Wednesday, September 30, 2009


Zoom Zoom...Zoom...Zoom........Zoom?

Where we going? Nobody knows, but everybody says they do. That's the market. It's the old cliche - "opinions are like A-holes, everybody has one!"

No offense to anyone who doesn't.

In the meantime, I need to vent so if you don't want to hear me vent no need to read on. I am going to BLAST OFF about JP Morgan CHASE. Let me know what you think, or perhaps you can write to them or boycott them or whatever ya like. I am so annoyed with them its beyond belief. Maybe one of my newspaper friends can take up the cause. This is why banks SUCK, or at least one of the many reasons;

1)In early July I took my kids and a sitter to Woodloch Lodge in PA for a long weekend to relax, go fishing, play games and have fun with my girls. It's a GREAT place to spend quality time with your kids if you are on the East coast I highly recommend it. OK, so the dates were early July, the July 4th weekend. We got back I think on the 6th.

When we checked out I had a standing balance of $144 that needed to be charged. They went to put it through and wha-la, my credit card was declined. Now, ok, maybe business is off like everyone else's, but it ain't that bad!

So, I call the credit card company on the way home and ask why. They tell me that there has been suspicious activity on my card. I ask them how charging $144 was suspicious and they said that I didn't tell them I was going out of state. To which I replied that I didn't know they were my mother and I had to tell them where I was going! The guy laughed and then said something like - "oh, you were in PA?" Yeah, I was. You weren't in NYC the last two days? No, I wasn't. Well, did you charge roughly $7000 at Louis Vouton (sp?) and another roughly $7000 at Bergdorf GOodman? Ah, no, I didn't, I was in PA. I then asked him how the hell they declined my $144 charge in PA but didn't do a dang thing about $14,000 in fraudulent charges in NYC at places I NEVER EVER shop at!

OK, so he said I needed to file a claim and the bank would take care of it. I said ok, fine.

So, that's exactly what I did immediately. I filed the claim and thought that was that, they would obviously credit my account the $14,088.



They denied the claim saying that the signatures matched and thus the case is closed.

Huh? How could the signatures match since I didn't sign it? Well, sir, they do and we're very sorry but the case is shut.

OK, so obviously I said a few more choice things (I was nice, though, I realize it isn't the persons fault who is taking the call). I was livid.

2)I went to the local police station and filed a criminal complaint. The police were awesome, I have to say. Within days they said they had a suspect and I spoke to Detective Llyod several times. Very attentive, very professional and very compassionate. I was impressed.

3)A few days later I get another call, the Assistant DA calls me and says they apprehended the suspect and he admitted that he did the charges. He asked me to sign a paper for the Grand Jury saying that I didn't have posession of the card the days in question, which I did. That was today.

4)I called CHASE again and was told the same thing, that there's no way for Chase to play detective (thank God, they are bad enough at as it is) and they are still denying my claim, the signatures match.

5)I call the ADA back and ask him if the signatures match. He basically laughs and says that not only don't the signatures remotely match, but on the bill is the suspects actual name! It isn't even my name! So, no, the signatures don't remotely match, nor do the names.

6)I called CHASE back again and this time asked to speak to the Supervisor again. He said the same thing, the case is closed, but he then lied to me I believe because he says that Chase filed a complaint with the Better Business Bureau. I pressed him on this and he retracted it saying that they hadn't filed but would. I told him what the ADA said and asked him to call the ADA. He said he couldn't and that was that, sorry. BUT, Chase values my business! Since I've been there for over 10 years and have many accounts with them, I'm sure they do. I asked him why they would basically be complicit in a crime (I was being dramatic, sort of) and then tell me they value my business. He said he was sorry (they say that more then my kids do for breaking something).

So, now what? Now I have to go after Chase to get my $14,088 dollars, spend hours upon hours dealing with this nonsense, and pay an attorney to do something that Chase should have been gracious enough to do. They are supposed to cover this, that's what I have always been told. I guess not.

So, there it is, my rant of the night. I am so pissed off. #1 it sucks someone stealing your identity. #2 it sucks someone stealing $14,000 from ya #3 it sucks that the bank that is supposed to cover you and protect your money says F-you basically. #4 Now I have to spend time and money to deal with it

OK, so it's not a trade, but hey, this is my blog and I needed to vent. I get all kinds of stories from you guys and gals, hehe, so there ya go. Man, I tell ya, I lose more and more respect for these banks every day. If someone told me this story I'd be sick for them. I want justice!

As far as the market goes, short CHASE! SHORT THE BANKS!

Well, ok, in all fairness my sorted story has nothing to do with trading, I do like the banks short here, though, and I do think we pull in and I do like the dollar to get a temporary but potentially vicious squeeze here to start the new quarter.

We'll see soon enough, I own some puts and will reverse if we break to the upside. As I've been saying, watch 1050 on the S & P, that's STRONG pivot and will tell us which way we are gonna go here, either below 1000 or to new yearly highs. We ain't sitting still, that I can assure ya!

Trade 'em, don't own 'em!


Michael "Waxie" Parness


SK said...

