On ABCTV on Sunday Michael Chaney (chairman NAB) gave glowing rap to outgoing CEO John Stewart and the NAB management team. Wouldn't concede they had placed a foot wrong anywhere. Yet he also avoided making any reference re NAB profits for next and future years saying how terrible the current climate is. Whole thrust of Chaney was: it's all someone else's fault.... don't blame the banks. My clear impression from IV is that NAB are in for a torrid 2 years while cleaning up the mess they have created with over-leverage. I wonder if a debate re a govt owned Aussie bank will re-surface??
