ABN Amro / Groenink / The Last Supper

I went on a little trip to Rotterdam today. A bittersweet moment for Rijkman Groenink, CEO of ABN Amro, no doubt. Presumably his last appearance as chairman of an independent ABN Amro, unless the spinning coin of fate somehow lands on its edge.

Here's a video of him discussing his future.
What's interesting is the degree of confidence with which he talks about what the consortium is going to do once it wins. Remember, Barclays bid is still on the table, and he's said he still prefers it.

Well, at least his head won't be displayed on a spike after the barbarians storm the gate. And at least he can still laugh...

A RBS victory was predictable and predicted.

Here's a smaller clip, with him giving his explanation of the board's neutral stance on the bids.(in Dutch, transcript below).

"Our conclusion, is it can't be denied ... the offer of the consortium is much superior for shareholders. That's just the way it is. So that's in fact, an Anglo Saxon recommendation for shareholders. Only, if we take everything (waves arms) into consideration, we can't come to a recommendation."

If you're American and mystified as to what he's saying: In the U.S. and British systems (which he calls "Anglo-Saxon"), shareholders are king. But in the 'continental' system, managers are supposed to take all 'stakeholders' into account, including customers and employees.



What remains something of a mystery to me, is why exactly he thinks the consortium bid is worse for other 'stakeholders'. More jobs will be lost under the Barclays merger, and Groenink says himself there's little doubt the consortium members will be able to create value and continue to grow and improve ABN's businesses.

Does he think bank customers are going to get the shaft from Fortis more than they would from Barclays (or more than they already do from ABN Amro?) Am I just too cynical about banks generally?.

Anyhow, I think shareholders, executives, employees, bidders, reporters, spokespeople, and most of all people stuck watching this evolve on the nightly news for the past 6 months can all agree we'll be glad when *whichever* deal is finally done.
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AP sells Dutch language news service to Novum

(flickr: /ivan)
*A whole new outlook*

My, my, my:

The Associated Press has sold its Dutch language news service (created in 1945) to Novum, (created in 1999) a press agency that is attempting to challenge the dominant ANP, or "General Netherlands Press Bureau" on the Dutch market.

"Under the terms of the deal, Novum will acquire the AP's Dutch news service and its staff, continuing to translate AP's international report for Dutch newspapers, Web sites and commercial clients. Novum will also become sales agent for the AP's English-language news and photo service in the Netherlands."

-AP story on the deal.

Want to know what I think about this?

NO COMMENT.

Sorry about that. Rules is rules.



The rest of the AP story:

"We're delighted with this exciting new partnership which will create a dynamic new service in the Dutch language," said Barry Renfrew, AP's vice president of Global Business for Europe, Middle East and Africa. "We are confident that the combination of AP's unmatched global coverage and Novum's strong local reporting will provide an excellent service for Dutch clients."
"I appreciate the trust that AP is placing in Novum in agreeing to allow us to continue the tradition of the Dutch service on its behalf," said Bram Bloemberg, managing director of the privately owned Novum, which was founded in 1999. "This gives us a stronger position in the Dutch market, which is a valuable development for both sides."
The agreement is to take immediate effect, and there will be no interruption in service to clients. Commercial terms of the agreement were not disclosed.
The Associated Press is a global news network, delivering news from every corner of the world to all media platforms and formats. Founded in 1846, AP today is the world's largest source of independent news and information. On any given day, more than half the world's population sees news from AP.
The AP operates as a not-for-profit cooperative owned by its 1,500 U.S. daily newspaper members.
The AP's Dutch service began immediately after World War II when AP staffers in Holland received AP international news dispatches by Morse code from London, translated them _ often by candlelight in a city still short of power _ and delivered carbons of the report by bicycle to subscribers in Amsterdam.
In the decades since, the AP Dutch Service established a strong position in the Dutch media market.
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NYT vs WSJ in Mickey Mouse MBA smackdown

(flickr photo: ikayama)
How embarrassing! The New York Times and Wall Street Journal ran opposing "trend" stories about MBAs just one day apart.
From the NYT we learn (login) about the dashing Mr. Andrew Hammond:

"Like other young people on the fast track, Mr. Hammond has run the numbers and figures that an M.B.A. is a waste of money and time — time that could be spent making money. “There’s no way that I would consider it,” he says."

"The competition from alternative investment firms — private equity and hedge funds in particular — is driving up salaries of entry-level analysts at much larger banks. And top performers at the banks make so much money today that they don’t want to take two years off for business school, even if it’s a prestigious institution like the Wharton School or Harvard."

From the WSJ we learn

"With demand growing for M.B.A. graduates, it is a seller's market out there, making it tough for many companies to meet hiring quotas using old tried-and-true recruiting methods. At a time when career opportunities are so plentiful that students can afford to turn down even six-figure offers from investment banks, it is especially difficult for traditional manufacturers to make an impression."

"So to improve their odds, recruiters are visiting business schools earlier and more often, raising starting salaries and touting their company's dedication to work-family balance."

So which is it, MBAs hotter than ever, or MBAs, who needs 'em?

