Dec 172008

Fairfax News reports this morning of what appears to be an almighty screw-up by the Commonwealth Bank. I have to ask though, is this a case of corporate cocking up, or is this a case of institutional ignorance of marketplace sentiment? Is it a case of arrogance on the part of a leading Australian finance house, in seeking acceptance a major capital raising, all the while knowing about, yet delaying the issuance of advices pertaining to bad debt provisions?
If, as Michael West opines, it is indeed an internal communications foul-up of catastrophic proportions, one really does have to consider the worth of paying Ralph Norris – the bank’s CEO and head sherang of all things both glorious and gob-smacking – a bonus of $11 million.

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