And there went Lehman Bros

[Malhavok]

Filing Chpt 11 on the heals of Bear Sterns. Merrill lynch being bought out by BoA. Fannie/Freddie being nationalized. Happy times!

Who wants to bet WaMu is the next to flop or bet bought up. AIG looks like its sinking as well.

[Everto]

How come Mechanics Bank isn't dead?

Who really uses that anymore?

[Vanno]

Filing Chpt 11 on the heals of Bear Sterns. Merrill lynch being bought out by BoA. Fannie/Freddie being nationalized. Happy times!

Who wants to bet WaMu is the next to flop or bet bought up. AIG looks like its sinking as well.

I've always maintained that WaMu would be the first major retail bank to fail. With that said, there are some safe banks, like Wells Fargo and Wachovia. Buffet has made tons with Fargo in the past, and I'd be putting money into it now if I wasn't a broke ass myself.

[lafayette]

I already made a thread about this :p

[Delthayre]

I already made a thread about this :p

Yes, but your thread's title included the word, "lulz," and the sequence of letters, "plz." The title that Malhavok has used is vastly less assinine.

[lafayette]

Yes, but your thread's title included the word, "lulz," and the sequence of letters, "plz." The title that Malhavok has used is vastly less assinine.

Its not my fault, the failure of the US banking system just brings a smile to my face.

[Slypieguy]

I've always maintained that WaMu would be the first major retail bank to fail. With that said, there are some safe banks, like Wells Fargo and Wachovia. Buffet has made tons with Fargo in the past, and I'd be putting money into it now if I wasn't a broke ass myself.

BBT ftw

[Malhavok]

Yah, noticed you beat me to it. Learn art of less ambiguous titles imo. =D

[Protonix]

Yeah, Wamu is in trouble, AIG just asked for 40 mil bailout

at least bony mellon is going strong still.

[blemm]

Its not my fault, the failure of the US banking system just brings a smile to my face.

You can smile without having to sound like an illiterate, pre-teen loser.

[Goty]

So uh...

If I were to have an account with Wamu - would you say it's a good time to withdraw and move to another bank?

[Kusghuul]

Good thing I've got my monies with the RBS.

[Haldred]

So uh...

If I were to have an account with Wamu - would you say it's a good time to withdraw and move to another bank?

Yes put it in wachovia. Withdraw as much as possible within this week, and close your accounts. That is what I would do, BUT I ALREADY USE Wachovia

[Vanno]

So uh...

If I were to have an account with Wamu - would you say it's a good time to withdraw and move to another bank?

How much money are we talking? If you have more than 100k with one bank, you aren't very smart. Otherwise, FDIC should cover you.

Yes put it in wachovia. Withdraw as much as possible within this week, and close your accounts. That is what I would do, BUT I ALREADY USE Wachovia

Are we talking investments or deposits here? If deposits, I wouldn't worry about it.

[[LoD] EE]

I've always maintained that WaMu would be the first major retail bank to fail. With that said, there are some safe banks, like Wells Fargo and Wachovia. Buffet has made tons with Fargo in the past, and I'd be putting money into it now if I wasn't a broke ass myself.

Fuck Wachovia.
Fuck BoA too.

Both support La Raza and Illegal Immigration. On top of that, they are both crappy companies to deal with.

[Kusghuul]

I think it's capitalism collapsing!;p

[Vanno]

EE;1696024']Fuck Wachovia.
Fuck BoA too.

Both support La Raza and Illegal Immigration. On top of that, they are both crappy companies to deal with.

BoA I have heard of; I wasn't aware Wachovia had anything to do with La Raza.

[Goty]

How much money are we talking? If you have more than 100k with one bank, you aren't very smart. Otherwise, FDIC should cover you.





Pfft, haw haw haw!

We're talkin' less than a grand. That's about my entire fortune.

[Vanno]

Pfft, haw haw haw!

We're talkin' less than a grand. That's about my entire fortune.

Then don't sweat it.

[Slypieguy]

BBT ftw

Worth quoting considering today's action :)

[[LoD] EE]

BoA I have heard of; I wasn't aware Wachovia had anything to do with La Raza.

Wachovia: Banking on open borders
By Michelle Malkin • June 13, 2008 11:11 AM

Last year, I told you about Bank Of America’s special credit line for illegal aliens. The banking industry’s collusion in the illegal alien matricula consular trade has also been covered here at length, as has the illegal alien home loan racket. Most recently, I reported on the La Raza/mortgage boondoggle and how open borders has contributed to the subprime mess.

