Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Thursday, November 27, 2008
Bank of Montreal Wimps Out!
Bank of Montreal (BMO) released Q4 and year end financial results. They clearly had a difficult year and are probably glad it’s over. Now that everyone is dealing with financial insanity it’s nice to be part of the peer group. They did admit that they missed four out of five financial objectives and then proceeded to wimp out and claim they will not be publicly announcing financial objectives. They made it clear that they have rigorous internal objectives and hold their own people accountable. That’s really nice. But how does the shareholder hold the board and senior management accountable.