Longs will get a real pounding come the revolution when all European bank deposits are given to the poor. I also hear our government intends to tax all brokerage accounts over $100.000 by 50% and use the revenue for a massive expansion of Medicaid.
SAN has reduced their exposure to less than 20% in Spain and Portugal - they are more an International Bank now. They have reduced their real estate exposure in Spain to about 1/3 of what it was at the low point in 2008. The only reason I can see the stock price being as low as it is - the European mess. I guess most of the countries in the world - including the USA - have not yet learned that you can spend more than you have.
Longs will get an a s s pounding when the world ends. While you are waiting to buy the Cyprus thing will pass and SAN will recover. It's probably going to receive all sorts of deposits and business from folks fleeing the weaker banks. Ed