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The Company is a financial holding company. Its bank subsidiaries are in the business of gathering funds from various sources and investing these funds in order to earn a return.
IBOC is probably one of the best bank picks in the last 15 years. IBOC services Texas and Oklahoma which have not felt the effects of the economic downturn like California, Arizona, Florida and Nevada. Trading well below its book value. Well capitalized with no subprime exposure. IBOC has been unfairly beaten down by Citron, Andrew Left and their cronies of short sellers. The SEC is considering restoring the uptick rule which puts the brakes on short-selling in falling markets. The uptick rule was initially created following the stock market crash of 1929 to prevent bearish investors from ganging up on shares like IBOC.Accepting TARP, prevented the Board of Directors from buying back its own stock and stabalizing the stock price. That explains the rapid decline in stock price following its IBOC's acceptance of TARP funds. Buy IBOC...don't short sell it.
hahaha who do you work for?
No affiliation with IBOC. I just don't like how the short sellers are trying to destroy another financial stock. I sure hope the SEC adopts the "uptick rule." Any preference???
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