Now comes word that Wachovia is forking over more than $16 million to the rule of law-undermining, pro-illegal immigration-promoting National Council of La Raza/The Race:

The Wachovia Foundation will provide $16.25 million to help economic development in Latino communities in the United States.

The foundation has formed a partnership with the National Council of La Raza. The bank will provide $5 million in grants over five years for counseling in homeownership and community-development efforts.

Wachovia also will provide $1.25 million over five years to sponsor La Raza events and a $10 million loan to fund growth for Raza Development Fund’s lending activities.

“Wachovia’s investment in NCLR will allow us to expand the successful programs we have developed with our nearly 300 community-based affiliates who every day strengthen America by promoting the advancement of Latino communities,” says Janet Murguia, president and chief executive of NCLR.

The money will also help fund public La Raza-sponsored charter schools like the ethnic supremacist Mecha madrassas and Aztlan academies I’ve reported on previously.

Looks like Wachovia’s banking on open borders to halt its decline (stock’s down 38 percent, the company’s in disarray, and investors are suing).

[pyrow]

thank god i sold my shares for 40 billion dollars

[Lacker]

I think it's capitalism collapsing!;p

Capitalism IS letting bad companies die. It's the only way to purge the market and keep it from happening again. What we had for decades is this pandering bailout government backed BULLSHIT which did nothing but encourage banks to leverage themselves to DEATH.

The good news all the suckers are gone. many banks are going down(Commercial included!), and anyone who wanted to save them are gone. The FDIC either has no money or will be very soon.(And have to ask congress for MORE.)

Remember the first 6 months back? Bear Sterns? Where the lying cocksuckers WENT TO CONGRESS and stated what happened was a "once in a lifetime" liquidity run? LEHMAN HAS THE EXACT SAME BUSINESS MODEL. Levered up to an amount they couldn't possibly operate on. All the while singing they're fine.

We've had anything BUT capitalism in wall st for years.

[Slypieguy]

http://cramergeddon.ytmnd.com/

[kordoyn]

Capitalism IS letting bad companies die. It's the only way to purge the market and keep it from happening again. What we had for decades is this pandering bailout government backed BULLSHIT which did nothing but encourage banks to leverage themselves to DEATH.

...

We've had anything BUT capitalism in wall st for years.

This.

[Lacker]

Does anyone want to know why these banks don't want the real value of the assets and liabilities marked down? And use every semi-legal Enron-accounting loophole known to man?

Lehman Lists Debts Of $613 Billion In Chapter 11 Filing Monday

With hundreds of billions being totally unsecured. Oh man, it keeps getting BETTER.

[Vanno]

Wow, this day might actually end up a net positive. Maybe people are realizing creative destruction works.

[Carl Ragadamn]

I still am kicking myself for not buying Goldman sachs the day bear sterns fell. On the brightside buying more GM stock has not been to bad for me.

[Slypieguy]

Wow, this day might actually end up a net positive. Maybe people are realizing creative destruction works.

Wait until they announce a bailout of AIG in a few minutes :p

[Vanno]

Wait until they announce a bailout of AIG in a few minutes :p

Jesus, you got that right. It was down like 150 when I went to bed, and is now down 500+

[Slypieguy]

Jesus, you got that right. It was down like 150 when I went to bed, and is now down 500+

well my portfolio took a nice 10% hit, but at least i was successful so far in my options trading

[Malhavok]

Down 500 points, WaMu down -26% and in the last 45 minutes fell farther to -36% after closing. AIG Down 50%. BAC (BoA) down 26%. Wachovia down 25%.

Fucking awesome, and the great thing is it's not just financials. Financials, basic materials, and energy as an industry are down 6% on the day. Coal looks like it took a huge hit. Fun times. Down <1% today :ohno:

[Slypieguy]

My two biggest holdings which are in no way connected to the financials were both down 10% today... fucking lamesauce

[Malhavok]

My two biggest holdings which are in no way connected to the financials were both down 10% today... fucking lamesauce

I had a put come into the money, otherwise I'd be down much worse than I am.

[Slypieguy]

I had a put come into the money, otherwise I'd be down much worse than I am.

My options have done well, unfortunately i've only used pocket change on them and my real money is long in some bad stocks :\ Well, not LEH/AIG bad, but still pretty bad

[Jangang]

Filing Chpt 11 on the heals of Bear Sterns. Merrill lynch being bought out by BoA. Fannie/Freddie being nationalized. Happy times!

Who wants to bet WaMu is the next to flop or bet bought up. AIG looks like its sinking as well.

I hope not LOL, I don't want to deal w/ the hassle of switching banks, and getting my money out! I use Wamu and have been very happy w/ them as a bank for years now.

