Adios & thanks for ALL!

Nords said:
If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
Click to expand...

How about staying but lurking for a long time, and only occasionally speaking up. Is that allowed? :flowers:
 
VA - I wish you the best of luck. Please do visit from time to time, you are a class act in my book.
 
I'm in a very similar leaky boat - inherited 9000 shares of a regional bank in 2000. I then proceeeded to pay off my house, my car, stash some cash away. I stopped working in 2003. On Friday, my bank stock was down to $4/share and the divided was cut to .01. I'm going back to work.
 
While I hadn't retired yet, my UBS shares have pretty much guaranteed that I won't unless that situation reverses sometime. I'll tell you this, though, if UBS ever sees $20 a sh again, I'm out. Why I ever rode the price down this low I will never know. Good luck VA Coll, and check in when you can.
 
You've already beaten yourself up about not diversifying and I hope you learn from it. I am also a "proud" BAC shareholder. I bought Barnett Bank back in the early 90's. It was acquired and then the acquirer was acquired by BAC. I started with $13,000 and it grew into quite a pile by the late 90's. I gifted stock to my two oldest children and it pretty much paid for both of them through Texas A&M. My remaining 300 shares are now down to less than $2,000. It's my only individual stock and it now serves as a great reminder why I only have index mutual funds for the rest of my equities. I also used to own Enron.

Why do I tell you this? I thought about buying a bunch of BAC over a year ago because of the great dividend. I considered it almost a fixed income equivalent but in a thread I started to see what people here thought I got talked out of it -- fortunately. There but for the grace of God.......

Now, if you were a newbie and said "I have $75,000 and it's all in one stock" what kind of feedback would you expect? I truly believe that it's possible for BAC to come roaring back once the mess gets worked through. Unfortunately, it's only "possible." You get to decide now if you gamble with one beaten down stock or get diversified with the pathetic remains you are left with. :(


Here's something for you to consider.

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Bank of America Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 23, 2009 Lead Plaintiff Deadline
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12:53 AM ET 1/24/09 | Market Wire
RELATED QUOTES
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4:01 PM ET 1/23/09SymbolLast% Chg
BAC

6.249.28%Real time quote.



Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of certain investors in Bank of America Corporation ("Bank of America" or the "Company") (NYSE: BAC). The action has been brought on behalf of all Bank of America shareholders who held shares as of the record date of October 10, 2008 and were entitled to vote with respect to the acquisition of Merrill Lynch & Co., Inc. ("Merrill Lynch") by Bank of America at a December 5, 2008 special meeting of Bank of America shareholders and were damaged thereby, and on behalf of all persons who purchased or otherwise acquired the securities of Bank of America in the period from January 2, 2009 through January 20, 2009 (the "Class Period").
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 23, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period the true financial condition of Merrill Lynch, a company acquired by Bank of America. According to the complaint, beginning on January 16, 2009, after the Company revealed the true extent of the deterioration of Merrill's financial condition, as evidenced by Merrill Lynch's $15 billion fourth quarter loss, the value of Bank of America's stock declined significantly.
If you have suffered a net loss for all transactions in Bank of America Corporation securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Baltimore, Maryland 410/986-0036 Email Contact
SOURCE: Brower Piven, A Professional Corporation
Marketwire - Contact Form
Click to expand...
 
Nords said:
If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
Click to expand...

I understand your point but respectfully don't agree. I can think of some who left and came back with great contributions and some I wish would return.
 

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9.21 today - here's hoping VACollector held tight and BofA keeps climbing back! (sez the guy who bought at 33, 25, and 23).
 
Today was a fabulous day to own bank stocks. The green was just popping of the screen :)
 
Geech, a Real Bummer! Sounds like my CPA Guy at the Firm I use..He was sitting in fat city, working just PT. these last 5 yrs and lost over 65% of his Savings..and using a Clients Investment firm Service no less! He Owned all the Big stocks..you name them from AIG to BAC, GE and GM and GMC and he was diversified! Into their Bonds as well as their stocks! LOL

I feel bad for you and eventhough Loosing about -21% of my Investment $ on paper, I still have a couple of Yrs left of Cash to pay my bills with my SS.and hopefully things will get back to 07's #'s at least by then..

