What about the undisclosed derivative losses on sub primes and naked shorting
Why in the world would you ever trust these guys: Piper Jaffray was one of ten firms that settled with the SEC, NASD, NYSE, NASAA, and the New York Attorney General. In the press release issued by the SEC regarding the massive settlement, Piper Jaffray was specifically mentioned for having distributed “research reports that were not based on principles of fair dealing and good faith,” accepting “payments for research without disclosing such payments” (regulators have assessed the amount earned at approximately $1.8 million), and making “undisclosed payments for research” (approximately $430,000). Piper Jaffray agreed to pay a $32.5 million fine to settle these securities fraud charges. The breakdown of the settlement required $12.5 million to be paid as a penalty, $12.5 million to be paid into a restitution “distribution fund” for Piper Jaffray’s customers, and $7.5 million to be put toward funding “independent research.”
Its a giant rap sheet bagholder cheerleader Piper Jaffray would withhold its research on the company unless it was permitted to underwrite its secondary stock offerings.
"...Piper Jaffray carried $250,000 of the fine and Scott Beardsley was charged $50,000..."
So easy to take more and more shots on this over leaveraged POS. BCS Countrywide had all these great numbers because you can choose what to disclose. You see smoke on a company like PJC you get the hell out of that stock as you can PJC stock pumper, OK?
Some of the problem with your numbers reminds me of C. The legitimit concern is have they buried their subprime losses and not written them off and what is the extent of this. Now C is under investigation by the FBI also. And what about its naked shorting losses they don't report? This was after BSC was forced to disclose, ofcourse BSC multiples looked great when the stock was selling at 60, before it went to 2. Indeed PJC is a very good example of how legal shorting can help our finanical system and illegal naked shorting crime does not pay.
"Some of the problem with your numbers reminds me of LDK. The legitimit concern is have they buried their losses and not written them off and what is the extent of this. Now LDK is under investigation also. And what about its inventory losses they don't report? This was after LDK was forced to disclose, ofcourse LDK multiples looked great when the stock was selling at 76, before it went to 19. Indeed LDK is a very good example of how inventory can help a company that has revenue etc N/A."