Re the closing price, 1.5mm shares went by right before close, with high being $24.50
While I agree with your elitist thoughts inlet boater, remember that banking among these guys is a blood sport. The morale boost and local market (read NC)win from buying WB would be the highlight of these guys' careers......don't underestimate that, even if your portfolio analysis is correct.
Got the wheels turning, didn't it? That's enough buzz to pay their whole marketing budget where I come from for several years.
Think about it--"We were strong enough--in the most challenging banking environment in over twenty years--to buy the fourth biggest bank in America."
Remember Hugh McCall(sp)'s buys in Texas? Stuff of legends, and made his career. Don't believe for a second that Allison wouldn't love to do the same thing!!!
McColl received a sweetheart deal in Texas when he purchased Texas Commerce bank to keep it from failing courtesy of the Govt. There is no such bounty on the table for BBT to purchase WB. The ego thing was primarily between McColl and the guy at First Union.
While those two were trying to outdo each other BBT quietly boutgh banks like UCB in NC and at one time lead the state in NC in deposits. I do not perceive Allison as being egomanical like those two. JMHO
I totally agree no egomaniac here and you are on the money with who the hell wants WB's nightmare balance sheet. Also BBT would be at their mercy because there is no expertise to deal with the nonsensical crap that the disfunctional WB has assembled on and off balance sheet.