
"If you check out Long Beach Mortgage Co they have a history of fraud. How Wamu management didn't know about it but their risk officers did is stunning."
Why did David G. Dickey, the Company’s Executive Vice President and Group President, resign?
The fact that he is "pursuing other interests" says it all. That is HR speak for terminated. I wrote that memo many times over the years. I'd say that he and Rogerson were butting heads and Rogerson won, happens every time.
This is the post I was responding to. I was just saying that the subprime lending was no reason to exclude him - all the banks were doing the same thing at the time and they were all maximizing shareholder value doing it.
I appreciate all your input on the board. Thanks and good luck to us all.
"The toxic mortgages and subprime lending happened under his watch, did it not? I didn't hear any testimony that would place the guilt on someone else."
I am compelled to reply - all the banks were doing the same thing - at that time they all assumed that they could loan money to anyone for mortgages - if they had to take the house or commercial building back, it would be worth much more than the mortgage amount - it was a win/win. If they could bundle the loans and sell them to other investors for more money, even better. They were all operating this way - it was a much smaller percent of WAMU's business than any of the other large banks - you know, the ones who where not shorted and were bailed out by your tax dollars. This was not just WAMU - you have fallen prey to exactly what this hearing is trying to put out there. The facts, and what should be investigated, are why was a solvent bank stolen from it's owners and gifted to CHASE? By the logic used in this theft, the government could seize your checking account at any time and give your money to someone who they think is more responsible because they think that you might possibly become insolvent at some future time and they don't want to be liable for paying your debts if that ever happens. This is the issue that should be addressed - sub-prime is old news.
I sent Levin an email telling him what I thought of his actions today - just so everyone knows, he does not respond to emails from anyone who does not live in Michigan - someone from Michigan should call him out and see what he says.
CSPAN 3
My son looked at this "investment" and suggested that Vodka and Qualudes would be the appropriate combination to take to wait this one out. I'm thinking I need to have a talk with my son!
I am one long who just really wants this to go up - even just a little. Soon.....
I am not even watching this one much until the company emerges. These daily ups and downs right now are meaningless in the big picture. I am hoping they emerge in August - then we'll see some real action IMO.
In my opinion these shares will be around longer than we are. Our EC is looking out for us and this is a better company than most that are bankrupt. I will be holding these shares for a long time with no worries of cancellation when Chemtura emerges. I think that is when we will see a big run up- bigger than any we have experienced to date - I've been here since the .03-.06 days.
Yes, I hope everyone gets that done soon so the price will improve. I had some losses to offset my gains so I sold when the price was higher.
this is a $5 stock at minimum and anyone who is not holding for at least that price will be very sorry before this year is over IMHO. I think most of us have sold just enough to cover our investment - the rest are very valuable. This is a retirement stock for me. I hate so see folks selling at such a low price.
I sold enough on the way up, but I will not be selling anymore until this is back to the big board where it belongs - with a price to match!
Saturday will be my one year for my initial position - added more as the year went on though. Just the one year makes us another 20% that won't be going to Uncle Sam.
Welcome back Diamond!
You are totally correct and I respect your input on this board. Thanks for replying.
That's the trick. Ignore the PM's and most of what you read on the board. Focus on why you bought in the first place and keep digging for any info that might make you change your mind- if you don't find anything, stay the course. The money is there every time. The only life change I expect from this one is learning to be more patient, but I do plan to make a really good return on my investment here. Now, I need to go drown my sorrows over the Kent State loss. A half glass of wine should do it.
Hillarious! I doubt that there's a jewelry designer in our midst but maybe the top could be a set of retractable pontoons that open up to reveal the super secret dd codes. You are too funny!
It's because of the limited number of secret decoder rings - I think there are three - all very closely held - along with the super secret dd. Just keep buying - that's all you need to do. I only check in here once in awhile but it's like a well staged "reality" TV show. It gets old. The acting is marginal and the plot is weak. Let's hope that Dean is better at his job so we can all make some money soon. I still believe that this play has possibilities. I'll check back in here in a month - no need for replies. When I ask legitimate investment questions, there are no replies so no need for any now.
This is a general question for anyone on the board who knows where to look for this info. Is there somewhere to see when restricted shares become unrestricted (dates).
tia
Not selling one share - stay the course. IMO
I too have had my moments with this one - all is well though - keep the faith. IMHO
I haven't either. But, if we knew then what we know now, we could be riding some free shares!
I think a lot of the longs have a core position that they hold and a trading position - they just don't call it flipping - they've been buying and selling in their trading position all along. But it's not flipping.
YES!!!!!
"If you have had enough of repeated DD, B/S and have made your decision and don't need to have your emotions played with anymore. Make a statement of solidarity here and send a message to Jpig, Weil, and all envolved that you are not going to take it anymore.
Only say Yes to this thread: Yes!!!! "
If they drop their claims, maybe they can legally buy wamu commons and get their money +++ back if they think there might be a significant settlement soon. Just a thought.
"bluebird, we've had quite a few claims dropped of late. and truthfully, i am a bit confused by the happenings."
Go over to the QASP board - Branson has a presence with them according to the VFP's (very frequent posters).
"Edit Crazy forward looking muse:
Building on that success, what's to stop a 'Richard Branson' from getting this crap off the planet for good?
Show me that company, show me their stock, and I'm in! :)
*No Pinkies :)
LOL!
Everyone is still here - that's why there's not volume - we're all too smart to sell at these prices! This horse has alot of race left - I don't think we're even close to the half-way point.
