Washington Mutual Mortgage Reinsurance, Inc. - stock holders won in this major bankruptcy case.
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That's it right there. BK court judges have to move more quickly and with this case being a big chunk stuck between the beast's teeth, the toothpick of the law and Weil's steady hand will pluck this from it's lodgings in JPM's gluttonous mouth! LOL
I don't think L2 actually says the buying and selling vol. Just the trading vol.
That makes so much sense, even though we know the dark side is very real. Nevertheless, here we are.
You know, that may be because JPM can just claim that they were lead into it by OTS/FDIC and Paulson.
But if it goes to trial then JPM's name will be smeared, as it should be.
imho
What worries is my how people say things like this:
"...than most people believe... " like they have done some kind of survey and they are afraid for everyone because the survey reports that statistically speaking the readers are mostly diluted.
Wow, so you come to rescue with another worry; "I'm worried that everyone is wrong." Jeese how logical is this?
She likely knows that the parties are working out an amiable settlement that includes the 4 billion. She would know what the state of the negotiations are off the record, no doubt, like the weather.
Again, the dark side of strung out litigation looms but this case is too front and center on the banking stage. It will not be left to wallow in the courts by the Treasury, in my opinion.
JPM and the FDIC management will be found responsible for this mess, and have already been found responsible for this mess by those in gov that matter. Therefore, Jamie, his minions, and Sheila Bair and here minions are trying very hard to come to mutually agreeable terms with a very angry WMI and Weil.
The assets are many and appraisals may not all be in and so the actual number can not be established. It will take more time since JPM and FDIC both have fiduciary duties to their patrons to be thorough in this. They were hasty going into it so they may as well improve their track record getting out. lol
JPM probably offered something like 15 billion or something a few months ago. Another ridiculous offer.
It's beyond my scope of experience to predict whether commons are wiped or not. NOLs are valuable and who doesn't want them as long as it's not a wash mathematically?
This settlement might be a closing chapter to the '08 meltdown and it may be billed as such sometime this summer. Or, it might be settled next week.
That was weird. Some one put in a buy order at whatever!
That is important to remember for those who are moving in and out of this stock/ these stocks. Thanks.
One thing is for certain:
The Press is now watching much, much more closely and willing to publish legal developments.
Thanks.
I think that you are correct in your assessment of the judge's sentiments, rramirez.
Thanks.
So it is. The judge put the whole thing off for a few weeks, not the lawyers.
Can she enter a ruling without a hearing?
12x123 4x6
That is true, but having the court assist in talks with JPM after JPM is suspected of using moles and all that is a risk that all creditors may not want her to take.
David,
I just heard from an old timer that Jimmy Carter did start the bank dereg movement. I told the old guy I would look into that.
Interesting that you posted that today.
Joseph
Is the judge in this case willing to further delay this BK case? I sure as heck hope not. If she does it will look like she is siding with JPM, which in many respects represents much of what is wrong with America at this time; bullying, irresponsible investments and leveraging, and insulated managers in ivory towers.
BK courts are about getting the creditors paid off. Delay is not working for that in this case.
The choice is now or later, but if later is what we get, later it will have to be. Later, JPM will be found responsible for paying too little for WMB.
Be specific.
For example, all the theory in the world doesn't remove Jamie Dimon's responsibility in this matter. All the political and economic theory can not take away the moment that Hank Paulson and Sheila Bair signed off the the WMB seizure.
See the difference. I'm being specific.
Can you be specific?
Which future law suit is going to convince you that you were correct and that the bank holding companies actually should be allowed to harbor the criminal element that drove stock prices through the floor while harvesting millions for the top tier managers and owners? Which future scenario are you worried about?
If the death penalty is right for some, why is it not right for others?
Let's just use the dealth penalty. That should settle this right?
Death to anyone who aids and facilitates the loss of more than 1 billion in savings and loan revenue among FDIC insured banks.
How about that for freedom! ?
Your property is yours to do with it as you will, until we all get to the point where we begin to realize the idea of doing what ever you want with your property is simply not tenable in a close knit community.
