right? amazing. I thought it would at least stabilize out a little bit and trickle down...but it broke 20 in one day (down 4.50 at this posting to 19.96) Looks like this one may go American-style soon (and that bad boy's at a paltry $0.22)...maybe many learned their lesson off of that. Of course this also doesn't help at 2:45 released: "Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Countrywide Financial Corp. ("Countrywide Financial" or the "Company") (NYSE: CFC) between October 24, 2006 and August 9, 2007, inclusive (the "Class Period"). The complaint alleges that during the Class Period the Company violated federal securities laws by issuing various materially false and misleading statements that had the effect of artificially inflating the market price of the Company's securities and causing Class members to overpay for the securities. "
Mozillois going to do the perp walk. What a scam propping up CFC while dumping shares. GUILTY AS CHARGED! effy's how's your man crush on mozillo doing these days? Still hot for Mozillo and CFC long?
If they do go BK, this is going to cause a major shit storm in this area; I am not saying I am a fan, but they are supposed to be muscle in this area. This would expose how weak the banks really are and the ride down for the market will be fast and furious. Agree on Mozillo, major share dumping and so typical.
But he's retiring...lol. Thats his out. Guess my friend that works there will lose his job if they continue shitting the bed. God damn predator lenders...
Yes, I took a small loss on those. I was also short this 3-4 months ago at $38 and change and got shaken out on that damn ML buyout rumor. Think it actually went over $40 a few days later. Felt good getting out. Guess I should have doubled up at that point. I know I would have covered mid-30's when it was bouncing around. I have no action on it presently. I think everyone is on the short wagon on this now.
Bottom fishing in a hysterical selloff... Is the DUMBEST move you can make. It's ONLY for very well-connected, experienced Pros. This is like the 2002 Energy Sector selloff... A lot of "quality" companies will be $0.10 to $0.20 on the dollar before it's over. No one really knows how to evaluate... Newly invented sub-prime "loan obligations". One can make a killing in this market... But NOT by making directional bets.
Now I wish I held this thing after it started going up to $28.00. Oh well, held waaaaaay too many puts to hold it up to $28