I thought Manning would do that as well - it was certainly a closer game than anyone expected.
I will be watching for those filings and share whatever I find.
I thought Manning would do that as well - it was certainly a closer game than anyone expected.
I don't think they have many assets (their stores are leased and their product becomes obsolete really fast) and it's a dying business so there's not much chance of anyone else buying them out so it's not the kind of play I look for, but there might be some money to be made it is just a more risky play than I would go for. That said, it could just as easily be the best play of 2010; you should make the investment decision that works for you. I will be researching it and I will be happy to share any solid info I find.
Good list - let's watch US Air - I made some money on MESA air both before and after it went "Q". Thanks for the post!
I hope we can get some good research - I'll post what I've found. Maybe one of these is the next SSCJQ or CEMJQ!
Here are some potential "Q's". Several have substantial assets. It's best to get into these on the day they go - it's good to find a board that focuses on these plays - I made some money in 4 of them last year. I'm watching CAT and sprint -
GLTA
http://smarterspend.com/2009/12/companies-bankrupt-201/
Companies that Will go Bankrupt in 2010
Dec.13, 2009 in Finance, World Affairs
Here is the list of 10 companies we predict won’t live to see the next holiday season:
1) Loehmann’s
Loehmann’s has declared bankruptcy protection twice, once in 1989 and in 1999. They have very low market visibility and are losing their fight to big time discount dress store Ross, who is making big gains in the sector. Lookout for big changes in the company structure to avoid Bankruptcy- if it isn’t too late.Loehmann's
2) Blockbuster
blockbuster_video_store
We keep picking against these guys, yet they keep on surviving. The video rental company had a horrible third quarter (although ALL their quarters are equally awful). Revenue for this period of 2009 was $910.5 million, down from $1.16 billion for the same quarter a year ago. The firm’s net loss was $114 million compared to a $19 million loss in the same period in 2008. Blockbuster has only $141 million in cash and cash equivalents. No one has figured out what to do with Blockbuster. The company has 3,662 stores in the US and 1,703 overseas.
3) Palm
palm logo
These guys are really in trouble- their launching of Pixi was supposed to propel them to great revenue, but facing the fiery marketing of Verizon’s Motorola Droid and newer model sets from Nokia. Stocks have plummet from a 52- year high of $18 to an investor target of $10-11 based on earnings (almost a 60% drop). These guys are in big trouble and need to move past Sprint to get anything done.
4) Caterpillar
caterpillar
Construction is still down and facing huge losses, as most of the market stability has come from the manufacturing sector. Caterpillar struggled in 2008 and cut 20,000 jobs on January 2009. More job losses are on the way and the days are numbered for this construction company. It’s largest divisions are facing difficulties with liquid assets due to the credit crunch and the future looks very bleak
5) Sprint- Nextel
sprintnextel
Has 8,000 jobs now lost and things will get even worst and Could be potentially bought out by the end of 2009. While both Verizon (NYSE: VZ) and AT&T (NYSE: T) increased the number of subscribers in the third quarter, Sprint Nextel, like T-Mobile, saw its subscriber count drop. Regardless of gains in the prepaid space, many argue that Sprint still has to stop the bleeding on the postpaid end. Sprint’s balance sheet is stacked with debt and it continues to invest money in Clearwire (Nasdaq: CLWR), which it is relying on for its 4G expansion. Sprint will be in trouble this year.
6) Hertz
hertz Logo
Hertz is loaded with debt from financing their cars and increased interest rates will not be helping. It’s employees are underpaid and job confidence is down- they went on strike recently. Although stocks are up from their low of $2, demand forbusiness is decreasing- Americans traveled less and spend less money on cars.
7) Macy’s
Consumers are staying away from department stores and the quality of products in Macy’s has been suffering more and more. Same store sales will likely keep falling at Macy’s right through 2009. With $2.4 billion of maturing debt over the next five years, the company is trying to cut costs, and has already reduced its dividend.
8) General Growth Properties
general-growth-properties-ggp
Mall owner General Growth Properties Inc. (GGWPQ) will ask a New York bankruptcy judge to sign off on a reorganization plan to restructure some $9.7 billion in mortgage loans. Approval of the plan, which affects 92 properties, is the first step in the company’s bid to get the 166 malls it put into Chapter 11 in April out ofbankruptcy.
The deal extends the due dates on the mortgages by several years in return for various payments. If Judge Allan Gropper confirmsthe plan, the properties could emerge from bankruptcy court by the end of the year.
While approval of the plan would represent a significant milestone for General Growth, the country’s second-largest mall operator still must strike similar pacts with lenders on another $11.7 billion of debt. The Chicago company, which owns and manages more than 200 U.S. malls in 44 states, filed for Chapter 11 protection in April after failing to refinance a portion of its $27 billion debt as it came due.
9) OfficeMax
OfficeMaxLogo
Office-what? Competition from Staples and Office Depot is driving this smaller retailer out of business- and fast. Also not helping: employee lawsuits, mail-in-rebate lawsuits, overpriced items. They laid off 2800 last year, but it hasn’t helped their income.
10) Pier 1 Imports
pier1storenotlocal
Pier 1 closed 100 stores and has spent the last year making promises of change, but the ongoing housing collapse caught them like a deer in the headlights. Now, the retailer believes it has a solution; investors are clearly not as convinced. People are putting off purchasing furniture and the store has fallen off consumer radar.