Listen, I have two friends in Banking, one pretty high up in C the other in JPM. Just before the collapse in november they were both telling me that their companies were tremendous buys C was around 18. My friend in JPM said that WAMU was a big buy because Chase was looking to buy them out. WAMU was trading at around 16 as well. This is all they no is banking. They both were telling every friend of ours to buy. They both said the buzz inside their company was the same. Need I say more. C went to .97 cents and wamu got bought out alright for pennies on the dollar. Moral to the story, even some of the highest positions in the company have no idea about the bottom line. If they did news would be easily leaked. The guy at the top cannot afford that to happen. So take your friends advice with a grain of salt.
I agree 100% I have a cousin that works for Genworth and she was telling everybody to buy the stock when it was over $4. She said the top dogs are very smart and the stock will go back up to $20+ Take a look at how bad they missed in their last Q report. It's amazing it's still above $2. Should be a penny stock as far as I'm concerned. What does that say for the intelligence of the top dogs who she says are so "smart"? People very often confuse a confident personality with intelligence. These guys made some very very very stupid bets and destroyed the business...just like 90% of all the other financial genius CEOs out there.
FAZ will be in the teens by this Friday. Forget about all the lipstick they're dressing up the PIGS with. In the end reality wins.