Silver lining time

If you thought nothing good would come from the financial crisis, guess again.

Is Bobby Lowder too big to fail? The same week that the Montgomery banker was announced as one of Alabama’s most influential men, the federal government and Colonial Bank shareholders have selected him as one the nation’s worst bankers.

The situation at Colonial is so bad, some say, that it may be destined to be seized by the Federal Deposit Insurance Corporation or sold to a more stable banking institution.

Stock prices fell so low on Wednesday that I considered buying a few thousand shares.

My bride quickly vetoed that notion. But at 78 cents a share it looked tempting. And before the final bell Wednesday, it had started a recovery, closing at 85 cents.

Folks started unloading that stock as fast as wet rats jumping from a sinking ship. Some 25 million shares were sold and Lowder’s personal portfolio (he has about 7.7 million shares) shrank from a value of more than $200 million to around $6.5 million.

Too bad, so sad.  Maybe Lowder should have diversified into something more shock-proof, like wholesale liquor distribution.  As it is, perhaps his loss will be Auburn’s gain.

(h/t The Joe Cribbs Car Wash)

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