I guess they both agree that it's steak and gravy these days for investment banks and the six-(or seven) figure-earning bastards* who work for them.

(But wait! Aren't we in the middle of a financial crisis that's about to destroy life as we know it?)

Apparently not.

This all reminds me of a story I once heard about Disneyland.

(yes, it all ties together in the end)

Apparently there are are a dozen Mickey Mouse mascots walking around the park at any one time. So each needs at least a few minders to walk with them and act as lookouts to make sure that no two Mickey Mouse mascots are located in the same place at the same time.

Because if children were to see two "Mickeys" at once, they'd start wondering which is the real Mickey, so to speak. And start asking probing, uncomfortable questions.

Like, "are 'trend' stories kind of Mickey Mouse? Do they identify often bogus trends because some editor thinks it's a good idea and then attempt to peddle them as news?

Speaking from experience, yes.

And if the NYT and WSJ reps had been paying more attention at the last cartel meeting, they would have separated these stories by at least a month, for good form.

(Removes tongue from cheek)

*All investment bankers are bastards _ except my cousin Ben and this girl I know Joelle, who are both actually quite nice. Perhaps not coincidentally, they're also the only two investment bankers I've ever met personally.
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Ex Muslims

(photo: darkpatator)
Muslims around Europe are launching committees of "Ex-Muslims"
The idea is, they want to demand the right to renounce religion without facing reprisals from other Muslims. This is a sledgehammer to the worldview of people who see Islam as one monolithic block of radicals. Of course there's a huge diversity of opinion within people who live in or immigrate from Muslim-majority countries to the West, because they are a huge number of people. (indiepoprockJesse)

Possibly the most interesting part of the debate in the Netherlands has been about freedom of speech and whether it includes the right to insult. Obviously, freedom of speech has its limits (especially as regards hate speech), but it does include that basic right.

However, people who insult also offend, and (as Christopher Hitchens says) Muslims have proven themselves champions at avenging insults with violence. At least in recent years.

But who in the world DOESN'T get bothered by insults? That's the point of an insult, after all.

Last month, Dutch police sued and WON a suit against a guy who gave them the finger, saying it was illegal to insult an officer because it was damaging to his authority and reputation.
That was an extremely bad ruling, and wouldn't stand up in U.S. courts.

On the other hand, who is so stupid that he gives the finger to a police officer? Anywhere in the world, from Saudi Arabia to the United States to France to Japan, you are asking for trouble when you make an obscene gesture at a cop. You may not have done anything (else) wrong, but you are sure to be punished in some way; in my experience the kind of people who become police officers are often the same kind of people likely to enjoy wielding authority and bullying.

The previous Dutch immigration minister, Rita Verdonk, sued to prevent squatters from hanging a banner that read "Rita Mordenaar" _ which means, "Rita Murderer." Under her regime, a dozen immigrants were burnt to death while awaiting deportation in a hastily built prison. Is that insult not fair comment, especially for a public figure?

The squatters initially lost their case, and were forced to hang banners that read "Rita Molenaar" instead. That means, "Rita Windmiller" But it sounds almost exactly like "Murderer" in Dutch. Only hilarious. Is this really a society where all criticism of public figures has to take place through satire or allegory?

So back to the Muslims. The founder of the Dutch ex-Muslam group, Ehsan Jami, says he's not anti-Islam, but he also says insulting things about the prophet Mohammed _ it's his right. And of course it's also his right not to be attacked on the street.
However, wouldn't he be more likely to win sympathy for his cause among Muslims if he just stuck to the point?
A rival group of Dutch Ex-Muslims (!!) has formed to protest for a less confrontational approach. They announced their formation in an Amsterdam mosque (!!!).
Jami argues there's no need to let Muslims play 'victim' and they should be able to take a few barbs. Nobody was murdered over "Piss Christ" in the U.S.

But again, why intentionally say things that you know are going to offend, when it's not even your primary goal?

I hope Jami lives to be older and wiser. Or that I do.
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(photo credit: flickr's supersuus)
Talk about long-term planning. The Dutch are working on plans to deal with rising sea levels due to global warming through the year 2200.

"We want to make sure that there's still a Netherlands a century from now," Tineke Huizinga, the country's top water official, told state broadcaster NOS.
"We don't want to just let the water flow and all have to move to Germany."

-AP

Now that's thinking ahead!

(photo by goya)
The two most awesomest ideas are re-routing the Rhine and building "breaker" islands off the coast.
Me, I want to put a rubber dinghy in my attic. Just in case.
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Financial Times, Financieele Dagblad

Dutch financial daily "Het Financieele Dagblad" has a whole new look. This stunningly stylish revamp entails a change from white color paper to pink color paper, and also trying to rebrand themselves as the "F.D." (Pronounced "F.T." in Dutch). This new look for Het Financieele Dagblad reminds me of something, but I can't for the life of me think what it is...Oh yeah, *that's* it. The Financial Times, a little-known British financial publication, uses almost exactly the same color paper. Maybe you know them as the "FT." Boy, I hope nobody confuses a high-quality paper like Het Financieele Dagblad with that rag out of London.
/sarcasm. There's a good old British saying "imitation is the sincerest form of flattery."
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