Patrick's Rants


ABAT Trading Halted

Filed under: Money,Stocks — site admin @ 7:49 pm

Trading has been halted on ABAT according to NASDAQ for “more information requested”. I’m not sure where that leaves me and my 600 share position in ABAT. I’ve kept my teeth gritted through the ups and downs since April with the idea that I would “average down”. I’m sitting on about a 60% decline in the shares I own. I’m lucky and not so lucky with these shares. If ABAT never comes back to trade and becomes worthless I have no recover alternatives (unless previously threatened class action suits come to fruition) because the shares are in my IRA – meaning I have no taxable losses. Were these shares in a taxable account I would look to see them become worthless to offset other capital gains. The lucky part is that they are not yet considered worthless and since I can’t sell them I guess I’m stuck with them, for now.

Disclaimer: I do own shares of ABAT. I’m stuck in them. You couldn’t buy them right now if you wanted to.


Elections Wrapup

Filed under: Politics — site admin @ 6:36 am

Ohio repealed the law stripping state union employees (police, firefighters, teachers) of many of their rights to negotiate salaries and compensation. Ohio workers will retain their rights – for this year at least. They also voted to make health care mandates illegal – usurping federal law. This will head to the Supreme Court.

Mississippi decided that life does not legally begin at inception – probably because abortion would be illegal no matter what, tubal pregnancies that threaten the life of the mother could not be legally terminated – life saving surgery would subject the doctor to jail time – and then, what the heck happens to “left over” in vitro fertilized eggs? Don’t worry though, this issue will be on the ballot again again because the group behind it (not a Mississippi group) wants to challenge Roe v Wade – the so-called settled law of the land (at least that’s what conservative Supreme Court nominees say to the senate).

And here in Arizona, Russel, throw out the Mexicans, Pearce has been thrown out of office. SB1070 was written by another out of state political group trying to put issues on state ballots to get an eventual fight from the federal government.


Penn State a Travesty

Filed under: General — site admin @ 7:43 pm

Rick Santorum defended the lack of action on the part of Joe Paterno when told of sexual abuse on the part of one of his coaches.

Paterno reported the allegations to his boss, and Pennsylvania’s attorney general said it appeared that the coach had met his obligations under state law. Still, some critics have said that he should have reported the suspected abuse to police.

“I know Joe Paterno and I’ve known him for many years,” Santorum told reporters after visiting his campaign office in Bedford. “These are horrible, horrible gut-wrenching, gut-punching allegations of what went on there. All I can say is obviously heads rolled and there may be more heads to roll.”

But he would not call for Paterno’s ouster.

“The bottom line is that after all the years of what he’s done for that university and beyond that for so many others in this country, he deserves the opportunity to tell his side of the story,” Santorum said. “I’m not going to make any judgments until that happens and he certainly is owed that.”

Are they so backwards at Penn State and the state of Pennsylvania? In Arizona, if I were to witness a coach banging an underage boy in the school showers (or anywhere else for that matter) I can be personally prosecuted for not immediately reporting or causing a report to made to law enforcement. I can be prosecuted for just telling my boss and not making sure the next phone call my boss made was to the police. What kind of ass backwards hill billy law lets you just say, “hey Joe, your coach was really giving it to some little boy in the shower there. Well good night.”?

He followed the law by reporting it to a civilian boss? Well over a year ago? Well, he’s a game winning coach so let’s let him tell his side of the story. The side where he says, “I did what the law requires.” What does humanity require? That if you know a grown man is raping a little boy that you step in, you call the police and if you see it happening you taze that perverted bastard til his balls fall off.

These guys admitted they knew something was going on. They reported it. As the law requires.

YHOO 2 Turns

Filed under: Money,Stocks — site admin @ 7:15 pm

Bought the Nov 17 calls back @ .18 on 11/07. Rolled forward to Dec 17 calls @ .80 on 11/08. If YHOO keeps rolling the way it is I could do this every month.


Lead, Follow, or Get Outtadafugginway

Filed under: Politics — site admin @ 5:41 pm

All right. The repugnican tea baggers threw a fit this year about raising the debt ceiling of the United States, causing Standard and Poor to downgrade US Treasuries due to “uncertainty” that Boehner likes to blame on Obama. Boehner’s uncertainty is whether the top 1% will continue to be able to rape the bottom 99% of US citizens. Mother Jones (decidedly left leaning) shows us just how far down most of us are when it comes to income disparity. The S&P uncertainty is whether or not the jackasses that we hired to get fat in Washington will get off their old dead tired assess and do something real.
We wanted the debt ceiling raised – remember when Repugbnicans said deficits don’t matter? – so that we didn’t default on social security recipients and worldwide investors in US Treasuries. Cry baby Boehner and his ilk wailed that they couldn’t fathom raising the debt limit even though Bush is the one who sent us racing toward the abyss. What do you think happens when you go to unfunded, illegal wars and cut taxes on the wealthy at the same time? If you said, run up the debt, you would be so right.

So Congress couldn’t get off their old dead asses to do something when the debt ceiling show down was on. They decided the only way they could raise the debt ceiling was to create a super committee that had the power to bring drastic cuts to the entire US budget. Repugnicans claimed to be tired of kicking the can down the road. So they kicked the can down the road by creating a super committee. Now John McCain has started to say that congress doesn’t have to listen to the super committee.

