No this guy is just bitter, probably lost his shirt...things aren't that bad. TONE got taken down with the rest of the financials...yes it made bad bets in NV and FL, but they were small compared to their entire loan portfolio. Florida is gone, Vegas is still a mess and will probably get worse but it is manageable for TONE because their exposure to that market isn't of the size that it can take down the entire bank. Look how much they have already provisioned for and written off for the Vegas properties...they will survive and hopefully get gobbled up for $10-$15/share in the next two years. Either way the stock is a screaming BUY at these prices...it is trading at 1/4 of its book value.
Absolutely right on.....TONE is in a good shape for these times. Vegas will be taken care of soon this year. Once that has been sold off the write off will go to near zero.
2009 is the transitional year for financial. If you have some dry powder than you should be buying slowing as these levels....if it goes into 2s that its a screaming buy. 2010 will bring many consolidation and TONE will be gobbled up for mid teens.