It is amazing that there is not been a call for the ouster of senior management on this recent $10+ drop in the price of the stock. The company has a terrible first half and yet they continue to pay the executives the huge salaries. Lybarger alone had total compensation for 07 of more than $4.2 million, with a base salary of more than $800,000 and cash incentives of more than $1.2 million (look at the form 14a on the sec filings for proof).
On top of that, pickeryl and the others still have their jobs and yet they are the ones that wnated in the Phoenix market and have made all the bad loans.
I say get rid of them all. George has such a large percentage of the stock, he doesn't care but for those of us who do have it, the drop and the reasons behind it need some action.
This is only the tip of the iceberg. Some weeks ago I was listening to a radio interview on NPR. Some politician was driving around Cleveland OH (I believe it was) bemoaning the run-down neighborhoods and complaining that the mortgages were held by "Bank of Oklahoma" which didn't care about what happened so far away from home.
Admittedly this is totally anecdotal and non-confirmable... but I wouldn't be surprised if more bad loans are on the books.