finance.google.com — This small group of investors is trying to save Wamu from the evil shorters that want to profit from bankrupting a large company. If it does go bankrupt it could cause a serious ripple through our entire economy. But the shorters dont care they just want money now. Put a GTC order on your wamu longs so that shorters cant use it.
Sep 18, 2008 View in Crawl 4
speakinglishSep 18, 2008
Putting a GTC on all my stocks at 50% more than cost basis :)
cyberdorkSep 18, 2008
Try, 0.1%
derelictionSep 18, 2008
I realize that you all think you're doing a good thing here, but frankly, you're not. Put simply, WaMu is in this situation because of deficiencies in the market place (including their own particular position within it). While you may be able to claim a victory against short sellers in the very short term, you are not more powerful than the will of the marketplace itself. It WILL provide a counter-balance to this whole mess, even if it isn't with WaMu so directly. Make no mistake, someone will pay to make up the discrepancy that you all are temporarily protecting. It will happen and your actions may in fact be contributing to a worsened state, not a plausibly better one. Consider that, in fact, the short sellers are the ones generating more good than you. How so? Permit me to quote Adam Smith, "By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."Disagree? How great is your self-interest here? What is it you are really promoting here? Are you more fit to benefit by your actions against the short sellers than the short sellers to their own, unhampered? You are actually working toward a result contrary to the one you desire if WaMu is not within your own personal and direct self-interest (which for some behind this, I suspect this may be the exact fact--bravo on you for manipulating the emotions of so many whose interest is not, or at least was not, aligned in the same way).
speakinglishSep 19, 2008
Yeah but not everyone has bought, those who haven't can buy, and those who have can buy more.
coustoeSep 19, 2008
SEC has stopped shorting already so doesn't make a difference now