jack matalka

Banking Sector: Band-Aids Just Won't Do It

FDIC sued by Washington Mutual Inc. The holding enterprise of WMB that operated WAMU bank.The wrongful conveyance suit was filed on 3/20/2009 seeking relief of approximately 17 Billion dollars for their share holders. The suit was filed within the mandated 60 days wherein the FDIC declined a claim filed by WMI Inc.

Banking Sector: Band-Aids Just Won't Do It

MW actually pocketed 9.64 dollars a share in profits this past quarter.
due to a one time writeof which is not really a write of Just changing the location of the cash from one account to another account for the incase arguement. The incase argument says that if we have to write of the bad loans we can do it without having to spend any money to write off the loans. Which again means we can juggle the accounts. Which means we'll be able to foreclose and turn the forclosed property to our sell dept which will sell it at a profit/loss and recover most of our money through the sale and later show big profits since the whole thing was written off earlier and now the new money is all profits. Okay what does all mean. It means that soon they will run out of bad loans to foreclose on and
the people who stayed with the stock all 85%(institutions) will end up laughing all the way to the bank(WM) to deposit their big huge profits. While the cry babies will cry all the way to sleep. The shorts whether naked or dressed will recover some of their capitol but not all since there isn't enough shares to buy back out there.

What Pushed the SEC to Tighten the Rules - Now?

Short borrowing and trading is okay for me so long as the borrowing is approved by the owner of the stock being borrowed. The rules today allows for the market maker/brokers to assume that they can borrow the stock and short it as many times as they wish without approval from the owner. I like to see explicit written agreement indicating that the owner allows this to happen. Maybe actually paying the owner for use of his stock in that fashion.

What Pushed the SEC to Tighten the Rules - Now?

SEC Naked Shorts(NK) rules prohibit shorting unless there is an uptick in stock being gang raped by hedge funds. The uptick suggests buy activity of this same stock. Meaning the NKs must cover there NK positions since the underlying borrowed stock no longer existed (changed owner) at their broker/bank market maker. If this is not happening (can be easily verified by SEC investigators), and the NKs are benefiting from both end of the trades, Then a conspiracy to defraud is in the making as well as a breach of inside trading rules. Lets put an end to this activity by finding the perpetrators and show them no mercy.