Insiders confident in own shares
Some of the negativity evident in US financial services circles appears to have been dissipating even before the unprecedented bail-out of Fannie Mae and Freddie Mac, according to a report published by Bloomberg this month.
According to the Bloomberg report, bank and savings and loans insiders spent more money buying shares in their own companies in May, June and July than in any three-month period in the past two decades.
The report said that insiders including bank directors and executives had purchased US$296.2 million of their own stock in the period.
According to commentators in the US quoted by Bloomberg, the insider share purchases are encouraging and suggest that the insiders have confidence in the prospects for their companies.
AUTHOR
Mike Taylor
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