These guys either prove that their is no sentient life at the upper management levels of Bank of America or have received the tip of the year from the federal government.

BofA CEO Kenneth Lewis and several directors of the company bought 513,000 shares of common stock of the bank yesterday. Lewis bought 200,000 shares and board member Robert Tillman bought a like amount. Various directors purchased the balance.

Just a guess, but they probably have a pretty good sense that the government is not going to nationalize them. If that’s the case and the government is going to keep them on life support until they get back on their feet then it’s probably a pretty good buy. Of course, there’s always the chance that they are kept on life support, don’t improve and the government changes its mind.

Got the stones to take a flyer on this one?

more: here