PRU always announces big buybacks and does nothing after the authorization. Its a total scam they have run for many years now which should be investigated by the SEC.
Been saying this for years and the same old apologists cover for these clowns. PRU has done NOTHING for investors while they get theirs. It aint just the CEO. The entire power structure of PRU 'management', the ones who give you sterling performances like last quarter - what missing 2B?!?, milk this company at will. Outrageous and shameful.
RBC's statement: "Prudential said it ended 2014 with $2 billion in excess capital, well below the $3.5 billion in year-end excess capital Prudential had forecast DEC.11. How in the span of only 13 business days between Dec. 11 and Dec. 31 Pru managed to finish the year with $1.5 billion less in excess capital than it had forecast is, in some respects, still a mystery to us. "
This is a on-going back eye for management and a terrible disservice for shareholders. I'm not sure it does not deserve action by the board. These are the guys assuming humongous actuarial risks for pension transfers from many companies and 1.5b of internal money can poof in 3 weeks?!? Not impressed of how it happened and how the explanation was handled recently. No one is buying it.
Setting the world on fire after his clear, concise articulation of PRU moving forward to the benefit of shareholders. If nobody understands what Johnny is doing maybe he doesn't understand it either.
We do know their comp packages are absolutely concrete however. Time to tie them to performance. There is never any hesitation by PRU to eliminate employees due to costs or set direct link comp tie-ins to performance. The CEO's hands are all over this abysmal performance and I fondly recollect his assurances of 16% ROE.
Yup. The US govt brings in record revenues every year yet the balance sheet gets worse every year. Pitiful job by senior management for anything except enriching themselves - by gawd sounds just like politicians. Who'd a thunk it? If the BOD has any stones at all it will put the vise on Johnny Stranglethisstock, our esteemed CEO.
That's pretty much the theme of every cc anymore. Rationalization of the miss. I have serious concerns all this pension business is predicated on returns they cant generate. With interest rate and currency headwinds for the forseeable future where does the spread margins needed come from - hedging obviously isnt magic when practiced as PRU apparently employs it. I wish an analyst would ask why they consistently announce buybacks and fail to follow through....why they increase dividends when they are losing money...why their comp packages are so stock option lavish when the stakeholders get diddly in return?
PRU is a serial under performer and their announced buybacks are largely hokem. They announce annually a buyback authorization up to $$ and spend a fraction of that for actual stock buying. Very misleading on their part and done consistently undercutting my trust in management.