You know Ann Barnhardt as the warrior-woman who is fearlessly outspoken against Sharia and Muslim death threats, the alleged Osama bin Laden assassination, Washington corruption, homosexual marriage, and Obama’s eligibility.
Barnhardt also is a financial maven, being the owner and president of Barnhardt Capital Management, an independent introducing brokerage company. On her blog, in her May 23, 2012, post, she sounds the warning that penson stock is collapsing and urges her readers to get out.
Penson Worldwide is a leading independent execution, clearing, settlement and technology firm servicing the global financial services industry.
This is what Barnhardt wrote:
Seriously. If you or anyone you know has money in a Penson-cleared account, you really, really need to be getting out of there. This includes futures, stocks, anything. In fact, the vast majority of their business is on the equities side. The stock was down 11% yesterday, and is now down another 8.5% today. New lows today at $0.30, last trade at $0.32.
It is getting very ugly very quickly. Given everything that has happened (MF Global), is happening (Facebook IPO ripoff), and is going to happen (JP Morgan clusterbungle), if you think that you are somehow “safe” and “everything will shake out okay” and “no worries”, you’re simply out of your gourd.
Here’s the chart. Remember, this is just a THREE MONTH chart. My blanket response to ANY question about PNSN is simply, “DUDE, LOOK AT THE CHART.”
~Click chart to enlarge~
Looks like Penson Worldwide may shape up to be another MF Global.
Barnhardt also believes that JP Morgan Chase’s losses — initially said to be $2 billion, then we’re told the revised figure is $7 billion — actually are as much as $30+ billion. In her words:
Why? Because as ZeroHedge pointed out, JP Morgan has stopped their stock buy-back program even though their share price has tanked. Interestingly, JPM was told by the Fed that IF they suffered a $31 Billion dollar prop trade loss, they would have to suspend all stock buy-backs. Uh-huh. Dollars to doughnuts says JPM lost at minimum $30 billion.