Now is the time for people to start to buy. Many of the financial institutions are undervalued, and if you are in the market long term, you will never have a better opportunity. Remember that the government isn't about to let the largest banks fail, it would crush the world economy. Rather, some smaller players may go under, but someone will rescue the big guys from themselves. (Not that I favor this. It is a major reason I am a conservative, not a libertarian.) CIT and other smaller players in the leasing industry are cheap. Do your homework and hit a multibagger! [more]
This is just a horribly run company. Bled talent, lost best sales people, have way too much dead weight. But as someone once said, discount a company with bad management enough, and suddenly it starts to look good. Now that the company is once again under $10 a share, it is a buy. They still make money and someone who wants to buy a bank can do so on the cheap. Fire the lot of them, keep the bank and the profitable portfolio and move on.