Being that Fairholme Capital Management is one of Bank of America’s largest share holders, it makes sense that they have a conference call with Brian Moynihan, Bank of America’s CEO. One of the questions that was asked by Fairholme’s founder, Bruce Berkowitz, was this one:
Why aren’t insiders buying if stock is so cheap?
“Rest assured all my net worth is in this company,” Mr. Moynihan said. He noted that he is paid in stock and doesn’t get paid if the company doesn’t perform. Same goes for his management team.
Moynihan owns roughly 484,628 shares of Bank of America according to Yahoo Finance. Which works out to roughly $3,513,553, with Bank of America trading at 7.25 per share. So, yeah, that’s a lot of money.
Read more about the call over at the NY Times and see Moynihan talk to Maria Bartiromo here.
Here’s a nice graph of Moynihan’s net worth from ZeroHedge.com. As you can see, his net worth, all wrapped up in BAC shares, has taken a little bit of a nose dive.