[Malhavok]

Not so bad, most of what I have invested I am not managing and it's down 10% in the last 3 months. What I am managing is up about 5% over the same period, but honestly that's mostly been luck. I've had a few lucky short-term picks that have done well, all my longer term stuff is down pretty bad.

Use the market limit stops! I got stopped out of Wachovia twice. The last stop out was a week ago and saved me. If I hadn't been a greedy shmuck and sold when it went up more than 25% in a month I'd have been sitting on pretty good. The more I do this the more I find myself systematically obeying the 25% upside and 10% downside stops. I'm more of an active in and out short-term investor though. The trick with doing that is not to systematically buy losers and get lose 10-12% too frequently which is easier said than done. Just don't be afraid to leave your money sitting in a high yield savings account for a few weeks or months at a time and short term investing becomes much less of a drunken dart toss. If there isn't anything that looks good technically and fundamentally stay the hell out. Latest example was FNM. The technicals looked good, but the fundamentals did not. Sure, I could have made my 25% in two days but I would have been shooting darts.

[Slypieguy]

Not so bad, most of what I have invested I am not managing and it's down 10% in the last 3 months. What I am managing is up about 5% over the same period, but honestly that's mostly been luck. I've had a few lucky short-term picks that have done well, all my longer term stuff is down pretty bad.

Use the market limit stops! I got stopped out of Wachovia twice. The last stop out was a week ago and saved me. If I hadn't been a greedy shmuck and sold when it went up more than 25% in a month I'd have been sitting on pretty good. The more I do this the more I find myself systematically obeying the 25% upside and 10% downside stops.

My situation is beyond stops, lol. I'm down enough that it makes no sense whatsoever to sell. The main culprit is AMD. It really can't go much lower unless the company starts to fail, their upcoming line is promising, and a lot of analysts have turned bullish on it. I just can't take a huge loss in that situation as I think it's much more likely to ride back up around the 10 dollar range in the long run than to go much lower.

[Malhavok]

I hope not LOL, I don't want to deal w/ the hassle of switching banks, and getting my money out! I use Wamu and have been very happy w/ them as a bank for years now.

Haha, I had an interview with WaMu and lost the job because they asked about my awareness of industry trends if I had any concerns. In hindsight the whole bank run and you shutting your doors leaving me unemployed probably wasn't the best response. Even if I only kept the job 2-3 months it would have been good experience. I don't know that I would have got the job if I had engaged brain tact on that question... I do know my answer was the end of my consideration though.

[Malhavok]

My situation is beyond stops, lol. I'm down enough that it makes no sense whatsoever to sell. The main culprit is AMD. It really can't go much lower unless the company starts to fail, their upcoming line is promising, and a lot of analysts have turned bullish on it. I just can't take a huge loss in that situation as I think it's much more likely to ride back up around the 10 dollar range in the long run than to go much lower.
I bailed on AMD last year, down about 50%. Bought it ~$20 and finally sold after it sat at $10 for months. Glad I finally cut my losses, i'd be down 75% today if I hadn't.

I definitely feel you there though. When you lose that much you feel you're committed. Just remember, it's a sunk cost. Don't let the amount you've lost or gained affect your decision to hold or not. Disregard the lost money and look at the other parts of the picture. In the case of AMD I'm looking at getting back in again. The product lineup is improving, but I need to do the research to see if the improved product translates to improved business operations or not. Honestly, AMDs problem at this point is product perception imo. AMD built its reputation on product superiority. It took years of beating Intel at the performance/$ game to get AMD to where it is. The 4800 series ATI card is the first product to re-establish AMDs prescence.

Now it's just a question of how quickly AMD will re-establish its industry position. The first step is a processor that shakes things up like the 4800 did. The second question is how the industry will react. Most companies now have IT established into their business models. This isn't the 80's-2000. IT isn't the segment of business that no one except IT understands that operates largely unsupervised. Some companies have CTOs that are highly knowledgeable, but most are MBAs. They're much more likely to play conservatively and spend the bucks on the tried and true even if it is more expensive. Tried and true is Intel.

AMD just has not done well in the conservative market whether it be retail or corporate. The majority of consumers are just willing to pay more for Intel's brand recognition and I don't see a way around that. Launching an ad campaign to undermine Intel's brand power seems pretty futile. Which pretty much leaves AMD to where its at - making components for Cisco because they're willing to do it for less than Intel. My real question is how willing IT is to adopt AMD technology. Since I don't work in the field I don't really know. For a few years there AMD had some very hot non-consumer stuff that helped break it into IT which Intel had monopolized. I don't know how succesful they were in getting their foot in that door and I think that's really what will turn AMD around. There just aren't enough enthusiasts (which is the only part of the market I have a solid understand of) to really turn AMD around.

