This bank has made the decision to bring their data processing component inhouse later this year. The people running the project do not know what they are doing. They converted one of the smaller banks last year and it was a disaster ...just wait..........this wll bring them to their knees ....nice move Joe and Robert...this will be fun to watch !!!!!! many heads wll roll as no one will want to take the responsibility for this
In five years, investors have had plenty of time to purchase NYB shares from as low of a price as $7.59/share to as high of a price as $26/share. If a person purchased his shares in the $15/share range, 4-5 years ago, and held his shares, he would have collected 5 dollars in dividends, which would have subtracted 5 dollars off the share price of $15/share, giving the investor a cost basis of $10/share. This $10/share cost basis is still more than what the stock is paying now. Additionally, many stocks in the same five years time, are down 30 to 40 percent in price and not up in price, like NYB, when you take the dividends into account.
So... keep on bashing, keep on losing money in your losing NYB shares and don't ever consider buying more NYB shares at these fantastically low prices because lo and behold, you just might make some money and reduce the original cost basis of your shares.
Let me know how many shares you have and I would be glad to buy them from you.
Also, I notice that you don't mention in your post about attending NYB's annual meeting to complain about the stock price or about management. I know, you would just rather bash to the message board and waste your time. I am ready to buy your shares when you're ready to sell.
I am not going away either. Why don't you go to a shareholder meeting and complain to management, and do something productive with your time and life, rather than spit out idiotic ad hominem statements on this message board to posters who can't help you. If you don't like management and you won't go to a shareholder meeting to voice your discontentment, then SELL YOUR SHARES. Selling your shares and causing the stock price to go down, is the most effective way for management "to get it."
If you are losing money on NYB stock, which you apparently must be, then maybe you should try another stock. A person who likes management and likes the company's fundamentals, like myself, is not a pumper but an investor. I am an investor in NYB and I write messages and posts that I believe are relevant and important to other NYB investors. I am balanced in my approach and certainly am able to look at both sides of an argument. However, if I did not like NYB as a company and as a stock, I would not be writing on this message board. You, joethebalog, simply spit out negative crap on NYB, because you are losing money and really do not add any value relative to information or guidance for fellow NYB investors. I say this not because you are always negative on NYB but simply because everything you say is ad hominem and not fundamentally or factually based.
Sell your losing shares and you will feel so much better and the message board of NYB will be so much better for you having sold your shares. I will offer to buy them from you. How many do you have for me to buy?
"just sell your shares, take the loss and you will feel better". Mr pumper, your advice stinks as much as the stock price. I'm not going to take a huge loss....and i'm not going away. I have every right to complain about the windbag ceo, who like you, talks alot of hype but none of it translates to stock value. Every stock owner should vote their shares and throw the bums out. The ceo is totally responsible for the long decline in stock value to where it is now. He has been at the task of fixing it since he made the wrong bet on interest rates. For all of us who have lost money on this stock, tell your story walking and get lost.
The only "facts" that you have or possess are figments of your imagination. Just face it, you are upset because you can't make money in the stock market, and you won't blame yourself so you must blame someone else-NYB management. Just sell your shares, take the loss and you will feel better. I promise that the bridge in Manhattan that you maybe interested in buying is real cheap and that you could use the money that you reap from selling your shares of NYB as a down payment.
You, my friend, are a basher and not a very good one.
Hey stupid,the only thing cheaper than my shares is your constant pumper talk. I have facts that back up my talk; everyone does if they just look at the history of the stock price. If you like this group of industry knowledge starved managers you are as clueless as the rest of them. And as far as your bridge, stick it in your ear.
Do yourself a favor, just sell your NYB shares and take the pain and the loss. You are obviously in distress continuing to hold your shares. Additionally, you don't like the management.
You will feel better if you take your loss and just move on to a different stock.
The poster who says that the management team of NYB is going to screw up the bank with keeping the IT platform integration in house, if you really believe that story, I have a bridge in Manhattan for sale, if your are interested... real cheap. Cheaper than your NYB shares.
i dont think its the new system it sounds as though the people working on it are the ones to blame. with any new system there is always going to be change on how daily things are done and it seems to me that they dont like change. with any computer conversion (new system or on to an exisiting system) you need to have technical people who know what they are doing to complete a task like this.
The Miser system has been around for at least 20-25 years and is an excellent system. I think the best way to describe it is an in-house service bureau system. What that means is that the majority of any programming that has to be done is done by the sevice bureau and in house they are responsible for the day to day processing and reporting. It provides an econimal way to have more control of reports and reporting without the additional overhead that having a large programming staff requires. The people who ran IT for NYB in the past should still be able to handle the daily responsibilites.
Porsche, don't mind kolef.....kolef can find a silver lining in a 200 year old abandoned outhouse. The truth of the matter...the decision to select a low caliber system could have been avoided if they looked at the issue as an investment, not an expense. The decision to select a pos platform as opposed to an industry preferred platform is another example of the clueless blockheads they have as management. Problems will be magnified by yet another stupid decision to give their it dept additional responsibility. Oh yeah, did i forget to mention this is why the bank is a dump?
the reality is that they convberted one of the smaller banks to this new " improved system in house " and it was a disaster. so they postphoned the main banks large conversion for a 6 month period because they recognized just some of the issues.
moving this bank dp wise is like turning a large aircraft carrier, what you all just dont realize is that this is not their expertise ...,never was and never will be .........it is a train wreck still to happen, all of you pumpers can say they know what they are doing....similar to what you said when they made a few financial miscues and ther stock was at 30
truth is as Cramer says ' they know nothing ' as evdidenced by the purchase of a system that had its roots in the 70's..that is now owned by a company that has 4 or 5 other systems with a higher customer base rather than a declining customer base