$50 per share in 2017, page-84

well put stabilo

I would add on the morale side many of the ANZ executives live in the general community, from these folks many insights can be gained, what emerges are stories of a culture gone off the rails, in order to correct the rudderless mayhem that confronted them they have instituted a new form form of mayhem that can be characterized as a "witch hunt".

This is the corporate version of psychological process that overcomes groups when fear abounds within a society or organization, Peter Drucker referred to it many of his books on management, a corporation that is failing often lurches from to little to a form of pernicious witch hunt where fear abounds and religious corporate dogma's develop, rather than say what they mean or make decisions based on their own judgment managers begin to go with flow as the fear being burned at the stake as a corporate heretic.

Folks in order to survive become zombie like zealots to what they believe to be the latest corporate mantra. In an economy like this folks throw their own ideas out window and follow the leader , often suggesting more and more extreme measures based on their own perceptions of how they might serve their own ambitions best.

Paradoxically this can cause even greater risk taking than the original circumstances that cause the problem in the first place. This is a well known evolutionary stage in corporate falls. So much career risk and fear pervades the organization it fails to function as it needs to do in order to prosper.

I give Smith 12-18mths before he is replaced he is pulling all the wrong levers at once. He is a cowboy where the need is for a conservative considered practitioner like Murray. Its not his fault hes the wrong guy at the helm at the wrong time