FYI? My Retired CPA Uncle.. Moved from Illinois, to Nevada, After he & My aunt spent Yrs 03-06', Building Houses and selling them for a Hobby? He was asked to come in and Be the head Audit or for a Indian Res. Casino to clean it up in late 06' and it was just going to be a year or 2 Job? He like it so much, he's Still Doing it! And my Aunt is also Working for them... Moral? If you have a Good, Honest Reputation? You should have no problem getting something in your Field and maybe even More Interesting this time around.. Then banking Industry is Starving for Such People...

Best of Luck..! But, I doubt you will need it.. Odds are in a Few Yrs, you will be back on top again..You can't keep a Good, Honest and successfull man down.. Like Cream in Milk, always rises to the Top..
 
Today was a great day for the banks and I'm feeling a little bit better about things. After 6 years out of the workforce and applying for one job that I heard was later "cancelled", I have since tightened my belt like crazy and am just hanging on. I'm down about 70%. But today I'm up about 10%. Maybe I'll make it and maybe I won't.
 
Sparky said:
I'm in a very similar leaky boat - inherited 9000 shares of a regional bank in 2000. I then proceeeded to pay off my house, my car, stash some cash away. I stopped working in 2003. On Friday, my bank stock was down to $4/share and the divided was cut to .01. I'm going back to work.
Click to expand...

I'm not back to work, so far. Have cut back like crazy. We'll see what happens...
 
I like the way this community pulls together and with heart felt comments and some wise humor support the people hurting. I am also in Virginia and can stay FIRE but I will say you have your health and family and that is wonderful. I wish you well and maybe a wonderful adventure or some new talent will be shown to be true in you that you did not know about.
 
Very sorry to hear about your loss, from a fellow Virginian. As others have said, it's good you still have your sense of humor, and health is the most important factor, one that we don't have full control over.

FWIW, I made and lost small fortunes in the 90s with dot coms and options, and both times had to push back my RE. But I came back from both losses, not to regain what I had, but to make enough that I could once again plan retirement, even if not as early.

Best of luck in whatever paths you choose to follow.
 
For those of you posting "goodbye and best wishes" to VA Collector, please note he posted his departing message in January and hasn't been heard from since.

That said, there is certainly nothing wrong with laying a verbal wreath on the grave of a sad victim of lack of diversification.
 
REWahoo said:
For those of you posting "goodbye and best wishes" to VA Collector, please note he posted his departing message in January and hasn't been heard from since.
Click to expand...

Well, remember this big chunk of empathy?
If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
Click to expand...
 
haha said:
Well, remember this big chunk of empathy?
Click to expand...

C'mon Senor Crusty Ha - it's his many years of undersea training. Revolving doors in a sub = not such a good idea. Step outside and slam the door when 750 feet down and you ain't coming back. For whatever reason he seems to feel strongly about it, but surely others can practice the mantra, "you ain't the boss of me". I just remembered the thread and poster and hoped he was doing better.
 
Hmmm - best wishes and good luck to those that are moving on.

I'm struggling with the recent thought - that after Easter, the local guru says it's safe to get out in the yard and garden and plant.

So throttle back - get outside and do something useful! Naw - now that I have perfected the art of vaporous, no useful information or social redeeming quality posts - I feel a moral obligation(to myself) to earn my Curmudgeon certificate and keep - I know it's not a competion post count up(10th) - :D.

16th year of ER - and Social Security says given my birth year - this summer I pass into official olde phartness.

Now that I graduate this year - where do I order the ER grad ring and pick up the diploma?

Hmmmmm.

heh heh heh - :greetings10: To post or nor not to post that is the question. Whether it is nobler to ------.
 
Nords said:
If you're gonna stay, then stay. If you're gonna leave, then say goodbye and leave. No revolving doors.
Click to expand...

I guess Jesus didn't take that advice too seriously...

:angel:
 
"... Mr. Herod, I knew Mr. Christ, and you, sir, are no Mr. Christ".
 
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