So, banking depositors must know that if greedy s.o.b.s that own and manage their deposits can get away with taking large incomes and still letting their deposits get wasted on some imaginary finacial notes, the feds can come in save the depositors from the greedy owners' mistakes before they happen.
That's the whole picture in a nut shell. I don't say that WMI was doing the right thing, but I do say that they were worth more than the pittance they got/ we got.
Look, people with bad habits harm themselves and others. Agreed?
So, who is going to watch the bankers ?
Who?
If the bankers want to hide in a holding company, why shouldn't the regulators find a way to smoke'm out!
What are you, a worry wart.
Try to imagine a positive future for you and your country, please.
It might help.
A victory for justice. And, JPM will finally realize they need to do "good" business by more people. The data is in.
It's all collected. The brains behind the global economy have crunched the numbers. They use computers these days. They see the cash flow, they see the velocity, they see the expenditures and the type of ROI.
It's all plain as the sun in the Texas sky.
It's time to let the old idea, you against me, die.
The RESPONSIBILITY to do the right thing with large sums of MONEY is more clear than ever!!!!
That's why they always want to accent the charitable aspects of their business. Now, even the day to day operations for profit must align themselves with more altruistic direction.
This isn't f'n brain surgery dude. It ain't all rocket science.
People can make lots of money and do good and build things and all the other cools stuff without imaginary financial scenarios like credit default swaps three iterations deep.
That would be "plain" as day.
And whether it's a power grab or a life raft is a matter of opinion.
What's your suggestion?
Give Jamie Dimon the reins and see who he helps?
Personally, I would rather go in this direction than the other one.
Which is definitely to the world of "every man for himself".
Gotta gun, Buck? Let's ride! That dude took my cow!!!!! let's get 'em.
JPM,in particular, doesn't like.
Why hedge your words, with "I bet" they don't like it.
They are the ones who make it necessary!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
When we were all kids, every teacher used to say, "It only takes one bad apple to ruin our morning...." and stuff like that.
It takes a community to raise a bank and it takes a community to raze a bank.
Which is it going to be?
Conscience is not something that you use only on Sundays.
B.S. It does not.
A lot of money was raised in the last few months.
Airbus, the links aren't working properly.
Good content though in the excerpt. Was that from the piece maraytano just posted?
Thanks for posting that Marayatano.
It's a preview of the upcoming new regulatory legislation that will increase Federal rule over run away financial institutions.
Since we don't have an alien governing mothership hovering over us and obviously greed got the upper hand in a big way, the common man needs someone to step in and at least threaten large financial interests with a big stick, such as seizure, if they get so big and careless as to, say start packaging liar loans into AAA bonds.
That is what that document is about; the up coming legistlation that will increase the FDIC's and the Executive Branch's power over large, large money.
After watching this stock for months and months i can confidently say the prevailing strategy is a BK buyout over the long run.
The push toward higher prices is based on new comers buying up the float, rumors and real news. Tomorrow is real news. Some people will be selling on the news but hey, this is a long term BK play, and it's a bank-like stock. So, it's got holding power in the pricing. There won't be some massive sell off until and IF some rumors or news suggests that justice will not be done, or has already been done. In the meantime, it's only up from here for all WAM*Qs. Period.
There's thousands of stock holders in WAMUQ and most of them don't read this board! They just buy and hold because it's a long term BK play with great drama between banking titans of America. This is cool and the story is real life and happening in your face. Hey, if you don't like this drama there's Gwyneth Paltrow and that busty blonde on the set of Iron Man II. You can follow that but I don't think there's any money in it!
I'm only saying this to make sure no one thinks I'm some diluted freak that thinks I am going to achieve huge strides in evolution over night! LOL
I would have to procreate with Scarlett Johannsen to do that!
That last response to you was for any reader to whom it relates.
See, that's the whole thing about LIFE.
If you keep doing what you have been doing and expect different results you are insane, certifiably insane actually.
Don't just sit there and wonder what is going to happen. Okay?
If action is beyond your ability, then give someone the okay to make a decision for you, like a professional financial adviser.
For example, if you still own stock that used to be $30 a share and you see it is worth .12 then ask yourself, why didn't you sell already?
