Sovereign Bank Stock Bounces Back
Author: Rob K. Blake | Date: September 30, 2008 | Filed In: Mortgage News
Sovereign Bancorp Inc. (NYSE: SOV) another beat up regional bank, lost 70% of it’s stock value on Monday amidst all the chaos surrounding Congress’s failure to past the banking bailout bill. Today the stock at last check was up almost 72% on the announcement of a new CEO.
New Sovereign Bank CEO
The Wall Street Journal reports,
“The bank’s board is scheduled to vote Tuesday morning to name Paul Perrault as chief executive, starting next year, these people said. From 1990 to 2007, the 57-year-old Mr. Perrault was CEO of Chittenden Corp., a New England regional bank that was acquired last year.”
I don’t know about Sovereign Bank or any other bank that can solve these systemic problems simply by changing CEOs.
At least they are trying…
Good Luck!
Author: Rob K. Blake
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Wow! The free market really does work. Who would have thought? I wonder if SOV would have taken the necessary corrective steps with a 700 billion dollar bailout on the way? - Probably not. The markets can be trusted to make corrections to socialist Washington policies. Washington is the only wildcard.