We need new management that is accountable to the shareholders. Look at this CEO babble from Mr. Ward:
"We will continue to focus on asset quality and capital preservation, as we work through credit quality issues. Looking forward, we are progressing with various cost containment measures in an effort to mitigate the decline in income as a result of the substantial increase in the provisions to the allowance for loan losses in 2008. While not quantifiable at this point, we expect that the implementation of these measures will create additional efficiencies in 2009.''
How about a resignation for writing all those bad loans? Efficiencies? How about corrective action and discipline for the responsible managers? How about canceling your bonuses and reducing senior management pay? What happened to pay for performance? Shareholders need to go the annual meeting and demand real change. See you there!