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One of the saddest stories of the financial crisis in my view is Synovus Financial (SNV). The bank which once traded at nearly $30 a share in happier pre-Crisis days today goes for around $3.60 a share (and that's after a significant recovery in the last couple of years). At the end of 2006, the stock's tangible book value stood at $9.14, while in September the firm reported a book value of $2.86.

Don't get me wrong, the number of banks and other firms felled by the Crisis are legion, and in many respects, Synovus shareholders should count themselves lucky. And yet because the firm endured and survived, shareholders who have held the stock a...

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