WAMUQ -- Your Guide to Early Retirement

[cashgrinder]

hope the new guy has less ego and decides to settle this and get it over with. although i doubt the first thing he wants on his agenda for shareholders is paying us WAMU large sums of settlement dollars.

JD wanted a way out of this since he swore JPM would win all lawsuits and that is not likley.

 

[kuwlness]

He knows what is coming and so he is getting it off his hands, lol:


Jamie Dimon Plans His Exit From JP Morgan Chase (JPM)
http://www.businessinsider.com/john...-to-plan-his-exit-from-jp-morgan-chase-2009-9

Jamie Dimon has been heralded a the king of Wall Street. And everyone from [COLOR=#1d637d !important][COLOR=#1d637d !important]investors[/COLOR][/COLOR] in JP Morgan Chase to its employees, creditors and customers seems to share the same sentiment: “Long live the King!”

But Dimon will not run JP Morgan forever. And today he revealed that he is already developing an exit strategy. He appointed Jes Stanley, the current head of JP Morgan’s asset management unit, to become head of the investment banking unit. That’s being read as putting Stanley in direct line of succession to run the bank after Dimon.

"The timing was right to begin the succession process," Dimon said in a statement.

Eat At Dimon's?
While he is only 53 years old, Dimon does not want to run the bank until his grave. In fact, some close to him have said that Dimon’s exit might come sooner than expected by outsiders. He’s a very wealthy man who currently enjoys perhaps the best reputation of any CEO in America. There have been rumors that Obama might want to tap Dimon to run the Treasury Department. His wife told Duff McDonald, author of “Last Man Standing,” that Dimon fantasizes about opening his own restaurant and turning himself into Sam Malone of Cheers.

Dimon won’t say exactly what he plans to do. But he has said there are two things he won’t do: leave to run another big company or retire to just play golf.
Keeping Hope Alive For The Next Generation
Staley is the same age as Dimon and has been with JP Morgan since 1979. He’s worked in a wide variety of divisions of the bank. He headed equity capital markets and and private [COLOR=#1d637d !important][COLOR=#1d637d !important]banking[/COLOR][/COLOR] before landing in the asset management operation.

Here’s why Staley’s age matters. If a younger executive had been appointed, JP Morgan may have lost some of its leading junior executives who would have felt that their hopes to run the bank were dashed. Appointing another man Dimon’s age keeps open the possibility of becoming CEO for the likes of Chief Financial Officer Michael Cavanagh and Mary Callahan Erdoes, 42, the chief executive of JPMorgan's private bank who succeeds Staley as head of [COLOR=#1d637d !important][COLOR=#1d637d !important]asset [COLOR=#1d637d !important]management[/COLOR][/COLOR][/COLOR].

Staley was the primary driver of JP Morgan’s acquisition of the hedge fund Highbridge Capital. He reportedly convinced a skeptical Dimon to go ahead with the acquisition. Following the acquisition, Highbridge grew from managing $7 billion to managing $21 billion.

Staley will probably keep JP Morgan out of the brokerage business. According to McDonald’s “Last Man Standing,” Dimon was reportedly interested in acquiring a brokerage to bolster the bank’s equity unit. Staley feared this would conflict with the business of the private bank and opposed any such acquisition.
Exit Stage Left: Two Long Time JPM Vets
Currently, the [COLOR=#1d637d !important][COLOR=#1d637d !important]investment [COLOR=#1d637d !important]banking[/COLOR][/COLOR][/COLOR] unit is run by two co-CEO’s, Bill Winters and Steve Black. Both were JP Morgan veterans dating back to before the merger with Chase. Winters, who for many years was focused primarily on the company’s credit and trading businesses out of the London office, is leaving JP Morgan and Black, who oversaw investment banking out of New York, is becoming executive chairman of investment banking to oversee the transition until the end of 2010.
There’s no way around it: Winters, who is 47, and Black, who is 57, are being passed over as possible successors. Winters, at least, had previously expressed an interest in becoming CEO, the WSJ reports.

Both Winters and Black were deeply involved in the acquisition of Bear Stearns. Winters had been saying for years that JP Morgan would never acquire another investment bank, saying a merger would be the equivalent of putting 1 and 1 together and getting 1.2. He now defends the acquisition, saying it was a unique opportunity and the price was right.

