December 06, 2007

"Dancing on the bottom" insider-trader Bob Toll has a hernia and announces (more) horrific results


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

11 comments:

irrational exuberance said...

Sounds like a great reason for the market to rally!

Anonymous said...

I love that picture.

a.creampuff said...

Wait 'til next year.

Happy Homeowner in the Stix said...

Saw that picture and thought of Abba. Now I'm going to have frickin' "Dancing Queen" stuck in my head all day.

Thanks, Keith! ;)

Anonymous said...

Must have been dancing with that idiot Prince from citi.

Ed said...

And yet TOL is up 5% this morning.

That makes sense.

Anonymous said...

Typical brainless Democrat Potty idiots and their housing programs caused this mess. Fannie Mae, Freddie Mac, HUD and the rest of the corporate/private welfare programs inflated this ponzi scheme just like Sleazy Willie did with the dotcom ponzi scheme.

Andy in San Diego said...

I think all these investigations should be made aware of this blog. It should be used as evidence to counter the defense of "No one could possibly have known anything like this would happen."

Anonymous said...

I can't wait to see them both in the same prison cell, ass-raping each other to no end...

Ruprecht said...

Ya gotta wonder who it is that still holds onto these stocks. What are they gonna do. Wait 10 years for the stock to come back?
Maybe it's being held by the index funds. So now they get to ride the stock all the way down and can only sell when it gets taken out of the S&P index.
Thats the problem with index funds; you get to ride the stock all the way down until it becomes worthless.

Or maybe it's being held by some institution like a pension fund, which means that you have some lazy pension manager who didn't do any research. Didn't they think that keeping money in housing stocks was a bad idea? Oh right, of course not; these are the same managers that thought buying subprime mortgage backed CDO's was a smart thing.

like andy in san diego said...
"No one could possibly have known anything like this would happen."

Some stocks do die in a bear market and never come back.

Marky Mark said...

Toll Stock up 12% today...



Marky Mark