I was at a dinner last night hosted by shareholder Santander's relations. There was a great presentation on current financials and short/long term strategy for SAN. This bank is VERY well capitalized. Spain at this point represents only 15% of the business. The real money is in Brazil, Mexico, Chile and yes... the U.S. They have a strategy/plan to become the #2 bank in the US. They have also begun to get their feet wet in Asia. I am confident in their ability to execute the plan as where many of the other shareholders present. This will happen either through good old organic growth or acquisitions but they will be a big player in the US. In the short term you may see the stock float down/up but long term this is an incredibly strong bank with very conservative management and excellent culture. I've worked for Goldman, Chase, Citibank.. those firms have a culture which drives them to win at all costs ( ethics be dammed ) I don't really see with Santander.