National Bank CEO Speaks out
Evidently the CEO of the National Bank thinks all of the gestures by various bank CEO’s to give back bonuses is wrong, and that he will not be following suit.
“The gesture of my Toronto colleagues raises some questions,” Vachon told a news conference after the National Bank’s annual meeting in Quebec City.
“It’s an image management strategy, but in terms of governing I don’t think – and I think the council backs me on this – that it’s up to the CEO to decide how he is remunerated.”
Wow, now that is an amazing rationalization, that I really enjoyed reading. I agree with the statement that this is merely an image management thing, no more, and no less, however Monsieur Vachon then goes on to say that it’s not the banking CEO’s fault for these financial set backs, it was merely governance and regulation issues that caused this, not any perceived mismanagement by the banks, or their leadership.
I think it is safe to say Monsieur Vachon will not be giving back any of his bonuses? The article in the Lethbridge Herald didn’t say, but his words suggest that might be the case.
Interest Rates Coming Tomorrow
The Bank of Canada announces their key overnight rate on Tuesday, and rumor has it that it might drop to 0.5% meaning money is almost free to borrow, if you can find someone to lend it to you. Time to pay down that debt, now is the best time!
It is announcement season as well, with Nortel, HSBC Holdings PLC, Tivo Inc., and Wendy’s/Arby’s Group Inc., all announcing results today, watch for some interesting action on the markets. BMO and Scotiabank on Tuesday, it’s going to be a fun week of numbers and watching the market REACT (ok watch investors react).
Dydd Gwyl Dewi Dedwydd!
Belated Happy Saint David’s day to my readers as well (on March 1st), the patron saint of Wales. Saint David has sometimes taken a back seat to his boisterous kindred Saint Patrick, but we with Welsh ancestry celebrate this important day in our own way.
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March 2nd, 2009 at 9:35 AM
CEO just speak but what they tell public is often far from truth
March 2nd, 2009 at 12:36 PM
D”on forget to celebrate..
The War-song of Dinas Vawr
The mountain sheep are sweeter,
But the valley sheep are fatter;
We therefore deemed it meeter
To carry off the latter.
We made an expedition;
We met a host, and quelled it;
We forced a strong position,
And killed the men who held it.
On Dyfed’s richest valley,
Where herds of kine were browsing,
We made a mighty sally,
To furnish our carousing.
Fierce warriors rushed to meet us;
We met them, and o’erthrew them:
They struggled hard to beat us;
But we conquered them, and slew them.
As we drove our prize at leisure,
The king marched forth to catch us:
His rage surpassed all measure,
But his people could not match us.
He fled to his hall-pillars;
And, ere our force we led off,
Some sacked his house and cellars,
While others cut his head off.
We there, in strife bewild’ring,
Spilt blood enough to swim in:
We orphaned many children,
And widowed many women.
The eagles and the ravens
We glutted with our foemen;
The heroes and the cravens,
The spearmen and the bowmen.
We brought away from battle,
And much their land bemoaned them,
Two thousand head of cattle,
And the head of him who owned them:
Ednyfed, king of Dyfed,
His head was borne before us;
His wine and beasts supplied our feasts,
And his overthrow, our chorus.
Thomas Love Peacock
March 3rd, 2009 at 1:51 AM
That’s a funny quote from National Bank’s CEO. Thanks for sharing.
Seems to me it’s a great time to have variable debt. I don’t know if that makes it a great time to pay down debt or a great time to take on more. Those monthly mortgage payments sure pack a principal-paying wallop though, I’ll give you that.