Transcription
Mr J.W.S. Cook
Lower Farm House
HAMBLEDON
Surrey GU 84 HE
Engeland
Amsterdam, 23rd April 2007
Dear Stuart,
Today is another glorious day, thanks to climate change. Born in the tropics, I can live without winter seasons. This year the wysteria is blooming profusely on our roof terrace for the first time.
It will also be a glorious day for the CEO of ABNAMRO-Bank, Mr Groenink. The number one bank in the Netherlands is being bought by Barclays Bank, provided the shareholders give the green light. It is a “testimonium paupertatis” from Mr Groenink for his term of office.
However, if the deal materializes, his personal wealth will increase by €20 million thanks to his underperformance ! 13.000 Jobs will be eliminated and 11.000 jobs will be transferred to low-income areas in Asia. Mr Groenink will not shed a tear for the rubble he leaves behind.
If you were to ask me what the highest goal of management should be? My answer is: Continuity!! The ABNAMRO Bank will be split into parts. For example, Bank Lasalle in the US will be sold by Barclays so that they can pay the €67 billion offer price.
Perhaps it is an idea to use 'The Night Watch', Rembrandt's (1606-1669) largest painting,
cut into 1000 pieces and sell them separately. Why not?
Anyway, at the moment the ABNAMRO share price on the stock exchange is €37.25, while the Barclays offer is €36.25. Groenink could not create shareholder's value in the normal course of banking business.
It gives me goosebumps that this gentleman has been admitted to the board of the Royal Dutch Company and that he is becoming a member of the advisory board of Barclays. God bless the Queen and Barclays Bank, Adriaan dixit.
Please pass on our love to Ursula and have an enjoyable time up to the forthcoming marriage your your son.
Love from Vera & Adriaan
