Are these the same shareholders that ignored the incompetent management and gave them fresh capital to play with?
I wonder what they needed to wake up to the fact that this management was incompetent and not deserving of further support.
Nothing new here. They failed and some shareholders don´t seem to get it.
Sounds like we need new fund managers handling our money!
Onésimo Alvarez-Moro
See article:
They had been saving up their anger ever since the trading scandal at the French bank Société Générale broke in January. On Tuesday, shareholders were given their first chance to challenge management directly on the €4.9 billion loss - and there was no more holding back.
At the bank's annual meeting, several investors called for the resignation of the chairman, Daniel Bouton, and asked why the head of the investment banking division, Jean-Pierre Mustier, was still in his job. They accused management of transforming the bank into a casino. And, in a sign that class-action lawsuits in New York and France might be gathering pace, they sought restitution for their losses.
See full Article.
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