 

[kuwlness]

Stars are Aligning here as well:


RBC to Acquire J.P. Morgan's Third Party Registered Investment Advisor Servicing Business

http://www.prnewswire.com/news-releases/62568462.html


Hmmm, now what do they need more money for!?

 

[kuwlness]

August MOR 2009

http://www.kccllc.net/documents/0812229/0812229090929000000000010.pdf

Page 8

"WMI and its advisors are currently assessing a number of legal and accounting issues. Because of these issues, WMI has not yet reflected the conditional exchange and or its attendant transactions on its financial statements, including and possible interest in securities and the assests, as the case maybe, of Wash Mutal Preferred Funding LLC.

Assuming that the conditional exchange had been completed in accordance with the terms of the relevant documentation, on a pro forma basis, <b>WMI finanicial statments would reflect (a) a credit to shareholders equity of 3.9 b$ upon issuance of the new classes of preferred stock: (b) an investment in subidiary (ie WMB) of approx. 3.9B upon contribution of the Preferred Securities by WMI to WMB: and (c) an immediate and corresponding write down of such in sudsidiary..."</b>


A $3.9B addition to equity? I'll take it.


Also, not on the shorty clause Money asset list, Letter of intent to sell 4 Wind Farms to Goldman Slacks...

100's of Millions not accounted for ... Yet!

 

[lax_gunman]

Looks like the date for $4Bill summary judgment hearing is set for Oct. 23 9:30am.
From yahoo board---Kevins1313, spoke to court.

 

[kuwlness]

Speculation:


"I think the new motion by Quinn to get the entire FDIC case moved into THJMW's court is a tipping point for the FDIC. If that motion is granted and the cases are combined, we could see some serious action on this stock. If the FDIC is drug into this kicking and screaming, it should ignite the media!

Notice I said should! It would definitely ignite the analysts. FDIC is broke and does not have the money to settle anything. A verdict against the FDIC has far-reaching legal ramifications for both the FDIC and JPM.

1. If there is positive verdict in the JPM case, it opens JPM up to future litigation from any shareholders who lost money because of their actions.

2. If their is a positive verdict in the FDIC case, Congress will need to step in and limit the amount of damages that can be taken from them. They prop up and protect the deposits in every single bank in this country and a positive verdict against them should send shock waves across the entire fianancial industry. Watch your financial stock investments if this is coming, because if the public actually finds out the media has been hiding this theft from them, they are going to go BALLISTIC! They will take it out on all players in that industry, not just the Bad Guys! This is why Congress will get involved.

3. If THJMW moves the FDIC case to her court, expect sonmeone to rescue them with a "Big favor" that will need to be returned someday. THe buyer of WMI will say some thing to the effect "This case was not good for the Indsutry, it has been settled for an undisclosed amount!" Something to that effect. Or "We felt the amount to litigate the case, was too much in regards to the potential outcome!"

4. JPM will most likely rescue the FDIC if WMI will let them and that takes $$$$$$. Lots of them! FDIC needs to raise money, not give it to WMI! JPM will be their savior.

Rotschild is in England! What is his connection to big banks or big moeny in England. Chucky also said his british friend who is in the market said "something is coming and soon!"

These could turn out to be hogwash or actual clues in the end-game! The main thing to think about, are they good enough to purchase more stock or should you just sit on the sideline and hope for lower PPS. In MY Opinion."


-- Compliments of Fsshon from I-hub

 

[AndOne]

Courtesy of marymbobh on the Yahoo board


The parties in the turnover action have agreed on 10/22 at 9:30 am as the time for the oral arguments for the WAMUQ Motion for Summary Judgment. Based on the pleadings and previous decisions of the Judge, the chances of WAMUQ prevailing look pretty good. If so, this will be the biggest date yet for WAMUQ equity holders and bond holders. The court will hear the oral argments and then may immediately rule from the bench or may take the matter under advisement and rule at some time later. Most likely is a written ruling and order issued within a week or so after the hearing. If WAMUQ loses, however, they haven't really lost. All that would mean is that the court didn't think there was enough evidence to make a ruling without holding a trial which would mean a little more time and then a full trial followed by a decision by the court.

