Die-hard investors of the beleaguered bank are fighting hard to keep Washington Mutual out of the pockets of greedy short sellers.
Short sellers are notorious for artificially driving down stock prices of otherwise healthy companies — or at least companies that have a fighting chance to pull out of murky waters.
The downfall of financial firms including AIG, Lehman Brothers, Merrill Lynch, including the downward pressure on WaMu and Morgan Stanley are widely beleived to have been at the mercy of unscrupulous short sellers.
Short selling has gotten so out of hand that the SEC has amped up efforts to curb market manipulation.
Jv at Marketing, Finance and Obama says “The idea is that if enough people do this, short selling will be limited, and share price will increase. Of course, it’s also just nice to be part of the effort, which I am. Go WaMu!!”
“WaMu stockholders are taking their shares off the market by placing ‘Good Until Canceled’ sell orders on the shares they own, at prices considered to be unattainable. With these orders place, the shares are not eligible to be shorted.”
Two ways to help Wamu!
Put in a GTC order to fight shorts:
1. put in a sell order
2. make it a limit order, not market order
3. set the price at $7.50 +
4. set expiration as GTC (Good Til Canceled), and leave the expiration
date blank.
OR
Help Wamu, Open a Free Checking Account With only $1
Your deposit is FDIC insured up to 100,000$
If you aren’t an investor — you can help Wamu simply by opening a free checking account. More accounts at Wamu give big firm investors more faith; they will throw their money at if we do too. $1 is all it takes. No she aint a starving child in Africa but she is a bank worth saving:
Find out more about what investors of WM are talking about
Google Finance Boards for Wamu
Update:
So far investors have amassed nearly 2 million shares (approximate) from tallies on Yahoo and Google Finance Boards.
Plus some traction at Digg
Being that 11% of the stock is owned by individual investors not sure how much of an impact this is gonna have but hey it’s great to see people together – share ideas – learn a thing or two.
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Hey Millionster,
Just wanted to touch base quickly. I noticed that you haven’t had a chance to write much recently. Any chance you’d be interested in selling?
Feel free to drop me a note: dinksfinanceblog@yahoo.com
Hope all is well.
Thanks,
James