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The US treasury market reaches breaking point

The US treasury market reaches breaking point

The structural issue that could cause the world's market of last resort to grind to a halt

Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

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Thursday, August 28, 2008

Board stupid: The first story revealing the lack of financial expertise among the boards of the world's largest financial institutions


Recently RBS announced three new non-executive directors with experience in the banking industry. Have a look at the first story to reveal the appalling lack of financial expertise among independent directors of the world's largest financial institutions – our February 2008 cover story, 'Board Stupid'




Board stupid

The global banking industry faces its biggest challenge in decades. Hundreds of billions of dollars have been written down and wiped off its market value in the space of just six months. But shareholders looking to independent directors to shore up their interests and make sure the same mistakes do not happen again are likely to be disappointed. The make-up of many banks’ boards of directors means they simply aren’t qualified for the task.

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I was walking the dog the other day when I bumped into a neighbour, who was retired. He’d just seen the news about the stock markets plummeting. He started talking about it and asked what I did. I told him I was a fund manager. He said: ‘I’m sorry’

There’s no escape for some people in financial services

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