Another showstopper might be some sort of emergency stay issued by Judge Sleet to stop the adversary hearings based on the 'appeal' by JPM. Again, that seems very unlikely but it's always possible.

Winning the Motion for Summary Judgment will definitely be a big news item for WAMUQ.

 

[kuwlness]

"Lets assume that WMB was solvent, that means they were illegal seized and sold by the FDIC. The FDIC would then have to provide how they decided the sales price of $1.88B.

The issue here is, JPM is trying to pass the blame to the FDIC by claiming WMB was solvent and they were basically helping to stem systemic risk.

The problem for JPM would be simple, the receipt of stolen or illegal gotten wealth. If you bought stolen property, you can held liable for the fair value of the property or the property should be returned to its rightful owners.

IMO, the FDIC wants to save face by taking the case to DC where they can get a slap in the back and just pay peanuts.

The problem for the FDIC is difficult and almost insurmountable. If they also claim that the bank was solvent, then why was the bank seized and sold in less than 24hrs? They open themselves to criminal conspiracy and criminal fraudulent transfer charges. BO and Geithner would not allow that kind of sh8t to play out in public.

This is a MESS, there's no room for escape either in DC or DE. They are stuck and WHO cuts the check is next issue."

--Courtesy of Desperado90 on I-Hub

 

[guitarjosh]

Seems to be a lot of pessimism over at investorshub about this today...

 

[AndOne]

Seems to be a lot of pessimism over at investorshub about this today...

You have to be careful with both IHUB and Yahoo because both boards are also loaded with bashers, pumpers, and even JPM employees. When in doubt look at a posters post history. Most bashers/pumpers show the same pattern on multiple companies' boards.

 

[kuwlness]

Seems to be a lot of pessimism over at investorshub about this today...

Lol, what's new!? Everyone's pessimistic. I even get bitched at because I want the PPS to go lower when everyone else wants it to go higher. I say F* that, I want as many cheapies I can get. Let the MMs drag it down to the .10 - .15 range so I can buy another 100k. Ignore the boards, go with your gut and look at all the recent happenings that seem to point to something going on behind the curtains.

 

[brembo]

It looks like we're getting what we want kuwlness

 

[kuwlness]

It looks like we're getting what we want kuwlness

I love it! Everyone else hates it, so I just stopped asking for the PPS to drop on i-hub as the WaMuers are a violent group, lol. Watch all the panic over there later today -- "Something must be wrong," "Insiders know something" ... I can hear it already. Get the flippers and non-believers out, makes for a steadier PPS if the weak hands are out.

 

[kuwlness]

Poor ol' JPM:


BofA Suing JPM

A U.S. district judge in Manhattan on Wednesday let the largest U.S. bank pursue fraud and contract claims against JPMorgan Chase & Co , which now owns Bear, and the other defendants over transactions involving billions of dollars, court records show. Two other claims were dismissed, the records show.

Cioffi and Tannin are scheduled to go on trial October 13 in a Brooklyn, New York, federal court for alleged fraud over their handling of the hedge funds, whose 2007 collapse helped lead to Bear's demise the following year.

http://news.moneycentral.msn.com/ticker/article.aspx?symbol=US:JPM&feed=OBR&date=20091001&id=10440536

 

[cashgrinder]

Funny how things catch up to slime like Dimon..
I guess he figured a good time to leave so that he is offschene when his prison sentence is announced.

I hope we keep dropping atleast for another week or two. Just like you i want to add another 100k but not doing it over .20. I am also not willing to sell anything especially near the end of a day

I have read so much on this case and entire situationa nd i just dont know how there cannot be a settlement. the only thing unclear to me is the timeline which could be between 1 week and 3 years...

 

[kuwlness]

The Biggest Banking Heist in World History: Washington Mutual
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=13894


A must-read for all WaMuers ... nice to have the Media finally telling the truth, even if it is to a small audience.

 

[AndOne]

The Biggest Banking Heist in World History: Washington Mutual
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=13894


A must-read for all WaMuers ... nice to have the Media finally telling the truth, even if it is to a small audience.

You beat me to it Kuwlness (posting the article).

