An irreverent look at Wall Street
A lucent ( remember that gotta have stock that crashed ) from Cramer for once. He is absolutely right. This market is stupid. The trading looks like its being done by dim witted children.For Ex. look at PCBCThis all but bk small regional bank is trading at 1.3.Investor Ford is offering to put money into it @ .20 per share if 1) debt holders will take 40 cents on the dollar ( they just rejected the 20 cent offer ) and 2) the loan book is not a total disaster apon review. At best, this stock, if the Ford deal is done, is worth between 15-20 cents. If Ford walks away, its wipeout time for shareholders. Yet, idiots are paying 1.30 for this when there is no chance for this thing to be at that level in a few months. Its either .20 0r zip.Yeah, I saw MPG got a bid today. So what? Its getting some of that insanity bidding as well. Untill it becomes a GKK, the other Tepper reit. 3.00 to 1.30 in 45 days. MPG is next.
Trading is not stupid. It is exactly how real bottoms are made, before we come out of a recession.
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