Nab troubles
Jan 22nd 2004, 2:35 am
#1
Thread Starter
Joined: Aug 2003
Posts: 11,149
Nab troubles
I doubt this will be a BCCI or a Barings style collapse but the NAB is in a spot of bother.
http://www.smh.com.au/articles/2004/...360833930.html
National Australia Bank chairman Charles Allen yesterday made a desperate plea for patience from shareholders, who are baying for executive blood, and the bank's market worth dropped another $511 million on the sharemarket.
As the shares dipped 34c to $29.20 in a day of heavier than usual selling, Mr Allen promised investors the results of an independent investigation by forensic accountants from PricewaterhouseCoopers into the bank's $185 million in currency option trading losses would be made public.
Amid concern that this might only mean a sanitised version of the report would be publicly available, as many argued happened with the report into the 2001-02 HomeSide debacle, the bank indicated last night it would be up to the board's risk committee, headed by former Southcorp boss Graham Kraehe, to determine what information was released.
http://www.smh.com.au/articles/2004/...360833930.html
National Australia Bank chairman Charles Allen yesterday made a desperate plea for patience from shareholders, who are baying for executive blood, and the bank's market worth dropped another $511 million on the sharemarket.
As the shares dipped 34c to $29.20 in a day of heavier than usual selling, Mr Allen promised investors the results of an independent investigation by forensic accountants from PricewaterhouseCoopers into the bank's $185 million in currency option trading losses would be made public.
Amid concern that this might only mean a sanitised version of the report would be publicly available, as many argued happened with the report into the 2001-02 HomeSide debacle, the bank indicated last night it would be up to the board's risk committee, headed by former Southcorp boss Graham Kraehe, to determine what information was released.
Jan 22nd 2004, 3:39 am
#2
Brain Drained
Joined: Aug 2003
Posts: 1,882
Re: Nab troubles
Amid concern that this might only mean a sanitised version of the report would be publicly available, as many argued happened with the report into the 2001-02 HomeSide debacle, the bank indicated last night it would be up to the board's risk committee, headed by former Southcorp boss Graham Kraehe, to determine what information was released.