It's pretty evident that not only was this a travesty but there was an incredible amount of people/companies/agencies who were either involved with it or they knew of it and looked the other way(or possibly threatened to look the other way).

 

[kuwlness]

"**October Analysis**

The initial run from the .10 level started on 9/2 (16 trading days before the Omnibus). We hit a high of .209 on 9/5. From there we retraced back to a low of .125.

Over the next 8 trading days or so we fought our way back up to the .15 - .16 range.

On 9/17 (6 trading days before Omnibus) we made a clean break over .20, and from there ran to .44 over 3 trading days.

Over the past 9 trading days we have sold off back to .20.

What we have seen here over the past 9 trading days is a magnified version of what happened after the first run. If you look at the chart you can see that people have simply been taking profits from the .20 - .44 run over this time period, in the same way they took them from .10 - .20 the first time.

The difference is that there was .20 worth of gains to sell through versus .10, so effectively almost double the time - which is just about right to where we are today.

We have two court hearings this month: 10/22, and 10/28.

10/22 is 14 trading days away (after today). Remember the initial run started 16 trading days from the 9/26 Omnibus.

So if this follows the same pattern, we could start moving north again today or Monday, have a little run, then retrace back to .20 - .22 or so.

Once we get near the 6 day timeframe from 10/22, that is when I believe you will start to see an even bigger move beginning. If we are based at .20 or higher we have the potential to break the .44 resistance level. There is going to be a lot of hype around that hearing, have no doubt.

The good news for this month is that we have an Omnibus right after that hearing. So the sell-off may not be as brutal, especially if the 4.4 Billion decision is in play.

We have a few wild cards possible:

- The Lehman ruling on 10/15, if that goes their way it will positively impact us. Negative ruling won't affect us, we'll be only 5 trading days from the 10/22 date.

- Judge Sleet. Could be negative, positive, or neutral. Meaning he could stop proceedings, or deny the appeal or do nothing. My bet is do nothing. In fact one of the hearings on this for him is 10/29... which is after the important dates for us.

- The SEC. I didn't like that article in the Post about halting BK stocks. Why I sleep at night is because they stated they need help from Congress. Good luck on that, lol. I believe it was simply more of a chest puffing because they can't explain why these stocks are running. We know the reason, but the SEC is a joke and won't even look into the actions presented by Mike in his article yesterday. Besides, they would have a hell of time halting a Chapter 11 company. Chapter 7 - maybe. Either way, I wouldn't mind staying under that radar until settlement.

- The media. I have no doubt these reporters calling this a zombie stock were told to spin it that way. If they looked into the 'real' story like Mike did, and had the balls to print it, they could win a Pulitzer someday. Right now, they would lose their jobs. If we run again be prepared for even worse articles about our stock.

- Settlement. Not going to happen until the 4.4 Billion is ruled on, and Discovery trial begins in my opinion. I agree with Mary's posts on Yahoo on this. But you just never know. Jamie could get a wild hair up his arse and just decide to end this. Highly doubtful, but could happen.

Again, 14 trading days until the 10/22 date. That ain't much folks. In regard to 3 day settlement of shares, thats about 4 cycles. Be careful if you are flipping here.

When I look at the chart from a macro viewpoint starting in March I still see an overall upward trend to $1+."


--Courtesy of Chiron on I-Hub

 

[brembo]

Thanks for that PM on iHub, kuwlness

 

[cashgrinder]

thanks for the reply kuwl. Do you have a copy of the article on halting stocks. Would like to read it. Not sure how they could do that as they label creditors who have a claim against potential money and there are still assets in the holding company.

I feel for several companies there is little use to a BK stock cause even when they come out they rarely dont cancel shares.

I feel very positive in WAMU and have been since day 1. I think they have an excellent case and the facts are clear for everyone to see. I am not as optomitic on Lehman but i understand why you are. I just feel that they have to many debt claims so there will not be money left. Some have estimated there claims over 100billion. How much could you expect from a settlement?

Keep us updated.. Are you still buying or sitting tight in your position. I was hoping we were going to get some more drop so that i could buy some more but am holding my current shares long and strong. No chance in selling when something could happen any day. There will be people who unload before an announcement in attempt to try and make a couple K and lose big time.

gl