SoftwareI own a small bit of this, recall looking at their b/s valuation of intangible software asset and questioning to myself the true value of that asset. I guess we get a partical answer in today's writeoff.
Capitalizing software costs seems like an easy lever management can pull to inflate earnings. If you want higher earnings, lean towards the opinion that software costs should be capitalized. Then every X years or so, kitchen sink a big writeoff of this expense, while claiming "adjusted" earnings are doing fine.
What a horribly run company, with such being the case for decades. This would seem to make it clear that the board of directors is incompetent.
Well, on further humorous thought re the board of directors, I guess they were competent at fending off and spurning offers to buy the bank, thereby ensuring their continued tenure and compensation, with such efforts costing share holders a mere 15 million in strategic review costs.
I still shake my head in disgust at this. Simplified; someone made an offer to the board of directors for the bank. Rather than take the offer to share holders (and lose their jobs as they would become redundant), then spent 15 million dollars saying no.