Wells Fargo (WFC) Chairman, Richard Kovacevich who bought over $1 million of his stock at just over $26 per share.  WFC President, John Stumpf did some buying at $29 per share.

With the stock now at approximately $24, these buyers are losing money, but keep in mind the buying was done for the long term.

Over at TCF Financial Corporation (TCB), former Chief Executive and Chairman William Cooper put $2 million into TCB stock last month at prices ranging in the high teens. With TCB now at $12 per share, Cooper is way down on his purchases.

Follow the Leaders

Given that timing the exact bottom is impossible, I would contend that following the lead of astute insiders is a good strategy to follow.  These leaders understand that banks (in normal environments) are reliable moneymakers.

Taking advantage of the mess and the subsequent cleansing is a wise rational strategy.  With prices even lower today, buying now could result in even better returns down the road.

Anticipation, it’s making me wait…

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