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Bancolombia S.A. Message Board

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  • rispleen rispleen Jan 4, 2007 7:51 PM Flag

    Interesting Friday Coming

    rbotterb -- you seem to be a nice guy but I hate to say this: your TA tools have never worked. Didn't you short this stock in the very low 20s. Just sit tight and this whole thing will blow over. I had a bank stock where the CEO was indicted for fraud which proved to be the catalyst for the selling the bank at a pretty good premium, since the bank was still solid but absent the CEO.

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    • Here the scenario is a little bit different: Not only the CEO is accused of being a con man, he was being held accountable for his con methods to establish this bank in first place.

      The news out is like this:

      There used to be two banks in Colombia: Industrial Bank of Colombia and Bank of Colombia

      The smaller bank Industrial Bank of Colombia purchaged the bigger bank "Bank of Colombia" through fradulent means.

      This is what I read in Spanish:
      "Hay raz�n suficiente para acusarlos por los delitos de estafa y utilizaci�n indebida de fondos", confirm� el Fiscal Mario iguar�n en entrevista con La W Radio.

      Translated:

      The Attorney General said: "There is sufficient reason to accuse for fraud and use of illegal funds".

      Interesting Friday comes or not, the accusation is serious in nature.

      If this accusation is for acquiring Bank of Colombia, it looks serious.

 
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