Don't believe I've ever seen a company's annual report that makes it look bad. They always seem to show the company's point of view in their annual report.
There was an article in the Charlotte Observer on Jan.1,2004 about BAC and their share price, talking about the share price return in value since the FBF deal was announced.
The article states that BAC share price went up 13.79%, WB has increased 23% and the other bank mentioned increased 1.71% in 2003. One guess as who this other bank is. You're right good old BBT.
In the Charlotte Observer yesterday January 5, 2004 there was a listing of the market results of the Carolina's largest publicly traded companies, ranked by total return. BBT was lower than all, but one of the banks. Their overall rank was 79th out of the 100 companies listed. In other words if they were in school they would have made a grade of 31 out of a 100.
Management appears to be living on past performances before 5 years ago, but the executives total pay doesn't seem to reflect this. This is just my opinion, but it does seem to have some basis when you look at their results.
Just who owns this company? Does the shareholder and if so should they not expect to share in the benefits of ownership? Are should we just settle for whatever scaps management let dripple down to us.
Jim, You must not have read the post. The sources quoted in the Annual report are highly respected independant publications that report that BB&T Shareholders have benefited. The AR didn't invent the data, just reported it, as anyone would when it reflects good results. You're posting what you can find that is less flattering - my post makes it fair and balanced
And over 40 years in business and 5 retired I have seen Reports that had bad results, and explainations of what went wrong and how it would be fixed. As you know the SEC frowns on misrepresentations.
I agree with some of what you say. The fact that you try to post whatever good you can find about BBT and that I post some of the negative that I find.
However, on your statement about the SEC frowns on mirepresentations, there are real mixed feeling about that. Where were they if they are so good on Enron, WorldCom and Tyco just to name three. You don't really believe that they were all telling the truth in their annual reports and that the SEC was on top of the misrepresentations do you? If you really believe that the SEC is doing that great a job then I've got some real estate in Florida that I'd like to sell you. It is only slightly damp.
Hope you have a really good year on your investments.
In answer to your question about the board. Who picks the people who serve on the board I don't believe I've ever nominated anyone, have you? Don't remember ever having a multiple choice to vote on any one position either. Seems like the current board or company executives make the decision of who is nominated. If you were in that position would you try to get someone who supports your position to serve on the board or someone completely independent and that looks out for the well being of the shareholders?