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Be Wary of Beaten-Down Bank Stocks
"Think of all the Wall Street analysts who covered the banks full time -- and were still caught completely by surprise when the wheels came off last year. For that matter, think of the people who were supposed to be running many of these institutions. Last July, former Citigroup CEO Chuck Prince was still making bullish comments about the mortgage business. And then there was Bear Stearns. Even the board didn't know how much it was worth at the end. Two dollars a share? Ten dollars? Your guess was as good as theirs. It hardly inspires confidence. If the insiders can't value the business with confidence, what hope do outsiders have?"