To Whom Should a Bank Be Loyal?

I had been watching the stock of a bank that had done some creative financing a couple of years ago fall steadily from the mid-30s to a price below $5. Then, after this 80% drop, the company sent out a notice that "to enhance and protect shareholder value" it was instituting a poison pill that would in effect make it impossible for any outsider to buy the bank unless the board approved the deal.

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