The catastrophic report on ING's Q4 results has nothing to do with EU crisis, Greek drama, slow Eu growth, or all the phony explanations and lies they have given today.
It is the consequence of grossly careless management of the US Annuity business.
Focus on the wording in the statement: "·Insurance underlying loss before tax was EUR 1,348 million in 4Q11, mainly reflecting the previously announced charge for the US Closed Block VA assumption changes, as well as losses on hedges in place to protect regulatory capital."
EACH AND ALL THIS LOSS IS CLEARLY THE FAULT OF THE TOP MANAGEMENT.
They even do not deny this fact.
All other losses are, according their wording: ", including EUR 79 million of realised losses from selective de-risking at ING Direct and EUR 133 million of re-impairments on Greek government bonds"
are peanuts, compared to that.
Do you guys paid by us shareholders, sitting in ING's BOD, listen?
It is compelling to fire the incompetent top managemnt. Start with Jan Hommen today. They all would be surprised if you do not fire them all.
Otherwise, you BOD guys, are all responsible for this disaster too.