When new CEO comes in to clean house he or she insists on having carte blanche to do what is necessary in terms of cleaning house. Almost always means writedowns/writeoffs to put the mess behind the new CEO. As a CPA I have seen this 100X before. Do I know of any as of today. Absolutely not. The surprises just start coming. Happened at FTU, MEL many years ago, JPM, UPC, BAC, WFB, and on and on. If you are an employee you will have to wait and see what happens next. I'm just taking out the CEO transition handbook and reading from it!
For those of you that thought the Pru Bache "hold" was enthusiastic better check again. Having ridden FTU all the way down and now back up I do not wish ONE shareholders the same trip; I'm just afraid that so many things are going to start coming out that were never even on the radar. For the record I never short stocks so I will wait for ONE to come back to the 20s.