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Received a reply from KCC:
Certain brokers, including E*Trade, submitted their account holders’ information after the deadline to be included in the first statement. This will have no impact on your actual holdings and you will receive the next quarterly statement when it is sent out.
Regards,
Robert
Robert Q. Klamser
Kurtzman Carson Consultants LLC
2335 Alaska Ave
El Segundo, CA 90245
t: 310.751.1507
f: 310.751.1557
rklamser@kccllc.com
www.kccllc.com
Haven't received letter yet. E*trade requested a new W9 from me which I sent and confirmed receipt by them. I know we have a year for releases, which I already granted through E*trade, but I'd rather get everything in order and be done with it. I plan to reach out to the suggested parties, but am curious if those who received letters elected for cash instead of stock.
**I am 99% sure I elected to received 100% shares instead of cash, does anyone think this could be the reason for not receiving a letter? I voted same way on both retirement and individual accounts.
Any guidance is greatly appreciated.
Thanks in advance.
Does it happen to mention anything about how many shares may be received? I have not received anything yet via mail. I cannot remember, but I think I elected to receive stock instead of $$.
Thanks
Is Illene tweeting today at DIMEQ? Thanks in advance for the reply, on the road all day.
I also think that we don't exactly know what to make of what he was saying (maybe it was just me). Just because we hear settlement and agreement, doesn't mean much until we can actually see the details. IMO
Did the same, picked up some H's a few days ago too for voting purposes. I was in all U's at one point too.
Jamie Dimon: America’s Least-Hated Banker
Lol. What a Joke!!!
http://www.nytimes.com/2010/12/05/magazine/05Dimon-t.html?_r=1&ref=magazine
Just wanted to post in case people needed a laugh.
Anyway they turn a settlement from JPM as them somehow covering their losses taken from the mortgages they received from Wamu? Not sure if the wording sounds right, but you know what I mean.
How TPG Capital lost $2 billion with WaMu
Oct. 6, 2010, 12:00 a.m. EDT
The wrong long
Commentary: How TPG Capital lost $2 billion with WaMu
By Peter Atwater
NEW YORK (MarketWatch) — A few weeks ago, ahead of the second anniversary of the collapse of Lehman Brothers Holdings Inc., I went back into my files to reread what I’d written during 2008.
I wanted to see if there were any lessons to be learned that hadn’t already been tackled in the book explosion arising from the financial crisis. Read Minyanville’s “Why Did the Fed Allow Lehman to Fail?”
That led me to ask, “If the bet against the housing market by folks like Steve Eisman was ‘The Big Short,’ what was ‘The Wrong Long’?” — or the worst investment made during the crisis?
French rogue trader sentencedFormer Societe Generale trader Jerome Kerviel is sentenced to five years in prison for his role in a trading scandal that cost the bank nearly $7 billion. Video courtesy of Reuters.
While there were lots of candidates, including the purchases of Citigroup Inc. (NYSE:C) preferred by the Abu Dhabi sovereign-wealth fund, one deal really stood out: the $7 billion investment in Washington Mutual Inc. by a group of investors, led by private-equity firm TPG Capital. Read Minyanville’s “Corporate Obituaries: Washington Mutual.”
In April 2008, following the merger of failing investment bank Bear Stearns with J.P. Morgan Chase & Co. (NYSE:JPM) , TPG put $2 billion of its own money in WaMu, and in its May letter to investors that year, the firm wrote: “We are enthusiastic about the opportunity to invest in an undervalued and attractive deposit franchise, particularly in a security with meaningful downside protection.”
Not six months later, despite “meaningful downside protection,” the investment “vanished,” as the New York Times put it at the time, when bank regulators seized WaMu and sold its banking assets to J.P. Morgan. In its third-quarter 2008 letter, following WaMu’s failure and the write-off of its investment, TPG offered the following explanation as to what happened:
/conga/story/misc/minyanville.html 91293 “The unprecedented turmoil in global financial markets and resulting macro crisis of confidence has radically changed the dynamics of all financial institutions and led to widespread losses among investors throughout the sector.”
Admittedly, TPG was hardly alone in its suffering from the rippling failures of Fannie Mae, Freddie Mac, Lehman Brothers (PINK:LEHMQ) , the Reserve Fund and American International Group Inc. (NYSE:AIG) , but I think it’s fair to say that if anyone could have made a good investment in WaMu, it should have been TPG. Read Minyanville’s “Why You Should Ignore the AIG Inquiry.”