[Slypieguy]

I bailed on AMD last year, down about 50%. Bought it ~$20 and finally sold after it sat at $10 for months. Glad I finally cut my losses, i'd be down 75% today if I hadn't.

I definitely feel you there though. When you lose that much you feel you're committed. Just remember, it's a sunk cost. Don't let the amount you've lost or gained affect your decision to hold or not. Disregard the lost money and look at the other parts of the picture. In the case of AMD I'm looking at getting back in again. The product lineup is improving, but I need to do the research to see if the improved product translates to improved business operations or not. Honestly, AMDs problem at this point is product perception imo. AMD built its reputation on product superiority. It took years of beating Intel at the performance/$ game to get AMD to where it is. The 4800 series ATI card is the first product to re-establish AMDs prescence.

Now it's just a question of how quickly AMD will re-establish its industry position. The first step is a processor that shakes things up like the 4800 did. The second question is how the industry will react. Most companies now have IT established into their business models. This isn't the 80's-2000. IT isn't the segment of business that no one except IT understands that operates largely unsupervised. Some companies have CTOs that are highly knowledgeable, but most are MBAs. They're much more likely to play conservatively and spend the bucks on the tried and true even if it is more expensive. Tried and true is Intel.

AMD just has not done well in the conservative market whether it be retail or corporate. The majority of consumers are just willing to pay more for Intel's brand recognition and I don't see a way around that. Launching an ad campaign to undermine Intel's brand power seems pretty futile. Which pretty much leaves AMD to where its at - making components for Cisco because they're willing to do it for less than Intel. My real question is how willing IT is to adopt AMD technology. Since I don't work in the field I don't really know. For a few years there AMD had some very hot non-consumer stuff that helped break it into IT which Intel had monopolized. I don't know how succesful they were in getting their foot in that door and I think that's really what will turn AMD around. There just aren't enough enthusiasts (which is the only part of the market I have a solid understand of) to really turn AMD around.

Well they also got rid of Ruiz (from CEO position at least), so management could improve as well. The ATI acquisition has been mostly an albatross until recently. Then there is the huge new facility that's supposed to open (in '09 I think). It just looks like it has all the signs of a turnaround waiting to happen. Or maybe that's just wishful thinking from a guy who has been pummeled.

[Lacker]

Down 500 points, WaMu down -26% and in the last 45 minutes fell farther to -36% after closing. AIG Down 50%. BAC (BoA) down 26%. Wachovia down 25%.

Fucking awesome, and the great thing is it's not just financials. Financials, basic materials, and energy as an industry are down 6% on the day. Coal looks like it took a huge hit. Fun times. Down <1% today :ohno:

People are waking up out of the dream that we're not in a recession, and that it isn't getting worse. Only Bush gets to be in LaLa land folks, we have to live in it.

On another note, at the end of last year we had top 5 major investment banks driving capital and development in this country. Does anyone want to guess what were down too? I'll give you a hint: It's between 1 and 3. Whoever survives this mess is going to have a monopoly on investment banking.

[Slypieguy]

Whoever survives this mess is going to have a monopoly on investment banking.

Goldman ftw! Earnings tomorrow, we'll see

[Protonix]

It was not a fun day in corporate banking. fyi.

Though Lehmann bros were still borrowing as of 600 today, not quite sure why though.

[Lindorn]

My situation is beyond stops, lol. I'm down enough that it makes no sense whatsoever to sell. The main culprit is AMD. It really can't go much lower unless the company starts to fail, their upcoming line is promising, and a lot of analysts have turned bullish on it. I just can't take a huge loss in that situation as I think it's much more likely to ride back up around the 10 dollar range in the long run than to go much lower.

Dude I spent abou 2 months studying AMD's financials and it isn't looking good man. You are talkin about a 3 year decline now that, to bet on a sudden upturn, is really risky. Even if their finances improve a bit...will it really outweigh the risk of the company going belly up with how things are going? I mean you are a bit safer with a European company here...but I don't know. Intel basically has had their balls in a vice grip since the core 2 duo came out and I'm not seeing that change any time soon. Intel has done nothing but grow and shit dividends and I think only just recently has the slowing economy caught up with it.

Don't take anything I say as investment advice because I'm a novice plain and simple. But I think if you are doing options and commodities you are on a much better track. The conventional wisdom is precisely the opposite of what it was 10-15 years ago from what I can see. We all grew up being told commodities were too risky and that stocks were the sure investment. I don't think that's the case anymore. I honestly believe commodities are the best way for an intelligent individual to actually take advantage of our current situation.