People are selling like crazy in fear. Oh my iPod, the sky is falling! And funny enough, I'm the guy who loves saying it the most. :)
Well, in a moment of brightening clarity, I came across a news brief on an insider move.
IndyMac Bancorp Inc. (NYSE: IMB ) Chairman/CEO, Michael W. Perry, bought 328,988 shares on 2/15 at $7.93, bringing his stake to 578,573 shares.
If Countrywide's Chairmain Mozilo was selling shares like crazy just when he knew the company was gonna dip like a cripple, what does that say about CEO Perry buying shares increasing his stake by 132%. Investing $2.6 million of his own personal cash is not something he has a "moral" obligation to do. And buying at $7.93 makes $4.92 seem cheap, cheap, cheap if the CEO thinks a takeover could happen above $7.93/share.
Please be advised this is not an all eggs in one basket play.
$4.9 (03/04/08)