“If there is a failure on the part of the supercommittee, we will be amongst the first on the floor to nullify that provision. Congress is not bound by this. It’s something we passed. We can reverse it,” McCain, a defense hawk and the top Republican on the Armed Services Committee, told reporters Thursday at a news conference.

Really? Somebody pull the plug on this zombie. Stop pretending you fugging represent me. You don’t even want to listen to your own ideas now?

You know what this country needs? We need Bachmann, Palin and Trump to win, a flat 666 tax, congress to pray that god fill in their votes for them and for this country to completely go to hell. Let the Chinese move in, sell off the Western states to Mexico and Panama, pretend we don’t want illegal aliens in the country, bring back slavery (since that is what the framers of the constitution wanted).

Where is the common sense? Is McCain losing his mind? He doesn’t know how many homes he owns, he forgot who he works for, and he doesn’t care that he is arguing with himself over the debt super committee. Get out. You’ve been in congress too mufuggin long. You don’t represent me. Make way for someone with uncommon sense.



Filed under: Stocks — site admin @ 7:24 am

I’ve just completed my second round turn of SMRT. The first 200 shares @ 8.76 on 1/14/11 sold @ 9.84 3/17/11 for 11%. The second, shorter time frame trade, 100 @ 6.05 10/07/11 sold 7.02 10/27/11 for about 12.5%.


Perry Goes Birther

Filed under: Politics — site admin @ 7:43 am

Rick Perry has jumped the shark. He’s apparently on the birther bandwagon as reported by CNN. He also has started touting a flat 20% “optional” tax rate. An “optional” tax rate? That will be a royal mess, bring it on. It means more work for Enrolled Agents representing their clients.

Perry has also suggested that current workers should be able to opt-out of social security. I’m not completely opposed to allowing people to do something with their money other than allow the government to invest it in US bonds. But there are a whole lot of people in this country that expect to receive what was promised to them when they were working and paying the promise to the retirees before them. They cannot be left hanging. This is called a social contract and we have an obligation to uphold our end of the bargain.


The Mark Of Cain

Filed under: Politics — site admin @ 6:51 am

Herman Cain’s extreme positions need to be examined closely. First, let’s start with the extremely regressive 999 proposal. According to an LA Times story

According to the analysis, all three of the tax types included in Cain’s plan would disproportionately impact lower-income Americans.

The 9% individual income tax would give the richest Americans — who currently pay a tax rate of about 35% — a break of almost $210,000 a year. But for the poorest 20% of taxpayers, Cain’s proposed income tax change would mean an increase of $418 a year, the analysis found.
Another analysis by Edward D. Kleinbard, a USC law professor, estimated that a family with wage income of $120,000 in 2010 would have paid about $541 less under Cain’s plan, while a family that earned $50,000 would have paid about $4,800 more.

“That’s an extraordinarily large tax increase as a percentage of income,” Kleinbard wrote.

As someone who have done taxes for a living, there is nothing appealing about a tax that causes the poorest of the poor to have to come up with a chunk of money so the wealthiest can pay lower taxes. Nothing.
Cain’s stance on Iraq is like Bush’s. We should have gone, it doesn’t matter that the reason we gave you was a lie,

“MR. CAIN: I don’t think the war in Iraq was a mistake because there were a lot of other reasons we needed to go to Iraq, and there have been a lot of benefits that have come out of Iraq. “1

Cain goes on to support one man one woman marriage, but allow the states to decide – which currently creates a dichotomy in federal vs state recognition of rights and relationships. He is no-choice on abortion,

“I believe in life from conception, and I do not agree with abortion under any circumstances.”

No exception for rape and incest. No exception for life of the mother. He says the family has to decide in the case where the mother’s life is in danger, but if abortion is illegal. Period. End sentence. What is left for the family to decide?

The extremes are out running this year, make no mistake about that. Cain fits right in.

  1. MTP, October 16, 2011


Elizabeth Warren Runs for Senate

Filed under: Politics — site admin @ 7:44 pm

Elizabeth Warren, so scary the Repugnicans refused to approve her to run the new consumer protection agency, the agency charged with protecting everyone who borrows money, who uses a bank ($5.00 monthly fee to use your debit card anyone?) is running for Ted Kennedy’s vacant seat, the one currently occupied by Scott, I had to pose nude for college, Brown.
Brown has raised tons of money from those in the investment industry. With a war chest of nearly $11 million, he may win again.
Of course, politics is a funny animal and just having a giant war chest from financial services donors doesn’t necessarily guarantee a win. Check out Elizabeth Warren’s web site. MSNBC has the catch phrase, “Lean Forward.” It’s time to lean.


Do You Yahoo!?

Filed under: Money,Stocks — site admin @ 7:06 am

Yesterday afternoon, YHOO popped over 15.35, triggering a stock order to sell at 15.40. I wound 50 shares of YHOO out of my holdings.

I realized that I had not posted my YHOO turns, so here is a history on YHOO: bought 100 @ 16.15 (3/23/11) sold same @17.01 (4/7/11). Bought 100 @ 14.98 (6/23/11), bought 50 @13.83 (7/22/11). Original order: sell 150 @15.95. With nothing happening, I sold 100 Oct 11, 16.00c option for $.50 (after commissions net $39.25).

I am making no recommendations to buy or sell any stock. I have bought and sold YHOO and covered calls on YHOO.

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