Monday, November 26, 2007

Wachovia Insiders Can't Stop Buying

Wachovia (WB) insiders are buying shares in their bank by the truck load.

After chronicling the latest purchases on November 20th, Wachovia director John Baker decided to part with $558,000 of his own cash to buy more shares.

This latest activity brings the total purchases from insiders since the "banking crisis" began to near $7 million. It also happens to be the most shares bought by insiders at a financial institution during that time frame.

Good news? Sure. Does it mean the stock is destined to turn around and begin an ascent tomorrow? No. It does mean that those folks with intimate knowledge of the firm operations are in a hurry to get shares faster than their employee stock plans will provide them. That is very good.

If you are a long term holder getting in bed with insiders buying shares is rarely a bad idea, especially when the buying is this heavy.

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