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IAG chief falls on sword
"I believe we are currently undervalued and our underlying performance is improving, however, I also believe I have lost the confidence of a number of our shareholders, which is not tenable for the company,'' Mr Hawker said. "Given ultimate accountability sits with me, I have offered my resignation to the board.''
Will others follow?
"At the end of the day I'm managing money for other people and I don't like losing money and I don't like being played for a fool in terms of transparency and accountability,'' 452 Capital's chief executive Peter Morgan told Sky News.
Peter Morgan, I am speaking to you.
But Mr Morgan said IAG's brand had been muddied in the past, and poorly managed.
Which is it? First you say you were played for a fool and now you say you understood the risks.
"There is no acceptance of past mistakes and I think that breeds complacency and I think it's time the company itself put its hand on its heart and started telling all shareholders what is going on and why it is going on,'' he said.
Like the kind of complacency that would make you one of the company's largest shareholders? If it turns your stomach to lose other peoples' money as you say even as you invest using your own words in "poorly managed" and "muddied" branded companies, then there's an obvious stomach turning solution.
No, this is not Seppuku advice. I'm actually suggesting Maalox. Well, sort of anyway. There are far cheaper generic versions at Wal-Mart.
This Seppuku story was inspired by comments left for me by AllanF.
Real Estate Newsletter Articles this Week: Existing-Home Sales Increased to
4.15 million SAAR in November
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At the Calculated Risk Real Estate Newsletter this week:
[image: Existing Home Sales]*Click on graph for larger image.*
• NAR: Existing-Home Sales Increase...
13 hours ago
3 comments:
Thanks Mark! I hear what you're trying to tell me. This Morgan guy has the right idea. The best defense is a good offense.
How's this sound? "Honey, you knew I was no good when you married me. Heck, I was present on at least two occasions when your Father told you so. But that's all in the past now. And lots of people are loosing their houses, it's not just me. So, we call this a lesson learned and move on. There's a nice empty REO I saw on the way to work the other day, squatting there will even save us on gas money. Or we can let the terrorists win."
Probably have to work in an "I love you" or two into it, but I think it's got some potential. Whadd'ya think?
But the other kids were all doing it too Mom!
AllanF,
You sold me once I read the gas money part. You sold me again when I read the terrorist part. You've sold me twice but there's just one of me. Nice use of overleverage!
It may simply reflect our overleveraged society and the fact that people are carrying more debt on everything and it doesn't take a lot to affect a small percentage of them in terms of moving them from homeownership to not. - Bob Curran, Fitch Ratings analyst, April 2005
Anonymous,
If everyone slid down the slippery slope of hope, would you do it too?
I don't care what Jimmy's parents did, when you are living in MY house entering foreclosure, you'll play by MY rules. Now help me pry loose the granite countertops. We're taking them with us.
It's all fun and games until someone (the landlord) puts you and "I" out (on the street).
The poor children in China will work harder than you to have what you're eating right now. Finish your vegetables before they do!
If you don't have anything nice to "say" (about where our country is headed), don't "say" anything at all. Start a blog.
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