Mass Banking Resignations Signal a Purging Has Begun?
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| Anthony Freda Art |
Brandon Turbeville
Activist Post
According to a list compiled by independent blog, American Kabuki, at least 122 banking directors, CEOs, and board members of both national and international stature have resigned since September of last year. The blog recently posted a list of all 122 of these individuals with links to the announcements and reports of their resignation.
The fact that banks have been reshuffling their personnel is, of course, nothing new. However, 122 resignations does seem like a large number, particularly when one realizes that many of these resignations are coming from relatively large institutions.
As a result, there has been much speculation and concern on the part of many observers as to what these shifts actually mean.
While it should be mentioned that the list contains resignations from some institutions that are relatively small in terms of international finance, one might also do well to remember that banks, insurance companies, corporations, and governments are often tied together by a seemingly infinite number of spiderweb connections that only become visible as certain parts of the financial relationships are unearthed.
To be clear, this writer is not suggesting that every single bank included in this list is part of a criminal conspiracy, cover-up, or act of misconduct. In fact, I am not suggesting that any of them are. However, when it comes to some institutions such as the World Bank or the Bank of England, the history of treachery is obvious and should be kept in mind as you draw your own conclusions.
In fact, it is the resignations taking place amidst these larger institutions that should be a cause for greater concern in the first place.
Indeed, the number of resignations taking place amongst large institutions such as CitiBank, Lloyds Banking Group, UBS, Bank of America, Goldman Sachs, and JP Morgan alone should be enough to turn some heads.
But there is also an alarming number of central banks included on this list as well. Perhaps the most surprising is the fact that Phillip Hildebrand, the head of Switzerland’s central bank, recently handed in his resignation. Not only that, but there have been resignations coming from several other central banks including Argentina, Kuwait, Nicaraqua, and Kenya.
Even the World Bank is now accepting the resignation of Robert Zoellick. The truth is, we don’t know what these resignations actually mean. Are they merely coincidence? Is this par for the course in the international banking industry?
Or are we witnessing the beginning of a rush for the exits by those who are in a position to see what is coming down the pike? Considering the state of the world financial system, this would not be too hard to believe.
Or are we witnessing a panicked flight of the guilty on the eve of a coming round of real investigations? Might there be a coming worldwide financial scandal that these individuals would drastically like to avoid?
Either way, 122 resignations from September to March at least sounds like a big number. It would be nice to know exactly what the rate of resignation was in previous years. Until we are able to find that number, it might be wise for us to ask ourselves what these individuals know that we don’t.
Below is the list of resignations as compiled by AmericanKabuki.blogspot.com along with some additions at the end:
1. 9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
http://goo.gl/NdW7q
http://goo.gl/NdW7q
2. 09/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
http://goo.gl/Dx8qs
http://goo.gl/Dx8qs
3. 9/25/11 (SWITZERLAND) UBS CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
http://goo.gl/WCeqB
http://goo.gl/WCeqB
4. 9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
http://goo.gl/7dNiD
http://goo.gl/7dNiD
8. 11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 – DEFACTO RESIGNATION)
http://goo.gl/3L9gE
http://goo.gl/3L9gE
10. 11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank
http://goo.gl/XncOc
http://goo.gl/XncOc
11. 12/15/11 (UK) Senior private banker James Fleming resigns from Coutts [private bank]
http://goo.gl/ANN5B
http://goo.gl/ANN5B
17. 1/01/12 (ISRAEL) Israel’s Bank Leumi CEO Galia Maor steps down after 16 years
http://goo.gl/xwlFt
http://goo.gl/xwlFt
18. 1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
http://goo.gl/joExI
http://goo.gl/joExI
23. 1/19/12 (SPAIN) Spanish bank Santander’s Americas chief Francisco Luzon quits
http://goo.gl/jEY7Y
http://goo.gl/jEY7Y
26. 1/21/12 (Greece) Institute of International Finance negotiator Charles Dallara quits
http://goo.gl/NbPlt
http://goo.gl/NbPlt
27. 1/21/12 (Greece) Institute of International Finance negotiator Jean Lemierre quits
http://goo.gl/E3AkE
http://goo.gl/E3AkE
29. 1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
http://goo.gl/CoLVS
http://goo.gl/CoLVS
30. 2/01/12 (SOUTH AFRICA) ABSA [Barclay’s Bank] deputy CEO Louis von Zeuner resigns
http://goo.gl/IP8nH
http://goo.gl/IP8nH
33. 2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
http://goo.gl/bb5sh
http://goo.gl/bb5sh
37. 2/7/12 (USA) Bank Of America’s Mortgage Business Chief Barbara Desoer Retires
http://goo.gl/i7AUY
http://goo.gl/i7AUY
39. 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
http://goo.gl/PiQSy
http://goo.gl/PiQSy
40. 2/09/12 (VATICAN) Institute for the Works of Religion (IOR) Four Priests (names were not disclosed) charged In Vatican Banking Scandal. CEO Paolo Cipriani and bank president Ettore Gotti Tedeschi (a member of Opus Dei) are under investigation.