TPG’s founder David Bonderman had served on the WaMu board from 1997 to 2002, and the firm knew the mortgage/thrift industry particularly well. Bonderman and Jim Coulter, TPG’s co-founder, had made huge money when they worked for Texas billionaire Robert Bass — investing $150 million in American Savings and Loan and selling out for a multitude of that amount to none other than WaMu, and nearly doubling WaMu’s size in the process.
So what did TPG miss? What was its fatal flaw in making one of the largest, fastest-vanishing investments in financial-service history?
Ironically, I think that a large contributor to TPG’s failure was Bonderman and Coulter’s own success with American Savings. If the press-release quote above is any indicator, what TPG thought it was buying was “an undervalued and attractive deposit franchise,” which is precisely what Bonderman and Coulter bought at American Savings Bank.
The difference, though, was that at American Savings, Bonderman and Coulter bought the carcass of a dead animal; American Savings had already failed (still one of the largest bank failures in U.S. history), and the Federal Deposit Insurance Corp. had put $5.7 billion into the bank before the deal with Bass was closed. With WaMu, TPG was investing in a sick, but not yet dead bank.
Going in as and when it did, TPG must have believed WaMu’s falling knife had fallen far enough, that WaMu’s assets (largely mortgage loans) had already been written down so much that what the firm was paying for wasn’t WaMu’s loans at all, but the bank’s deposit-generating machine.
To be fair to TPG, it also thought it had protected itself adequately if things got worse. The firm went in with warrants that would offset the risk of further dilution if WaMu had to issue additional common shares. So, as long as WaMu was alive, TPG would be fine, even if other common shareholders were eviscerated.
Coming on the heels of the sale of Bear Stearns to J.P. Morgan, that probably looked like a reasonable assumption: Bonderman and Coulter likely thought that their downside scenario was a Bear Stearns-like deal for WaMu — especially since WaMu wasn’t that much smaller than Bear. If the U.S. government wouldn’t let Bear fail, the government would not let WaMu fail.
Until it did.
In hindsight, TPG woefully missed the true asset quality and liquidity challenges facing WaMu. As one friend in the industry wrote to me last week, “[TPG] underestimated the scale of the credit crisis. Compared with all the other credit cycles since World War II (relatively swift, always ending with implicit/explicit backstop by authorities the Fed, the FDIC, the Treasury), the current credit cycle is massive in scale (in terms of time and price). When you underestimate the scale, you are too early, pay too much and underappreciate the ability of authorities to backstop.”
Going one step further, another banking-industry friend of mine added: “The strikingly different treatment of debt and equity investors in WaMu, Lehman, AIG, GMAC, etc. emphasizes the true nature of regulatory risk, particularly in market-crisis circumstances. You just don’t know what they’re going to do and the decisions are not bound to consistency or systemic rationale.”
This past Saturday marked the second anniversary of WaMu’s collapse, and I have to say that it’s been an interesting weekend for me trying to reconcile “The Fatal Flaws” from “The Wrong Long” with a two-headed coin scenario — one in which there’s very limited downside for stocks because of the Federal Reserve — which David Tepper offered on Friday morning.
In April 2008, TPG misread the magnitude of the crisis and thought it would be saved by the government. As I look around the investing landscape today, those “fatal flaws” feel eerily familiar, particularly with regards to European sovereign debt. And just part of me wonders whether two years from now, I’ll be writing yet another article entitled “The Wrong Long — the Encore Production: The Sovereign-Wealth Fund of Norway’s Purchase of ‘PIIG’ Sovereign Debt, Because It Was So Cheap” and including this quote from the Norwegian fund’s 2011 annual report:
“The unprecedented turmoil in global financial markets and resulting macro crisis of confidence has radically changed the dynamics for all sovereign borrowers and led to widespread losses among investors throughout the sector.” Read Minyanville’s “Will Voters Continue to Backstop the House of Cards of Euro Debt?”
I suppose time will tell.
http://www.marketwatch.com/story/the-wrong-long-2010-10-06
Rosen basically said that if there was money to trickle down, it would go to preferreds. He said the preferreds may see money, but not enough to where they would be paid in full, which would result in commons seeing something.
Quick question about shares.
Is there a certain purchase date that they want the # of shares for? I had recently bought and sold various shares of WAMU, trading between the 3 symbols of uq kq and pq.
