Wachovia CEO buys shares

More CEOs need to do this: Robert Steel, newly minted CEO of troubled Wachovia, has purchased 1 million shares of Wachovia stock at a personal cost of more than $16 million. The bank needs to make this a bigger deal from a public relations point of view. I have suggested in the past that top executives, especially those who are on the hot seat, could do better than foregoing their annual bonuses. They need to make a direct show of confidence by taking a chunk of their own money and investing it in their banks. I have a feeling that Steel will likely do all right over the long term. I doubt that such a move would have made a difference in the case of deposed CEOs like Stanley O'Neal or Charles Prince. Still, this would be a good time for John Thain of Merrill Lynch, John Mack of Morgan Stanley, and especially Richard Fuld of Lehman Brothers to put their money where their mouths are.  

For more:
- here's an article on Steel from bizjournals

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