Trader calls off appeal for help with $106,445.56 E-Trade debt
MarketWatch By Victor Reklaitis
Joe Campbell, the trader who asked for help with a $106,000 debt due to a short bet that went wrong, has stopped requesting money on his GoFundMe page.
Campbell has ended his campaign on the fund-raising website after getting $5,310 in donations.
“I’m taking the GoFundMe posting off, over $5,000 is unbelievable and will go a long way towards this debt,” the trader writes on the website. “It is far more than I ever thought I would get by doing this page.”
Campbell had said he went to bed Wednesday evening with some $37,000 in his trading account at E-Trade, holding shares in KaloBios Pharmaceuticals (KBIO) short overnight. His bet that the stock would fall turned into a trader’s worst nightmare. The shares soared after Martin Shkreli, the Turing Pharma CEO who’s been accused of price gouging, took a majority stake. That left Campbell in debt to E-Trade — $106,445.56 in the hole. Shrkeli has now been named chairman and the company said it has secured at least $3 million.
Campbell’s plea for money drew lots of flak, with comments such as “this type of digital begging is ... pathetic.”
“While it is hard to read the bashing messages, its great to see all the awesome people out there willing to help out and sent encouraging messages,” Campbell writes in his new post (grammatical errors his).
“I am hopeful that everyone learns from my expensive lesson and that you all take care so
If you haven't read this new article you must read it., particularly if you are short biotech stocks. I personally know 2 traders who were totally wiped out several years ago because they shorted biotech stocks against my warnings. Copy this headline that just came out & google this and read it: His name is Joe Campbell, and he claims he went to bed Wednesday evening with some $37,000 in his trading account at E-Trade. One notable development on the pharma front later, and Campbell woke up to a debt of $106,445.56. See full story.
BAC has less than $2 Billion in non-performing HELOCS and they have written these off. There will be little to none of the others written off because there are programs & options in place to deal with them like: Get a new first mortgage.
If you have enough home equity, do a cash-out refinancing of your first mortgage, and use the extra cash to pay off your HELOC.
Let's say, for example, that you were paying 3.5% on a $100,000 first mortgage and 5.5% on $50,000 borrowed through a line of credit.
Your total monthly payments would be $678 while you were just covering the interest on the HELOC and $857 once you had to start repaying the principal.
If you rolled all $150,000 of the debt into a new 30-year fixed-rate mortgage at 4.1% — the current average cost of those loans — the new payment would be $725 a month, or more than $130 less than before that mortgage debt was consolidated.
The only drawback is that the total interest costs will be more if you take the full 30 years to repay this debt.
Solution 5. Call your lender and ask for help.
If you just can’t afford the higher payment, tell your lender and ask if it has programs to help you out.
Bank of America, for instance, has a HELOC modification program that may offer payment assistance to help customers who cannot afford the higher HELOC payment, Francisco says.
If your lender won’t help, call the Homeowner’s HOPE™ Hotline at 888-995-HOPE™. Its credit counselors have special tools to help you sort out your options.
Solution 6. Look into federal programs.
A few of the federal programs for troubled homeowners might be good options, especially if you’re in financial trouble because you lost your job or have high medical bills.
If you can qualify for the federal Home Affordable
BAC is vastly underpriced!
Retail Baboon - Yes, if it gets there. If I love it at 30 why would I not love it more at 25? (dividend would be almost 10% then )I bought 15,000 shares outright today but also sold puts which will net me 10,000 more shares in 28 range. Thanks!
I did factor it in! Did you not see this: " CV study starting at end of year will burn $210 million over 7 years or $30 million a year or $7.5 million a quarter. In other words, they'll burn $26 million a quarter after the study kicks in, if their income doesn't increase at all."
The remarkable thing is that if this company sold at just book value, it would sell for $5.31 a share, but if it sold for Enterprise value, which most analysts and M&A specialists believe to be a more accurate likely sales price, it would sell for $7.40 a share.
-- Posted Thursday, 10 September 2015 | Share this article | Comment - New!
In the month of August 2015, India imported 126 tonnes of gold and 1,400 tonnes of silver, according to data from Infodrive India. Gold import into India is rising after a steep fall due to government import restrictions implemented in 2013.
Year-to-date India has imported 654 tonnes of gold, which is 66 % up year on year. 6,782 tonnes in silver bars have crossed the Indian border so far this year, up 96 % y/y.
Gold import is set to reach an annualized 980 tonnes, which would be up 26 % relative to 2014 and would be the second highest figure on (my) record – my record goes back to 2008.
Silver import is on track to reach an annualized 10,172 tonnes, up 44 % y/y! This would be a staggering 37 % of world mining.
Luzi Ann Javier, Bloomberg News
Market jitters are back, spurring investors to seek the safety of gold as the metal ended a five-session losing streak.
Gold futures gained the most in more than a week as tumbling Chinese producer prices reignited concerns about a deeper economic slowdown. Brazil's debt rating was cut by Standard & Poor's to junk, underscoring weakness in developing countries.
"Concerns about the global economy are back," Phil Streible, a senior market strategist at RJO Futures, said in a telephone interview from Chicago. "Traders are quick on the trigger to get back into the safety of gold."
Gold futures for December delivery gained 0.7 percent to settle at $1,109.30 an ounce at 1:48 p.m. on the Comex in New York, the biggest advance since Aug. 28.
The metal's volatility has climbed in the past month as traders weighed the deterioration of the global economy against resilience in the U.S.
Futures dropped 3.3 percent in the previous five sessions partly as investors expect that American expansion is robust enough for the Federal Reserve to start tightening monetary policy. While higher rates reduce the allure of the precious metal, which doesn't pay interest, prices have been supported near the $1,100 level, Streible said. Fed officials will meet next week.
Also on the Comex, silver climbed. Platinum was unchanged on the New York Mercantile Exchange, while palladium rose.