If you hadn't heard just yet, MGI has finally identified their scapegoat in the form of now former CEO Phil Milne. Moneygram International (Symbol: MGI) reported this morning that they really did mess up by getting into mortgage backed securities and that it was all Phil's fault. At least that is usually what a CEO firing typically indicates these days.
Of course when you look at the stock price before the announcement of just under a buck and a quarter per share, perhaps they are not that far off base. Unfortunately, the general public didn't buy the scapegoat scenario and the stock has now dropped like a stone to just over a buck.
Some of the drop is just reflex on bad news, but it will be a long road back for MGI to any kind of decent return territory, given they don't even have a replacement chosen yet. Opportunity or suicide buy is the question here now.
DISCLAIMER: I do not currently hold any position in this stock. These opinions are my own and decisions to buy or sell should be your own based on your own research and comfortable level of risk.