I've been a BBT stock holder for many many years and have trusted the officers/board members and, of course, their excellently written and looking financial statements. Holding us stockholders up for paying back TARP is a crime, but the worst crime is Mr. King and his buddies in office, management and board will gain from this via salary boosts and bonus boosts. Why not, Mr. King, show some positive ethical behavior and NOT take any bonus or salary increase this year? It would show, at a minimum, good faith to your cherished stockholders who are taking a cut at your dictate; why should we trust you; why should depositors trust you; why should people use OUR bank when the leaders of that bank abuse their ethical standards -- I hope they have standards -- by taking money off the top for themselves.
I'd sure like to see an answer by Mr. King and his other managers and board members to these questions.
King it is your turn....
How many out there agree agree????
Let us all know.....!
Wow, what a Monday! I received our Mr. king's letter to stockholders. Great way to begin a new week...I assume all stockholders received same letter which "explained" the dividend cut and pay back to US government -- TARP -- in advance. Too bad this event had to be cause the worst day in King's life. I sure hope he had happier ones receiving his pay check, bonus, and the opportunity to not only pay his income tax on all this (I assume he does that) and to spend it on improving his life. Such is our Bank's management leader.
Finally heard several congressmen discussing the same thing I have been saying for years on this board. Much of the high pay and bonuses of corporation executives comes from collusion between them and the board of directors. Remember, most board members are recruited and recommended by the executives. We the little stock holders deserve some of the blame, we either don't vote against board candidates or we accept the recommendations of the executives.
The dividend cut seems to work out to a 5% reduction to the shareholders (at the current price)to save the 5% interest on the TARP money.
What is the big hurry....BBT has 3 years. Use the TARP we gave you to earn your way out of not needing it. Do your job.
Hey Augie I've been a customer of BB&T for 25 years. And they have royally screwed me over. I despise this bank. Having senority being a customer for this many years don't mean squat anymore. All this bank is wanting is money. They don't honor their customers any longer. They are boasting to the public that they are still lending money and that they didn't need any of the bailout money. They said or I heard the govt. made them take it. Now if you believe that I've got some swamp land in FL I'll sell you. I went thru a divorce 4 years ago and they are still harassing me over a credit card I have with them. I will say this Augie if you have any accounts with them you need to diversify. I can't now cause BB&T has scared my credit. And I've got to stay with them now. They knew what they were doing to me when they done it. They probably throwed a big party in the credit card dept when they screwed over all their customers. And now it looks like they are screwing over their shareholders. Over the money they said they didn't need in the first place. What the shareholders should do is evict Mr King or whatever the CEO's name is and half his board of directors cause they are in on it too. Good Luck Augie.
Maybe there has been no bonuses paid to top executives for the past 2 years. OK, but now they have diluted the stock and cut the dividend so they can receive salary and bonus increases. Only the narrow minded company suck can justify this act.
dude, you don't get this game -- this is about the massive fooling game -- this company is a giant joke and the rest of industry too -- when the market crashes to the most depressed level in over 50 years, then american investors will wake up, until then, just join the game, take what they give you, and shut up -- they are doing it, why can't you -- answers to your questions won't solve a thing, but a price crash will solve it -- that's what i love about the free markets, they speak volumes -- then after the mess is in place, the excuse making and finger pointing becomes the new fashion
luckily, i know how to make money off both sides of the equation