thanks, I agree on the book and valuation..what I don't understand is the selling of 200 million shares from the gov today...are they selling as it hits 29 every day? It will take a while to get through that many shares added into what's already out there...you thoughts...thanks again,
The question is still relevant however. If the government was smart, IMHO, they'd just have a schedule of price vs sales volumes that fluctuated with market conditions- a little more trickling out during surges, a little more pulled back during price slumps. The market seems to be spooked buy these offerings, which are nearly as big as the non government float. The feds are just big shareholders, but they're handling these sales like IPO's- with all the drama, risk and potential for mis-pricing that goes with that. Today's drop was disgusting. I've never seen a stock punished so much for doing such a share-holder friendly thing- paying $3 billion to retire stock worth easily twice as much.