Barclays bosses give up bonus after $452 million fine This is what ING management should do for all of the fines that the shareholders are impacted by. The shareholders have suffered for years with the drop in stock price and the elimination of the dividend. This should be a topic at the next shareholders meeting and certain individuals should be held accuntable for their actions that cost the company over $600 million. Any other company would have released those responsible or at least published some type of response with actions taken to its shareholders and employees.
For 4 years now, ING's management ignores the common shareholder's interest. Their decisions reflect deep ignorance of ING's business status, completely lost oversight of the complexity of their products in the current recessionary environment, can't follow and control the day-to-day trends and operations, missed taking proactive and preventive defensive actions in face of clear and present business risks, plus broke the law, admitted it, and paid $600M penalties.
This gross negligence led to a series of 5 quarters of extraordinary losses, in each Q over $400M, and in 5 quarters accumulated a total loss of $4.1B loss, all caused by management errors and faults.
ING's Board of Directors is corrupt; otherwise they should have started public investigations and fired the management long ago. Sooner or later they should end up in courts to answer for it.
Agree with your comments and I am amzed that the Dutch government, the board of directors, etc have not taken action....perhaps there is even more corruption. The shareholders should elect new management and a new board.