Usually two or three resignations from heads of troubled companies, is not much to balk out, but recently, 6-7 heads of very important financial institutions have resigned. High level resignation is normally reserved for a few situations: those who have made a big mistake, expect a big mistake to be made, or formally, don’t want to deal with a mistake that was made long ago and soon must be faced.
Here are the recent resignations in chronological order:
February 6, 2012: Dhanlaxmi Bank CEO Amitabh Chaturvedi quits: http://www.livemint.com/2012/02/06160111/Dhanlaxmi-Bank-CEO-Amitabh-Cha.html
February 10, 2012: Tamilnad Mercantile Bank MD resigns: http://www.business-standard.com/india/news/tamilnad-mercantile-bank-md-resigns/464259/
February 13, 2012: Kuwait central bank chief resigns amid political tensions: http://www.washingtonpost.com/business/industries/kuwait-central-bank-chief-resigns-amid-political-tensions/2012/02/13/gIQAcxrOAR_story.html
February 14, 2012: Nicaragua’s Central Bank President Antenor Rosales quit admist row:http://www.bloomberg.com/news/2012-02-14/nicaragua-central-bank-head-quits-amid-row.html
February 15, 2012: Slovenia’s Two Biggest Banks’ CEOs Step Down: http://www.bloomberg.com/news/2012-02-15/slovenia-s-nova-kreditna-banka-maribor-ceo-plos-resigns.html
February 15, 2012: World Bank President Zoellick Resigns: http://business.time.com/2012/02/15/world-bank-president-zoellick-resigns/
February 16, 2012: CFO of ANZ Bank Resigns Amid Turmoil: http://www.proformative.com/news/1470243/cfo-anz-bank-resigns-amid-turmoil
February 16, 2012: Royal Bank of Scotland’s Stephen Williams quits the role: http://www.theaustralian.com.au/business/wall-street-journal/andrew-chick-to-lead-royal-bank-of-scotlands-australian-arm/story-fnay3vxj-1226272513981
February 17, 2012: Credit Suisse’s Private Bank Chief Asian Economist Tan Resigns:http://www.businessweek.com/news/2012-02-17/credit-suisse-s-private-bank-chief-asian-economist-tan-resigns.html
That’s 9 resignations in then eleven days, we have not included the other resignations from the likes of the head of the central bank in Switzerland a month ago, and the talk of the head of Goldman Sachs leaving. Why are the heads of very large financial instutitions resigning? Corporate governance experts would say that people resign to make room for new policies, and way of doing things, but this is a peculiar situation of contagion amongst those with key exposure.
The first to see the flame, usually leave the building, maybe this is not the case, nonetheless, such events with obvious patterns should be taken note of.
THEY ALL RUN LIKE CHICKENS SO THEY WILL NOT BE THE CEO OF A FAILED BUSINESS.
Our analysis is market based. It is obvious that any political announcement – such as a resignation – is the result of information that has been discounted by the market long ago. The intention is not to blame a proxy, for doing what any rational human would do, but to pay attention and take advantage of arising opportunities.
For example:
“May 11: Wolfensohn Capital Partners, a private equity fund promoted by former World Bank chief James Wolfensohn, is among the private equity investors that have picked up a 20% stake in Thrissur-based Dhanlaxmi Bank.
“Oct 11: Shares of Dhanlaxmi Bank slid by as much as 24 per cent in the afternoon trade on the bourses today after the All-India Bank Officers Confederation (AIBOC) raised several questions about the lender’s financial health.”
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This is a sign of the destruction of the world financial system. They cannot continue to print money to get out of of overspending, unbalanced budgets, insider trading and graft which in many countries is over 50% of the loan.
There is no such thing as the destruction of the world financial system, such a thought process is a case of apophenia. Countries and corporations (bank included), have defaulted before, and will continue to default throughout the course of human history – as a natural tendency of commerce. Secondly, central banks do not print money.
The only result of default can be the inevitable re-balance of budgets. Many countries have defaulted with a debt to gdp ratio of less than 50%, some as few as 10-20%. Although heavy debt adds on to the likelihood of default, it is not an absolute indicator of default. The key players in the financial system are failing to learn and adapt to the new digital economy, and thus must fail to restructure their approach, and continue to grow. We advise readers to refrain from placing themselves in the losers shoes.
99.99999% will lose everything. This financial holocaust is no accident. It is meant to destroy.
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The lions have feasted and can no longer stand the smell of a stale carcass. They now need time to digest their meal. Be aware! They will live to hunt another day.
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“Why are the heads of very large financial instutitions resigning?”—-Because no one wants to be the last rat off the ship.
The reason, you will find here, along with the research, going back at least 11 000 years, that means: either they resign or, get arrested; they are now being arrested. The liens were served on April 13 and, the 12 reserve banks given 10 days to comply.
http://www.divivecosmos.com/
To see the list of those already arrested: http://www.davidicke.com/