Banks are horrible but if WaMu and Wachovia go lower, buy now

Wachovia Corporation  (NYSE:WB) is 25 Cents from its 52-week low and Washington Mutual, Inc.  (NYSE:WM) is just 5 Cents away.  The Financial sector is going down in flames, but the world is not ending. 

Buy these stocks at a discount, should these stocks fall another $1 or less.  Wachovia's CEO is now gone and WaMu's Killinger is almost out the door.

These stocks have to make a 180, the investors and shareholders will except nothing else, so play the rebound and take advantage of these corporate banks scrambling to get their stock prices back up.

Via theStreet.com -- "I'd say he'd have to be next, even though it will likely be drawn out because of that strong set of relationships" he has to the company's board of directors, says Carter Burgess, a managing director at executive search firm RSR Partners and head of its board recruiting practice.

Killinger has been CEO at WaMu since 1990 and chairman since 1991, according to the firm's Web site. Wachovia wasn't hit nearly as hard as the Seattle-based thrift, leaving Killinger without "much of a leg to stand on," Burgess says.

Other observers are optimistic that Killinger will be able to keep his job.

Killinger "is a good CEO, but his institution's core business is at the heart of the mortgage issues right now, so I think the board probably thought it better to separate the jobs," Cassandra Toroian, president and chief investment officer of Bell Rock Capital, writes in an email. "I don't think however he's done a bad job that warrants him going away. Ken Thompson has done a series of acquisitions and made decisions that I think have over time cost shareholders tremendous value and for that reason, they needed to get him out and use this as an opportunity to start fresh."