as for short term reason (i.e., mindless pump) I agree that there is no reason to buy (any moreso than yesterday)
however, the main reason for buying is that the stock is undervalued.
It is trading below book. I don't know what book value is, but it has to be higher than $1.10
I have seen some rather well thought out estimates on here at about 2.25- 2.50. So conservatively speaking, even if we go with around $2.00 we're still trading BELOW BOOK.
I saw a talking head on Bloomberg this morning (some fund manager or something) and he said that before the sub-prime mess the market had not accurately accounted for risk - but now, after all this hit the fan, the market has overswung in the opposite direction, and all the financials are priced for armegeddon. (I'm paraphrasing here, by the way)
This stock is way undervalued - that is the reason to buy. (and hold)