Calling on Shareholders to voice outrage, page-8

Duty,

I may have been speaking out of turn since I am not fully conversed with the PAS story; My point was that at the end of the day the board management is FULLY responsible for the situation they found themselves in and that’s where the buck MUST stop. Management is responsible for debt, borrowings, hedging, the strength (or lack of) of their balance sheet, and the final eventual mess they found themselves in; my only regret is that these clowns are not held more accountable for the shareholder wealth they have destroyed (or transferred to the banks); Still, the concept of limited liability companies (and the directors roles therein) is fundamental to the whole financial system and has been the key to developing the economic growth of the last century.

What upsets me greatly are the lies and deceit made under the banner of the limited liability company concept. To see public companies declaring blatant misleading lies to the market which eventually go into shareholders making wealth-effecting decisions is criminal. What is even more upsetting is seeing the Bast*** get away with it.

In my opinion the banks can never be held as accountable as the directors of a company; banks are the sharks of the financial system from the beginning of time, it’s the directors responsibility to keep those sharks away from their guppy shareholders through competent management.

As a final comment we are all responsible for our own personal decisions. Sure the adequacy of those decisions may have been biased by one of many reasons but they remain individual decisions. At the end of the day its all a lesson and we should all be learning from life’s lessons.


Regards