Sounds like my thinking when I bought or sold Puts on WCOM, SUNW, Enron, CHKRS, and a couple others that have faded from my memory.
not before another violent downmove in financials. i think there isnt much further to go but i think we need a capitulation panic to put the bottom in, maybe will happen soon
How can you say their book value is $29.00? They are holding 'large' amounts of 'assets' in whch the market value cannot be measured. Nobody, even AIG I suspect, knows the precise quantity of 'large'. The CDO's they hold might even belong under the Liability section.