San is run by a very savy management. This is one of my core holding and I keep adding to this position on every dip. I know it's Spain in the news but this bank is more of a multinational brand. I like the way they wrote off the real estate debt in Spain wit hthe almost 19 billion in reserves. If they back 20% of that down the road whem Europe settles down that will become pure porfit added into the numbers over a period of time. San is consolidating right now and any good news will send this into the 8's. Be patient as you have to contend with Spain and the rest of Europe. In the end San will prove itself as one of the best banks in the world and while your waiting think of the nice dividend your getting. Name any other bank anywhere that is as stable as SAn and that can pay a dividend like that. Even US banks cannot compete on dividends and footings with the help of the governemnt.