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I would short WB in pre-market if it was allowed!
Can't we all just get along?
Lmao! You think I'm Jeff? That's funny.
And the shareholders got wiped out.
Doesn't sound like a guy who wants to throw his reputation away on a pink sheet scam... INCL is the real deal.
I bought 250K shares at .06 before the bailout started... I'm waiting for $1 boys !!!
Bounce to $4
We are going much much higher here, BLDV is a great investment that will yield you stunning returns. John Quincey Moaning is a visionary leader who will change the face of the biofuel industry! And you can be a part of it pontalba for only 2/10th's of a cent right now!
What are you waiting for? You're being thrown a ladder to the USS Riches! Climb aboard with the rest of us!
You are probably right, 'BLDV' will not be trading soon. What will be trading is a new ticker assigned to Nasdaq based on a new valuation. It's going to be great ponty! Get some shares before it's too late !
BLDV new highs are coming!
The war here is almost over, victory is near for longs!!!
Not the WM shareholders, they were robbed!
FDIC SCREWED THE SHAREHOLDERS!!!!
Criminal. Execs get millions and shareholders get destroyed.
WaMu execs could get cash severance totaling $38 million
Portland Business Journal - by Greg Lamm
Alan Fishman, the CEO of Washington Mutual Inc. for only a few weeks before the Seattle-based thrift failed, would be entitled to $19.1 million in severance and bonus pay.
Two other top WaMu executives have clauses in their employment agreements that would also pay them a total of $19 million in cash severance if they are terminated by JPMorgan Chase & Co.
WaMu, which has 67 branches in Oregon, was seized by federal regulators and sold to JPMorgan Chase & Co. Sept. 25.
According to a WaMu filing with the Securities and Exchange Commission, Fishman, who replaced Kerry Killinger as WaMu CEO on Sept. 8, signed an agreement that would pay him a cash severance of $11.6 million if he is terminated this year or resigns. He also would be allowed to keep his $7.5 million signing bonus.
The WaMu executive with the biggest termination package is Stephen Rotella, president and chief operating officer, who is entitled under his current employment agreement to a cash severance of $12.7 million if he is terminated or quits with “good reason.”
Meanwhile, CFO Thomas Casey would receive a cash severance of $6.3 million if he is fired or quits with good reason.
Both Rotella and Casey also could receive millions more in non-cash severance compensation under their employment agreements.
A JPMorgan spokesman could not be reached for comment. But on Friday the company told The Associated Press that Fishman remains as CEO of WaMu’s holding company and it was too early to say whether he and other executives would be replaced.
Oh well !
After Hours: 1.69 Up 1.53 (953.62%) 6:36pm ET
What the hell is this?
Look at LEHMQ, .05 to .40 in a week. Not bad. I think we'll at least see $1 here, get something back out of this mess.
This could explode back to $4 on pure trading and speculation like FRE, and FNM did.
I hope you are right about the .001's!!!
That's a crime. 11 million for a bank failure?
The trades are in 5k blocks, some a little bigger. But this is just some retail losing patience, I agree. Dilution would be more like 500K, 1 million share blocks.
They are pulling the rubber band back for the launch imo. Load her up!
I hope I can buy at .001, I'll buy 5 million shares!
Hell bring her down to .001 next week, I'll grab a few mil!
Okay, this isn't funny anymore....
Actually I needed to sell to pay for my buddy's bachelor party this weekend; escorts, booze, hotel rooms, etc etc etc...
I'll buy back next week though once I get paid. Mr. Moaning is invited to the party, as well as all longs.
Trrue
WaMu Wipeout: 'Gross Mismanagement' by Former CEO Killinger
Posted Sep 26, 2008 12:52pm EDT by Aaron Task in Investing, Newsmakers, Recession, Banking
Related: WM, JPM, BAC, C, XLF, WFC, WB
Washington Mutual paid former CEO Kerry Killinger $14.4 million in 2007 and over $54 million from 2002-07, Forbes reports. In return, the nearly 120-year-old firm was led into the biggest bank failure in U.S. history.
Under Killinger's watch, WaMu rushed headlong into toxic mortgage-backed products like option-ARMs, which contributed mightily to the company's epic failure. Thursday evening, the Federal Deposit Insurance Co. seized Washington Mutual's assets and then quickly sold most of the firm to JPMorgan, effectively wiping out the thrift's shareholders and debt holders in the process.
Also vaporized: The $7 billion investment TPG made in WaMu last spring -- after Killinger declined an $8 per share offer from JPMorgan, which might have looked low then but sure as heck beats zero.
"Gross mismanagement" is how Henry Blodget describes Killinger's oversight of the company. I'm sure many of WaMu's investors, employees and depositors would prefer terms unsuitable for publication, especially when they learn current WaMu CEO Alan Fishman is entitled to $11.6 million in cash severance and to keep his $7.5 million signing bonus, The New York Times reports. (Not bad for about three weeks of work.)
Meanwhile, the fact JPMorgan took an immediate $31 billion write-down of WaMu's loan portfolio -- and raised $10 billion via an equity offering -- has major implications for how other banks are valuing their assets (and liabilities), as Henry and I discuss in the accompanying video.
Because everyone expected it to run. Murphy's Law.
Well let's hope we see some news here next week, and get this show rolling!
I have found TA's that lie, that are wrong, and that have no clue what they are doing.
Not saying this one is wrong or right, but I have seen TA's that are definitely not on the up and up.
Sometimes T/A's, especially in the Pinks are wrong. I have there is not usually a group of rocket scientists that work at these places
Either way you cut the cake, this has a ton of shares and it's going to take some really heavy PR's to move this even over .001, not to mention .01
nm ~
So they've been diluting? That explains why this hasn't gone anywhere.
A MESSAGE FOR ALAN FISHMAN
(from the yahoo board)
26-Sep-08 12:16 am
Dear Allen,
I have been long with a substantial position with average price of $4.65. I watched each story unfold, and carefully digested all the information. The first significant chain of events occurred when you stepped in, Fannie/Freddie collapsed and Lehman went bankrupt. The stock went from $4.65 down to $1.50.
After reading your pre 3Q earnings report, I trusted your analysis because you emphasized the bank was well capitalized and sustain operation through 2010. You mentioned the bank was above the minimum standards for well capitalized banks. You even repeated yourself this week, with the same claims.
Mention of deposits leaving the bank were understandable, considering the unique circumstances, but nothing was mentioned about the possibility of the FDIC seizing all assets to common shareholders based on the severity of the situation. It sounds to me like you have mislead shareholders for the three weeks while you have been working and the SEC needs to analyze your PR statements a bit closer because you clearly have mislead me.
Had I been aware of the real situation and financial distress the company was in when you promised everything was fine, I would have thought twice about holding on. But I did, because the government bailout was right around the corner, and you continuously stated the banks capitalization and liquidity were healthy.
I am sure you are going to tarnish your career for this one, and will see to it that I get as many supporters as possible to help me.
Steve Germano
Maybe Clayton is waiting for this bailout deal to go through before putting out more news. I know a few companies possibly holding off.
FISHMAN GO TO JAIL, LIAR!
He won't. # 1 his reputation is ruined, # 2 he will be sued by shareholders for YEARS.