BAC ceo bought a measly 1million dollars worth of his stock just for show.If he had any conviction he would be buying millions of shares at this price.Come on-think about it.This share-buy is just insurance for him when the shareholder lawsuits come flying.He ll be able to say i had no idea the end was coming i even bought shares-look,see!
Possible, but unfortunately, very few people know for sure. I'd say right now even the insiders aren't 100% sure what's going to happen in the near future.
I agree with most of your post. Another possible explanation is that he is playing chicken with the US Government, and with this recent purchase of 1 million USD worth of stock, effectively saying "don't you dare give us another dilutive bailout package"
why did the ceo choose 1 million DOLLARS worth of stock?Does a million represent a large portion of my fortune?No.If the stock is this low and represents a great opportunity and i want to buy it shouldnt i buy millions of shares which represents not even my annual salary nor a fraction of my net worth?Yes. Ergo this buyback is full of crap. Its pure PR. A million dollars sounds big but it aint.He didnt buy a dime over a million because 2 million would be twice the money lost in the end and it also wouldnt sound twice as good for PR.A million has the sound of a million or 2 million.Just make sure when the news hits the wire that everyone hears 'million' and that should get some positive PR.Notice how has taken the absolute decimation of this stock to even get this guy to buy some of his shares.He has known this pos is doa. I doubt he will be buying any more shares before it makes new lows and he needs to do some positive PR. BAC=DOA.
It's also an interesting *coincidence* (cough cough) that Jamie Dimon bought a million bucks worth of JPM. My guess it that Lewis and Dimon got together and agreed to "invest" a million each at the same time for the PR.
Thar she blows! ...and so sinks BAC right back into the deep depths of oblivion.Thain is ousted.Another scumbag that was highly regarded in wall st.Ken lewis also was regarded as a genius up until a month ago or so right?He s going to the hall of shame asap.This is unbeleivable.All the tarp money bac received and now this total collapse.Shareholders screwed,taxpayers screwed.Wall st mba's ripping off the public again.There was a book once called pigs at the trough....Wall st is the same fraud its always been.There is no honor there it is just a ponzi run by ivy league grads.
I bet there are a lot of people who can sink a company just as good as Lewis can, and do it for only 90% of his pay. BofA can save money by hiring somebody else as CEO!!!