Laurentian Bank of Canada T.LB.PR.H

Garbage

[Northforce13]

Garbage, garbage and more garbage.  So glad I bailed on my mountain of this dog vomit, though I still own a small position in my TFSA, probably going to dump it as well, my god.

Here we go:

* 5.3 million becaue their computer mainframe went down for a few days?  What in the world do they have to spend 5.3 million for???  My god.

* 15.9 million because they decided to accept offers to buy the bank?  This is nuts!  A value oriented CEO would offer the bank for sale, give whatever information interested buyers wanted along with a simple confidentiality agreement, then receive their offers.  That DOES NOT cost millions of dollars to do!  What is wrong with the brains of the people running this circus show of bank?!?!?

Lets see the new CEO...

""Laurentian Bank is an integral part of our society and our place in this ecosystem is unwavering as we continue to support Canadian families, businesses and communities achieve their dreams," said Eric Provost and our place in this ecosystem is unwavering as we continue to support Canadian families, businesses and communities achieve their dreams," said Eric Provost

* Whole bunch of word salad feel good gobbledygook garbage.  God.  :

"Laurentian Bank is an integral part of our society"

- No, Eric, it isn't.  

"and our place in this ecosystem is unwavering"

- No, Eric, it isn't.

"as we continue to support Canadian families, businesses and communities achieve their dreams,"

- Yeah yeah, rose colored glasses, rainbows and unicorns dancing around.  Unh hunh.


This bank has underformed and sukked for decades becaue it is run by a crew of D caliber people. 

I keep hoping to see some change of some sort but it never seems to come.  That latest statement from the CEO tells me he's probably another D caliber level player and LB will continue to sukk into the future.

Next Q what's on tap...  a)  CEO mass severance costs of millions of golden parachute dollars flushed down the drain  b)  same for chairman?  c) more loan loss provisions   d) more restructuring costs?

A path for LB might be for someone to buy 5% + and call a proxy vote on wiping out and replacing the entire board of directors and management team.  Or sell the loan book to another bank and run it off and close everything and liquidate the company.

Disgusting.

[rad10]

Projected 7% dividend next week XD softening the blow, and potential upside from a takeover.  It's not so terrible, but the ineptitude has been staggering!  New(ish) leadership should help.  Recovery play. merry Christmas