Yeah, I knew as soon as they mentioned there would be a Senate probe that it wouldn't turn out well for WAMU. I used to be a Loan Officer for a subprime mortgage broker here in Seattle. One of the lenders we worked with was Long Beach Mortgage, which is the sub-prime wing of WAMU. I don't know about the bigwigs in that company, but I can tell you the AE I had the "pleasure" of working with was the shadiest of any of the AEs that came into the office. He would try to "poach" loans from me, meaning that even after I told him I had a loan secured with another lender, he would try to get the loan from me by any means possible. He even offered me cash out of his pocket a few times. This was only one guy within their company, but he was supposedly the best AE they had and he had been working for them for something like 15 years. I have to think they knew how sleazy he was but probably didn't care as long as he made sales for them.
Having said all this, I don't know if it will have any effect on the PPS. My guess is that there will be some people bail out after the negative press, but I doubt it would spell an end to WAMU's case or anything like that. Just a guess though...
So interesting how the media is now just starting to pay attention to WaMu. Lets see, the FDIC took WaMu back in September of '08 yet they decide to put out some silly articles about Fraud now, over a year and a half later.
Ehhh, something smells fishy to me. Certainly seems any negativity directed towards WaMu is just to get the big boys a lower entry point. JMO. I dont think any negative articles can really affect WaMu much at this point.
I dont know what this is about, maybe the Directors on trial or something, but just saw this link ... might be worth checking out:
Watch hearing Live >>>> click on watch live
http://hsgac.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=d16e2709-2e60-4b1e-9255-37a40aefdc13
Watch hearing Live >>>> click on watch live
http://hsgac.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=d16e2709-2e60-4b1e-9255-37a40aefdc13
Yeah, seems like the last few hearings wouldve been better conducted on the phone rather than in court. What a waste of tax-payers' money, lol.
Anyway, i've been moving most of my money into the WAMKQs as I just dont see the UQs getting much.
UQs are a great trading vehicle and could move significantly on any good news, but I think people are better off owning the KQs. JMO
Lol, yeah but that guy isnt the smartest imo ... I still like the UQs and will likely keep close to 25-33% of my WaMu position in 'em, but i like the higher probablility of the preferreds getting paid, so i'm steering more towards the KQs for the time being. UQs have the most up-side potential, though.
Ya'll should have listened when I said TEN was at $6... sittin at $26 now baby. But of course I'm the dumbass that sold at $16 hahaaaaa. Can't find an entry point anymore.
I haven't really being following the case too closely, but I would bet dollars to donuts (mmmmm donuts!) that Rosen will go for another stall tactic/curveball tomorrow. My guess is that he brings up something about the POR being amended or some other cock and bull story to block the appointment of the Examiner being ruled on. Also, the PPS dropping again today leads me to believe that nothing of consequence will happen tomorrow.
What do you guys think?
What do you guys think?
i am sure at some point there will be a scam come out about rosen and some fellow people manipulating this stock. always funny how huge jumps in PPS happen before actual news comes out. Who is doing all teh buying when there is no new news? How is this information getting to the hands of people buying. It is not random when it has happened about 4-5 times. It is like his friends know what is going to happen in advance and start accumulating and dumping. maybe he is not associated with this but someone with major ties in the case is crooked.
go wamuq, go wamkq
go wamuq, go wamkq
Chiron on i-hub wrote this earlier and I completely agree with her analysis:
"I am beginning to see Walrath's plan here. Let the EC conduct discovery, and the only way they can be stopped is if an offer is made to them. At first I thought this was bad news today, however, I think that once again Walrath has outsmarted the fox. Had we received an examiner we would have an independent analysis conducted that could take 150 days - 5 months!!!
So she denies it, gives the EC full powers to conduct discovery, and tells the other parties to play nice or else. Now Susman can dig deep and there is nothing from stopping this information from coming to light - except a offer to equity."
This is all about Discovery, always has been imo ... with Discovery, the real fun begins. And now we have the EC in charge rather than some garbage court-appointed examine. I hope to add more on any weakness tomorrow, got some KQs at .70 earlier, lol.
"I am beginning to see Walrath's plan here. Let the EC conduct discovery, and the only way they can be stopped is if an offer is made to them. At first I thought this was bad news today, however, I think that once again Walrath has outsmarted the fox. Had we received an examiner we would have an independent analysis conducted that could take 150 days - 5 months!!!
So she denies it, gives the EC full powers to conduct discovery, and tells the other parties to play nice or else. Now Susman can dig deep and there is nothing from stopping this information from coming to light - except a offer to equity."
This is all about Discovery, always has been imo ... with Discovery, the real fun begins. And now we have the EC in charge rather than some garbage court-appointed examine. I hope to add more on any weakness tomorrow, got some KQs at .70 earlier, lol.
Here's the problem I have with statements like that one... everyone and their mother was rooting for the Examiner to be approved. I saw a lot of "this will be the nail in JPM's coffin" kind of talk, and I also saw some "this is probably make or break for us, if we don't get this we're probably done" talk. My point being, leading up to the hearing I didn't see ONE person say they didn't want the Examiner to be allowed. But then when the judgment comes down and the Examiner is NOT allowed, all of the sudden the people who wanted it so bad are now saying it's a GOOD thing the Examiner wasn't allowed??? Come on. It reeks of desperation to me. If it's such a win for WAMU that the Examiner wasn't granted, why did they waste their and the courts time trying to get one in the first place?
And this isn't the first time. Pretty much anytime something doesn't go the way of the EC, the people who post on the message boards usually have a ready-made excuse for why it's actually a good thing they didn't get what they were initially hoping for.
Don't get me wrong, I'm not saying this person couldn't be right. I'm just saying it could very well be somebody trying to convince themselves that the ruling isn't as bad as they thought. I went to Ihub for about 5 minutes today after the ruling because I was curious to see the responses, and most of them were similar to this. They were of the "this is actually what we wanted all along" variety, even though nobody was saying that PRIOR to the hearing.
Also, I don't know why people are making a big deal out of the 5 months. Sure it's a big delay, but do people think this case will be wrapped up in the next 5 months? Not much progress in the first 19, so I think it's unlikely that everything gets taken care of in the next 5, but I could be wrong.
Just my .02. I hope for everyone's sake this person is right, but I for one am skeptical.
