Some of the "frustrated" continue to fret about the stock price but fail to take into account a sinister strategy that has caused all of us untold losses. This is commonly known as program trading a cruel tactic that "mega investors" such as commercial banks, insurance companies, pension plans and hedge funds i.e. road apples routinely engage in.

Let's face the facts. Joe is Joe. He cares little what we or the "Street" think. He has a plan and condemn him if you will but it has been successful. Hindsight being 20/20, myself included, can now look back to the Spring of 2004 when this stock went into a tailspin, plunging from 35 to 15 or there abouts on unfounded "Street" rumors. This was shortly after JRF had made a presentation to several large British Banks and had refused an undisclosed buyout offer.

Looking back at the recent gyrations of the oil patch, the NYSE, NASDAQ and currency markets, it is not beyond the realm of possibility that we as NYB investors, including NYCB management are being punished by unseen market shakers, both domestic and foreign.

The concentration in multi-family rent controlled buildings, I know as an owner, is not the best business especially for a former thrift turned near commercial bank. And do not discount the jealousy of other players, i.e. community banks that regularly engage in shorting a rivals stock.

Whatever your feelings about the unspectacular performance of NYB, keep in mind that the bank is in good position to weather any financial storm having not taken any TARP funds. I would now urge management to begin to diversify or sell off some of its portfolio. In addition the company could look to an accretive acquisition, one that has a minimum of layoffs and a large deposit base with few troubled loans - DCOM.