If Miller can't figure out that a buyback at these prices will be hugely accretive to his EPS, then he has to go. Or are you waiting for your new options Gene? We will be watching the timing of the options grant and the new buyback program. Must be something in the water in Michigan-Ford won't do a buyback either, preferring to keep four years worth of cash flow on its books.
Miller can't buy back stock. CMA, after buying back stock in 97 and 98, and after buying out Munder's share of the Munder Funds, found itself tight on capital - great for ROE, lousy for regulatory purposes. Given the fact that the bank is tight on capital and tight on low-cost deposits, the only out I see is for the Company to be sold or merged and Miller won't do that until he is about ready to retire. - my opinion only.