From a story on CNBC's website: "Edward Crutchfield, First Union's chairman and chief executive, has acknowledged his disappointment with the company's performance ... He won't receive a stock or cash bonus for 1999. About 250 senior employees at First Union also won't receive a cash bonus.
"'It's the honorable thing for management to do, when the company and the stock hasn't performed up to expectations,' said [a major shareholder]..."
In this season of peace and harmony, I started not to challenge your suggestion that BBT management didn't deserve year-end bonuses this year. I own BBT stock am not employed there. IMHO, BBT management has turned in another fantastic year (in contrast to FTU). Stockholders must be prepared to endure "market risk," meaning that all bank stocks have suffered from the fear of higher interest rates - don't look now, but "market" rates on LT bonds have already risen a bunch! The old adage that "stocks tend to fluctuate" is still true; don't hold management responsible for market gyrations. Also, IMHO, incredible loan credit problems are still being discovered at FTU's "Money Store" - I say that BBT management has proven again its superior ability to run a banking franchise. The price may decline a bit more, but I'm taking advantage of this buying opportunity to accumulate BBT shares. Sincere best wishes to you and yours this special season and for the new year.