Saturday, July 14, 2012

What the !@#$%^&*() is going on?

I was going to submit this to the American Banker blog that I write but things get edited well there and I wasn't sure they'd want to publish this.

We bank shareholders are getting hosed by management.  As if it were not enough to have suffered through the disastrous results from the lack of management control over mortgages, now we are dealing with inaccurate LIBOR submissions (Barclays and who knows who else), inadequate control over money laundering (HSBC), manipulated risk management systems and letting someone named "The Whale" work at the firm (JPM), and at least one other headline yesterday that had something to do with something else the shareholders will pay for.

Where are the management teams of these institutions and what are they doing to preserve shareholder value?  All I see them doing is destroying my wealth.

No comments:

Post a Comment