"Michael F. Price made his name and billions as a value investor, snapping up besieged stocks. Yet even he thinks that the pain that banks are feeling is far from over. MFP Investors, the investment vehicle that he runs, is shorting Citigroup and Wachovia, Mr. Price told Bloomberg News. Such an investment is a bet that the stocks of both firms will continue to fall.
He is far from alone in gambling that banks will continue to suffer.
His bet against Citi happened when the banking giant’s stock traded in the mid-$20s. Meanwhile, he actually covered his Wachovia short sale during Wachovia’s 110 percent run-up last month and last week, but resumed his short selling this week."
It's a bit self-serving to publicize these moves, no? And why is the Journal assisting in this self-serving endeavor? Is this allowed by the SEC? What if he was shorting Bank of America?
Anyway, not good market news today for Wachovia (stock price down over 12%) which had been moving up until now.
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