**This was the roughest day I have ever had in the markets, lol. I literally was psychologically shell shocked when we were at $8. But it actually worked to my advantage in that I was incapacitated and couldn't sell, lol. Couldn't buy either, damn!
Let's put things into perspective. If the markets felt there was any chance of this nonsense getting approved - we would still be under $20.
I believe that Veneable, Walrath and everyone but Weil/JPM/FDIC were blindsided by this.
This is the low ball bottom barrel offer, and PQs could still walk away with some cash. But I don't think this is the final offer. The JPM playbook is to lowball and then to re-offer higher like Bear Sterns.
And why would the WMI shareholders in Texas pull out? I bet that snake Rosen told them a settlement was coming. Just not this one, lol.
