Tuesday, September 20, 2011

My Wall Street experience

Among the myriad of pieces of mail received here at the FTI compound are the usual anonymous hate letters, mistaken notices of pending eviction, solicitations/testimonials for curing male pattern baldness, and the like. One interesting piece did come through yesterday that is an actual godsend.

Nearly 10 years ago, I took a small position in  some Washington Mutual stock and sold it a couple of years later resulting in a small profit.  Thinking that my stock picking prowess was better than most, I decided a bit later to get back in and bought 200 shares to make some more money off of this "winner".   Previously priced in the high $40 range, I got in at a mere $2 a share, this thing is going to go up!   Of course, this decision was made in September of 2008, a mere month before the total collapse and forced insolvency of Washington Mutual.   It was highly speculative and I knew it.  I got greedy and gambled and lost.  Game over.

Now, yesterday, I receive 30 pages of small print explanation explaining that I am eligible for some compensation due to a class action lawsuit that was filed alleging fraud and mismanagement.  Thinking that, by golly, I might recover some of my lost  $800+  investment, I started to wade through all of the gibberish.  Buried deep in the middle of the brochure was the statement that at this time no one knows what the participation rate of past losers investors will be, but, I could probably expect to recover $ .07 a share. $ .07 measly cents!  Immediately springing into action based on my longtime observation of our resident stock picker and investment guru, Dickey the Peap, I  realized that this $14 windfall was simply free money waiting to be claimed and I would be foolish to simply ignore this opportunity to cash in.  I have dutifully filled out all of the necessary paperwork and am scheduled to mail it this morning.

My confusion over this incident stems from the fact that we here at FTI had, in fact, been discussing issuing our own IPO to raise additional capital.  With our pending $14 cash infusion slated to arrive anywhere within the next 12-14 months, I have developed a budget that should negate our need to go  public.    No public oversight, no unnecessary SEC regulations, no mad shareholders.  Just the same bunch of idiots.

The liquidation sale beings next Tuesday.

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