What a total screw-up HCBK BOD and Management has become or should I say we should have recognized this all along. One of the arguments put forth by some is that this interest rate environment does not justify expanding the balance sheet. If you accept this notion then you cannot help but wonder what all those highly paid HCBK loan officers are doing, really? From what I vaguely recall when I read an annual report long time ago, HCBK employees have a stock plan and a pension plan. Who is going to fund this pension? I raised the issue in my 7/31/2013 post that it is really surprising to see how HCBK BOD awarded a compensation package to Hermance and other top officers that is 10 times the size of pay packages of MTB CEO! I am all for competitive pay packages and performance bonuses provided there is something to show to your shareholders. Meanwhile we have had to undergo two brutal dividend cuts and as far as I recall, neither Management nor employees have had to make any sacrifice. How #*$ backwards is this? Why do we approve these pay packages year after year and reelect this BOD even when shafted by them? It really makes you wonder whether this BOD cares about us at all. Even when times were good and Hudson was making oodles of money, It makes you think whether all those profits were a result of favorable business environment or made to look like a result of superior management. If you think that it was as a result of superior management, then you will have a hard time reconciling the fact that the management totally mismanaged the interest rate risk. This is what bankers do day in and day out! This is their job. Where are those activist, pension fund, and hedge fund managers when you need them? It is time for a wholesale change. It is so screwed up, it is not even funny.