Mr Cooper Group Inc (COOP)

[tcr7309]

thanks for the link, i have not been to that site in years. like i said it was pure robbery but wamu was not a clean entity. jpm fleeced us all, I am a trader, mostly options on commodities and flipper of high volatile stocks.

I can remember that day like it was yesterday, I was day trading wamu and was very involved in trying to learn all I could about the financial crisis and risk/reward of going long wamu thinking that no way would the feds let them fail, they were to big. So I took a 40k position to hold until the dust settled or at least going into the weekend, because I thought I knew that the feds only seize banks over the weekend and of course this was thursday.

the rest is history, 40k down the drain overnight but I do have escrows and I flipped wamuq as a penny play to recoup some of my losses which I did, not whole but about half.

I have recently added a large chunk of wmih because I think they are going to try to make a name for themselves in the m/a world and use the nol's nicely. I think wmih can be at 10 bucks in 2 years.

Here is the story I believe and I have stated it here once so I will be brief. goldman needed aig to survive because they were insured through them. jpm was in worse shape and was self insured so they needed wamu for their liquidity to shore up their books and paulson bought in and told bair to seize them and turn them over to jpm.