The new USB seems to have some basic problems it needs to address. Part of USBs problems stem from their takeover of the original USB. Evidentally things did not go as smoothly as Grundhofer's PR would lead the public to believe. Seems that the computerized account conversion messed things up a bit (more then expected) and people got mad. As a result they closed thier deposit accounts, some large/old money accounts, and went to other banks. Some of the problems could have been averted but, Grundhofer's customer service (which is not consistent with the old US Bank) policy/attitude of "You are ONLY the customer, you need us more then we need you" only made things worse. Now he is reaping the rewards. Unfortunately, he has taken the stockholders with him. Well, that is before he and his Board of Directors cashed in before the plunge. Now Grundhofer, what a great used car salesman, is going after small boutique banks in wealthly Southern Califoria Communitys. Those folks are going to demand customer service and if they get Grundhofer's style of customer service they will clsoe their accounts and USB (and us shareholders) will have another mess on their hands. I would like to see Grundhofer and his Board of Directors all dismssed and replaced with folks who have customer and shareholder interests as thier focus, or sold. It seems odd also that now that the stock price is at a yearly low, there is no insider trading. Do the insiders know something we don't? Could the stock price go lower? Something seems fishy.....
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