http://goo.gl/tW8Sj
http://goo.gl/tW8Sj
41. 2/9/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
http://goo.gl/8BuXy
http://goo.gl/8BuXy
44. 2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
http://goo.gl/GFvIy
http://goo.gl/GFvIy
47. 2/15/12 (WORLD) World Bank CEO Zoellick resigns
http://goo.gl/dHDSm
Did the White House tell the World Bank president that he’s out?
http://goo.gl/wUOgb
http://goo.gl/dHDSm
Did the White House tell the World Bank president that he’s out?
http://goo.gl/wUOgb
52. 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
http://goo.gl/CtmOU
http://goo.gl/CtmOU
54. 2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
http://goo.gl/WczHh
http://goo.gl/WczHh
55. 2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
http://goo.gl/I7Alo
http://goo.gl/I7Alo
57. 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
http://goo.gl/4r16D
http://goo.gl/4r16D
60. 2/18/12 (PAKISTAN) The Bank of Azad Jammu & Kashmir executive Zulfiqar Abbasi resigns
http://goo.gl/G0woP
http://goo.gl/G0woP
65. 2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
http://goo.gl/DuMrm
http://goo.gl/DuMrm
66. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
67. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
68. 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
69. 2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
conflict of interest with director seat on unknown bank
http://goo.gl/aEmwB
70. 2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
conflict of interest with director seat on Eastland Insurance Company Limited
http://goo.gl/aEmwB
conflict of interest with director seat on Eastland Insurance Company Limited
http://goo.gl/aEmwB
71. 2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
http://goo.gl/Z1rnw
http://goo.gl/Z1rnw
72. 2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
73. 2/22/12 (USA) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
http://goo.gl/x4Zsr
http://goo.gl/x4Zsr
75. 2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns.
http://goo.gl/KoEUI
http://goo.gl/KoEUI
77. 2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
http://goo.gl/JIC9A
http://goo.gl/JIC9A
83. 2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
http://goo.gl/IJ5Lw
http://goo.gl/IJ5Lw
87. 2/27/12 (BAHRAIN) – Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
http://goo.gl/hhHSm
http://goo.gl/hhHSm
88. 2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns – Flees to Canada!
http://goo.gl/DDEUk
http://goo.gl/DDEUk
92. 2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
http://goo.gl/26MYq
http://goo.gl/26MYq
93. 2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
http://goo.gl/NDJze
http://goo.gl/NDJze
95. 2/28/12 (BELGIUM) KBC’s CEO Jan Vanhevel is to retire after a career spanning 41 years.
http://goo.gl/1rCWd
http://goo.gl/1rCWd
96. 2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
http://goo.gl/HIYXv
http://goo.gl/HIYXv
97. 2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
http://goo.gl/ggPvq
http://goo.gl/ggPvq
100. 2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
http://goo.gl/7aLRU
http://goo.gl/7aLRU
101. 2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
http://goo.gl/LkJhV
http://goo.gl/LkJhV
102. 2/28/12 (IRELAND) State Street Global Advisors Cash Funds plc Director Keith Walsh resigns
http://goo.gl/n6uoM
http://goo.gl/n6uoM
106. 3/1/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government’s legislation on boosting competition.
