NAB 0.00% $25.41 national australia bank limited

badly managed bank and the market knows

  1. DSD
    15,757 Posts.
    While it is easy to criticise.... shareholders (and members of the public) do have the right to speak out in the face of dogma and incompetence. NAB (at best) has a mixed history. Former CEO's have bungled overseas investments, former employees blew hundreds of millions on computer games, and worst of all NAB has the knack of making acquisitions at precisely the wrong time.

    The result is a SP that has gone to hell-in-a-handbasket. SP has dropped 39% is just 3.5 months!! Tens of billions of shareholder worth has vapourised.
    Yet Stewart and his fellow directors (all 16 of them!!) say sweet fanny Adams about the destruction around them.

    Stewart doesn't say a word coz:
    1)He is largely responsible for this mess
    2)He doesn't know what to say coz he hasn't a clue how to turn things around.
    Instead he buries his head in the sand hoping it 'will all go away.'

    People's superannuations are the result of many years of labour. Super funds trusted Stewart to preserve the bank and it's SP via careful planning and sound judgement. Neither have occured. UK investments continue to bleed tens of millions. Crap strategies here at home and in NZ will take years to recover.

    Yet Stewart and the board sit in their ivory tower and not a word is heard.
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