Thanks
Did the JPM guy just say that they could be getting assets, which they probably don't deserve, in the current proposed settlement?
Judge needs to just cut this guy off and say, "Your an idiot." Rule for the examiner and court adjourned.
And then a .161 flashes when the bid is .168
Anyone notice the difference in public speaking skills between the committee's lawyers and the debtors. This Nelson guy is a great speaker. Whoever was speaking for the debtors said "um" every third word.
You the Man, Dan.
Thanks for all you do.
Uzual I like hearing things like that. I am also hoping to help around where I live currently. I don't know how others feel about this, since investing is really just investors taking risks in companies. I was wondering if anyone has thought about making donations to those who lost everything when Wamu was wrongfully seized. It really is kind of like what happened with Maddoff. Especially when we were all told that things were fine and TARP was going to help the banks.
Why would the EC accept this so called offer that is presented of $6B? That doesn't seem like they would be looking out for equity in that matter.
Sorry again, as I am not able to read much about what happened, but I am long and have been here a very long time, just have very little internet access where I am visiting. Any replies will be greatly appreciated. Thanks again.
GLTA
Hey everyone,
Sorry I have to post this message, but could someone post or send me a link that overviews what happened at the trial. I am currently traveling in Europe for school for the next week and have very limited internet access. I would PM some of the veterans that regularly post here, but I can't PM. Any links that I can quickly read or look at would be greatly appreciated.
PS: Pretty glad I didn't have to watch this stock on Friday, I would have been freaking out.
GLTA and thanks again.
Definitely agree. There are some companies trading millions of shares at .01 or even .001 for that matter. Granted they are very small in comparison.
I agree with what you are saying. I was in class and on my iPhone when this broke. (Ya, I should have been listening to my professor. lol) but now that I watched the video it didn't sound bad at all IMO. He does think we will get money, just not a lot. Well, if not a lot is $8 compared to some people projecting $20 than I am more than happy with not a lot. If not a lot is $1 instead of $8, I will be less happy but still happy. My cost average is .21 so in all honesty anything over my cost basis should make me happy.
As Warren Buffet would say, rule #1 don't lose money, rule #2 don't forget rule #1.
GLTA
Bet that Big Fish is expecting there to be no common payout.
I definitely think that today's trading was meant to chase out those who recently bought on the hype. Imagine spending a day here listening to everyone (who has done DD) talk about this stock and then buying. The next day it goes up alot and you think you are golden, then all of a sudden the floor drops and you are down big. Most likely you will feel stupid for jumping into this without researching it and take you losses and leave.
Today had a major psychological impact on newbies and those unfamiliar
with WAMUQ.
Only two days of trading left before the big day.
GLTA
Thanks
Y! UQ = .4141
iHub - .485
Marketwatch. .485
Anyone else notice this? Also, yahoo lists trade time at 6:42pm et.
Uzual this maybe a dumb question, but what does the ?volume part mean on the L2? Thanks
I went to work on a project when it was at .699 and came back to it being .354. I thought e-trade screwed my account up.
Uzual this maybe a dumb question, but what does the ?volume part mean on the L2? Thanks
Now come on really. No, let's hope settlement news. After today, that title will get everyone's hopes up. lol
I like where your heads at. Haha
I chased it from .45 to .515. Had to put an buy limit in a .01 above the ask to get filled. Such BS!!
Ya, but I could buy a lot of gasoline buying a $50k car vs. a $310k car. Too much deer where I live to be driving that anyway and nowhere within 50 miles that would be authorized to fix it. The Tesla Roadsters are also nice looking cars and they are electric, 220 miles per charge I think.
We have the same tastes. That car is amazing, unfortunately I read that it is like $310k. Not in my price range unless we get $50 for the Q's. I may consider getting a cayman if we get $8 though.
Well at 9am it will be the same as it is now, I'd worry more about what it would open at, which would be 9:30am.
What did we close at?
Sorry at work
Thanks
GLTA
"Still, Starke, who has been bearish on the chances of a recovery in WaMu's common stock, says that, while it is still "very possible" the stock ends up worthless, he at least finally sees a rationale for buying it."
Guess they feel like they have enough shares.
Just busted the .50, lets hope it likes floating up there.
Few weeks ago, I cashed out of my PQ's roughly 90% and switched to UQ's. Best decision I could have made since PQs were at 83 then and UQs were at .20.
GLTA