It sure was fun to see Bob and Bruce Toll dump so many shares the last two years. They knew what was coming, even as they were calling bottoms and talking up their stock. And now it's come.
I'm not sure who'll be the first to see jail time for false statements, falsified financial documents (auditors anyone?) or insider trading - Bob Toll or Angelo Mozilo. But as always, it'll be fun to watch.
Toll Brothers Reports $81.8M 4Q Loss in Housing Downturn; Calls 2007 Worst Year in 4 Decades
"By many measures, Fiscal 2007 was the most challenging of the forty years that Toll Brothers has been in business," Robert Toll, chairman and chief executive officer, said in a statement. "1974 was perhaps rougher, but the difficult times only lasted one year."
And remember this quote, from a year ago, as he was still dumping shares and before the massive write-downs everyone (except his auditors) knew would come:
"Fifteen months into the current slowdown, we may be seeing a floor in some markets where deposits and traffic, although erratic from week to week, seem to be dancing on the bottom or slightly above," said Toll in a statement accompanying the earnings report