http://goo.gl/3llyT
http://goo.gl/3llyT
107. 3/1/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
http://goo.gl/nA8g9
http://goo.gl/nA8g9
108. 3/1/12 (USA) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG’s third party asset management business, PineBridge still manages AIG assets
109. 3/1/12 (SINGAPORE) UBS Singapore – James Tulley is leaving Switzerland’s largest bank, it is not clear where he is going.
http://goo.gl/BGugF
http://goo.gl/BGugF
111. 3/2/12 (CHINA) China Construction Bank Corp, the assistant general manager and head of corporate banking Mickey Mehta quits
http://goo.gl/B9dR0
http://goo.gl/B9dR0
112. 3/2/12 (USA) Deutsche Bank Student Loan CEOJohn Hupalo quits to start student loan counseling firm.
http://goo.gl/8kZuc
http://goo.gl/8kZuc
113. 3/2/12 (UK) Bank of England Sir Mervin King resigns in June, Lord Sassoon tipped as replacement.
http://goo.gl/ZEUwf
http://goo.gl/ZEUwf
114. 3/2/12 (BOTSWANA) Barclays Bank Botswana managing director Wilfred Mpai forced to resign
http://goo.gl/npBe2
http://goo.gl/npBe2
115. 3/2/12 (HONG KONG) New Century Group Hong Kong Ltd [investment house and leisure group] Wilson Ng resigns
http://goo.gl/wFSV8
http://goo.gl/wFSV8
117. 3/3/12 (AUSTRIA) Volksbank AG (VBAG) The contract of CEO Gerald Wenzel will not be extended
http://goo.gl/w99tD
http://goo.gl/w99tD
118. 3/4/12 (KOREA) Hana Financial Group Inc, prominent figure in the history of South Korean finance Kim Seung-yu , resigns
http://goo.gl/fmNxY
http://goo.gl/fmNxY
120. 3/5/12 ( SAUDI ARABIA) Al Rajhi Bank CEO Abdullah bin Sulaiman Al Rajhi has resigned
http://goo.gl/pNx0l
http://goo.gl/pNx0l
Additional Resignations
(KENYA) Governor of Kenyan Central Bank to Resign
http://www.centralbanking.com/central-banking/news/2152753/parliamentary-committee-calls-kenyan-governor-resign As of yet, this resignation has not been completed, but is expected to be followed through very soon.
http://www.centralbanking.com/central-banking/news/2152753/parliamentary-committee-calls-kenyan-governor-resign As of yet, this resignation has not been completed, but is expected to be followed through very soon.
Resignations From Government Offices Related to Banking
Romanian prime minister and cabinet resign en masse
http://www.guardian.co.uk/world/2012/feb/06/romania-pm-cabinet-resign
http://www.guardian.co.uk/world/2012/feb/06/romania-pm-cabinet-resign
2/20/12 (GERMANY) GERMAN PRESIDENT Christian Ruff resigns (financial corruption charges)
http://www.dailymail.co.uk/news/article-2102524/German-President-Christian-Wulff-forced-resign.html
http://www.dailymail.co.uk/news/article-2102524/German-President-Christian-Wulff-forced-resign.html
Brandon Turbeville is an author out of Mullins, South Carolina. He has a Bachelor’s Degree from Francis Marion University and is the author of three books, Codex Alimentarius — The End of Health Freedom, 7 Real Conspiracies, and Five Sense Solutions. Turbeville has published over one hundred articles dealing with a wide variety of subjects including health, economics, government corruption, and civil liberties. Brandon Turbeville is available for podcast, radio, and TV interviews. Please contact us at activistpost (at) gmail.com.
Read other articles by Brandon Turbeville here.
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