UPDATE: Wachovia's (WB) New CEO Steel Buys One Million Shares

UPDATE: After the close, Wachovia Corporation's (NYSE: WB) new CEO, Robert Steel, disclosed that he bought 1,000,000 shares on 7/22 at $15.32-$17.02. This is his entire stake in the company.

Before taking over as CEO for Wachovia in July, Steel served as Under Secretary for Domestic Finance for the U.S. Department of Treasury.

This is a huge vote of confidence for the embattled bank, which while it is up over 100% over the past week, is still down 54% YTD.

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