Drinking their own Kool Aid.

Quick comment how the insider buying in the Financials and the big stock buybacks in Financials over the last few years has blown up large. Not only are those purchases massively underwater, but these very same firms are now issuing stock (in large amounts) to rebuild their capital bases. Most Wall Street execs and producers are paid in stock and options at bonus time. When the price is rising substantially, everybody wins-except the shareholder. Of course when the stock is tanking, nobody wins. The Wall Street brokerages are on life suppport-soon to be joined by 50% of the newly created hedge funds. As history will show-when Sam Zell sold his real estate empire-the top was in for real estate. When Blackstone went public, the top was in for Private equity and Hedge Funds. The Top is in for now-just like the top for brokerages was in shortly after Goldman Sachs went public in mid 1999.