RE:Took the tax loss Norht - sorry for your loss. Even with guys I disagree with, I always hate to see retail investors lose money, especially large amounts of it. I REALLY hope you get it all back plus on the stocks you rolled the funds into. All the best.
Northforce13 wrote: Sold most of my shares and took the tax loss, big ouch. What a disaster upon disaster this has been.
I moved into BFH, Bread Financial, long term hold, unlike LB which was a very rare hit or miss with the acquisition + potential long term hold if the acquisition didn't go through.
I might have hung onto LB and just sat around, but the recent 5 day shut down, plus CEO/BOD changes got me uncomfortable. Plus on the other side of the equation, BFH, which I like a lot, has been declining a lot, even though its business is going to be ok, so I decided to put my money there instead.
I still hold a good chunk of LB, so I'll be sticking around for a long time and see how this whole story plays out.
The next quarters could be very poor, as they get hit for the CEO ridiculous pay bonus for being incompetent to the point of requiring termination, plus millions in costs for hiring advisors to fend off the companies bidding on the bank to buy it out. Then there will be the damage coming from a lot of clients abandoning "Loser Bank" after being shut off from their accounts for 5 days. In about 3 quarters all that should be done with more or less, and we'll have a clearer picture of how things can be expected to go.
A positive is that we won't have to grit our teeth when reading the absolutely nonsensical word salad of a mission statement the last CEO had for the bank.
Just your friendly cynical investor here :-)
GLTA