I would call Chase and ask to speak to the supervisor's supervisor. If that guy can't help, I'd speak to his supervisor and keep going up the chain until I got to Ken Lewis. Oh, I forgot, he's gone. You know what I mean. You can choose not to pay and they'll get stuck with the bill if you don't really value your credit rating. Who does these days? Also, you can call and record the conversation and let them speak loudly into the microphone that the signatures match and that you have to pay because the case is closed. Then go see your doctor about the anxiety attacks you've been having as well as sleepless nights. Then call your attorney and sue them. Me, as a taxpayer, would be happy to pay.

mike w said...

the crook who used your card prolly works at the bank, waxie. he he

Boomer said...

OMG! I am so MAD for you! If I had any accounts with Chase, I would close them out of spite. If they asked my why, I would show them a copy of your blog.

When you finalize this embezzlement of your trust, please share the conclusion with us.

We value your business,

tokyo_yoyo said...

My Mom's Chase story:
Names omitted
In May of 2008, Myself along with Chase Illinois Branch Associate "name omitted", agreed upon a HELOC, in the best financial interests of "Dad & Mom." With "Dad & Mom's" approval, HELOC Acct # xxxxxxxxxxxx was created. This process was made possible from a prior and ongoing banking relationship with Chase Associate "name omitted." During the HELOC process, all parties aforementioned, discussed refinancing "Dad & Mom's" primary mortgage held by Washington Mutual. Essential to that refinancing, was the need to contact Washington Mutual to verify the existing interest rate, term of the mortgage and the years remaining in that term. That information would be compared to the existing mortgage market for a determination of prudence and feasibility in the best financial interests of "Dad & Mom."

In June of 2009, with mortgage interest rates at a low, "Mom" called Washington Mutual to verify the existing interest rate, term of the mortgage and the years remaining in that term. "Mom" was transferred to Chase representative Mary Matanane. Through the course of a lengthy conversation, Ms. Matanane managed to dupe "Mom" with a 5% interest rate and lower monthly payment offer, charging $750.00 ( Seven Hundred & Fifty ) dollars to her Chase credit card.

On June 3 2009, I called and left a message for Mary Matanane.

On June 9, 2009, six days later, Mary Matanane returned the call to myself. Mary Matanane had offered a mortgage proposal that was not in the best financial interests of "Dad & Mom." Mary Matanane had in fact taken the existing mortgage of @ $99,000 with @ 20 years left in the term, and added @ $8000.00 to the principle in fees, attempting to refinance @ $107000 and lengthened the term to 30 years. Mary Matanane refused to refund the $750.00 charged to "Mom's" Chase credit card.

It is our contention:
(1.)Mary Matanane interfered with an existing Chase relationship with " name omitted."
(2.) Mary Matanane bated "Mom" with a lower interest rate and lower payment while in reality, added @ $8000 over the existing mortgage and increased the term to 30 years.
(3.)Mary Matanane belayed the trust and confidence created through prior Chase relationships.
(4.)Mary Matanane never disclosed the totality of the mortgage offering prior to charging $750.
(5.)Mary Matanane has delayed communication between parties.
(6.)Mary Matanane, upon refusal to refund the $750, has not provided any alternative mortgage product as requested by myself on 6/9/09.
(7.) Mary Matanane cannot be relied upon for any further good faith proposals.
(8.)Mary Matanane's actions are not in the best financial interests of "Dad & Mom", both senior citizens.

pato said...

Nice Bank you have ... I, for one, would take my business else where to start off with. Then, I would have it posted in a newspaper and last but not least, I would sue the crap out of them.

Rich said...

Hiya Waxie,

Since you have bank accounts with Chase, which I suspect are considerable, I would simply call your personal banker, (as I presume you would have with them), tell the banker the situation, and inform them that if someone can't find a way to reopen this case and correct it that you're going to take your business and your money elsewhere. This is what I would do.

Oh, and btw, I have had one credit card since I was 18 and it's a Chase card. Upon reading your story I will be applying for a different card and canceling my Chase care!

Rich Irwin

Rich said...

Another thing to consider Waxie...

If I understood correctly, some dirtbag used your card to make 14K worth of purchases in which he signed his own name instead of yours. This makes the merchants culpable as it is their responsibility to check names to make sure the signatures are identical. If they guy didn't even bother to forge your name, and instead signed with his own, then you should be talking to the merchants, imo.


fuji88 said...

I agree with you the Bank is watching their own interest and how to make money off from a small guys like Us, also I do agree with you on the S&P 500 1050 level on the Technical point which Candle signal Bearish engulfing at this level anything below yesterday close level can lead to further downside, this is IMO, Please correct me if I'm wrong. Thank You.

TradeHound said...

Waxie, maybe that bank figures you been beating their traders outa some moolah and they want to get it back even if they gotta screw you out of it? I hade no idea Chase could be that low and crumby! Go get 'em and Good Luck!

homerrulesall said...

I'm stunned. I wanted to say something, but I'm a little too stunned.

Okay - Please check with the various state agencies that control this stuff. Maybe start here:

I got these sites from here:

MichaelAngelis said...

Hi Waxie,
Question about Friday open because I'm trying to learn something here ...

If the jobs report was bad, and the factory report was bad, why was a short at the open on Friday a bad idea? In your opinion, what is really driving this market because it certainly doesn't appear to be the news.

In general, is it a bad idea to short at the open even with "strong" negative news?