Believe in Wachovia Friday, July 25, 2008
Posted by ei-forum in US Traded Stocks.trackback
Talk about putting your money where your mouth is! Robert Steel, President and CEO of Wachovia, spent 16.1 million dollars on 1 million shares.
Despite announcing a second-quarter loss of 8.9 billion dollars, Steel confirmed his belief in the company and the fact that he could turn things around. Having said this, he then went out and made this massive buy the following day stating: “I made the investment because I believe in the core strengths of the organization and that it is an excellent investment.”
As far as insider buys go, you can always argue how much they really mean and that with the kind of salaries that CEOs make, sometimes, they are more of PR stunts but this buy definitely shows someone who is intent on getting things back on track and who is incredibly closely aligned to all other shareholders…
Link to Insider Transactions: here.
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