If you can't answer that see a therapist because you need help being clear and honest with yourself.
If you are just now, realizing that you may have made a mistake and missed an opportunity, then don't wait another day, buy some WAMUQ in the morning, thereby averaging down.
Do the math.
Okay, it's all relative to your emotional make up.
I have seen death. It's not that bad. Trust me if you don't trust yourself or someone else. Today is good day to die, as is tomorrow. And, it's a fine day to live as well.
Buy more, buy low, sell high. When is "high"? That's the gamble. Do your reading. Make an f'n decision for the life of you!
What else can be said? Take action, process the results and take action again.
The more decisions you make the sooner you will get where you want to go by simply following this simple formula; take action, process the results and take action again.
True that. And we are at least half way to a settlement, imho.
There are many dark and shadowy ideas about the way the lawyers can bleed one's clients, the principles can insulate themselves from justice, and our principals can be compromised. It all stinks like a pig farm and feels like a punch in the nose.
But, that was then. This now.
Deal with it! If you have to sustain a sense of positive well being beyond your customary and comfortable habit, do it.
It can only benefit you to be hopeful as long as you don't buy into the disappointment that you think you deserve! lol
I don't deserve any disappointment. I deserve justice and it is inevitable. When, how, and how much is what I don't know, but so what? What I do know is what I want. I want to remain hopeful that WMI will get a fair price and stock holders will get a fair price upon settlement.
What else is America about? Duh?
Vision, goals, possibilities with courage to take the hits on the way to the end game. Champs don't shrivel because they may come in 2nd.
Selling some shares tomorrow while it is rising, IF it rises, makes complete sense. Anyone who has to be told this is pretty green.
In my opinion, anyone who has been in this stock for months and can stay in should be in over the weekend and throughout June and July. Is this controversial?
LOL
This stock has gone up and down. Selling high and taking profits is no big news, right? To each his own.
I don't think anyone who said this is going to $12 ever said put all your money in this stock and leave it there until it hits $12, did they?
No absolutes here on trading strategies but one: if you are in you are in.
"What a novel idea"
Love it.
And a good idea for a novel.... story opens; And the judge said, "Sure, go fishing."
It took a judge to tell grown men and woman not to steal a large bank and call it okay, unless you want to get b-slapped in the press.
The largest bank heist in U.S. history was done by Sheila Bair and Hank Paulson with the help of Jamie Dimon at JP Morgan Chase bank.
Anyone want to dispute this?
Maybe you want to debate the word "heist"?
Give us all a break and find a reason for breathing.
Here it is. Tell your friends and family about the facts here.
Spread the word and do what you can.
While at lunch today at a local food store, I walked up to a table of 70 something fellows, 4 of them. I said our local bank had been stolen under our nose and did they realize this. They listened, we discussed it and I moved on.
Easy to do, if you're clear enough about what is right and what is wrong.
As far as that wall of sound, we are it.
Be the sound, grasshopper.
The OTS sheet on the value of WMB said it was worth over 300 billion. Is there some confusion about this?
Our courts don't always get it right.
But, common sense says that a bank whose balance sheet is 100s of billions in the black is not to be sold for 2 billion unless the sellers and buyers want to be accused of theft.
That is what is happening, no matter what the courts say, or will say.
Theft is the only thing one can conscientiously call that transaction, no matter what the "law" or rules said. And, the head of the FDIC said her organization broke their own rules.
There you are again. So you are onboard for the fun!
I went into a Chase branch in an affluent north Seattle hood today and asked, when is the transfer going to be complete. The foxy lady said, "this weekend".
Use this info as you may.
This board, and each and every post contributes to the critical mass that is the human voice, railing against the grist mill of the FDIC's hasty seizure and the back-office, industrial sabotage which had become "another day at the office" until last September.
Sale of WMB was the last gasp of a free-for-all banking party.
Uh oh! The bill is here and it's time to pay up.
LOL
I understand. I'm 55. I KNOW how long "things" take.
But, the price on this stock is up more than 99% of all other stocks already this week.
This is not about to happen, it is happening.