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24 comments on “Questions?

  1. Re: Annual Report/Annual Meeting

    I suspect that the directors and senior management are seathing over this website. They have P.R people who write their press releases and run the bank’s webite – plus a postage machine. They should have plenty of access to us stockholders to present their side. So far, silence.

    Mr. Ogaard has reportedly been telling people to give him two years to clean things up. I hope that his annual letter to shareholders will tell us his plan. Supposedly, he also is telling people that he was lied to before taking the job leading the bank. True or false? If true, who were the liers and what were the lies?

    • 2 years??? He started in the fall of 2009 and took over at Sorcic retired in Feb of 2010. It looks like his two years are up.

  2. Double Down ( A PNBC Parody)

    I walked into the casino and the manager said to me.”Welcome,you are our special customer for the day and this is what we want to do for you. As a special customer we want to give you chips ( we call stock options ) to play with. Now the rules are that if you win ( stock price goes up) you have to cash in your chips and go home with the money.” I then asked the obvious question. “But what if I lose (stock price goes down) the chips? The manager said ” Oh don’t worry about that,if that happens we will give you twice as many chips (stock options) as we originally gave you and relax the rules (we call that the option price) at the table.” I said to the manager. ” I feel guilty playing with your money when all of the other customers have to pay for their chips (stock options). He said to me. ” Oh don’t worry about that we want to align your interests more with the paying customers.”

    It could only happen in America.

    Check out the stock option awards for each director,officer and employee over the past several years and you may think it is not so funny.

    • Based on my understanding, there is one, very small saving grace. The value of stock options, as of the time of award, has to be included in the recipient’s taxable income. (But, I expect the bank retains a valuation consultant (at stockholders’ expense) to keep the option’s valuation as low as possible, short of encouraging a challenge from the IRS.)

      Past PNBC stock option awards are now, of course, well under water, and essentially worthless. Sort of like like buying a horse that drops dead before getting it home.

      • I agree with what you say, but lets take away the options and increase their pay a like amount. Then we can see if they take the money or buy the stock.
        That will tell us how much they believe in PNBC. Everybody else has to buy more to average down,I wonder what they would do.

      • I thought this might be of interest to you. It is a copy and paste from Wikipedia.


        Charlie Munger, vice-chairman of Berkshire Hathaway and chairman of Wesco Financial and the Daily Journal Corporation, has criticized stock options for company management for the following reasons:

        “[A] stock option plan is capricious, as employees awarded options in a particular year would ultimately receive too much or too little compensation for reasons unrelated to employee performance. Such variations could cause undesirable effects, as employees receive different results for options awarded in different years.”[6]
        “[A] conventional stock option plan would fail to properly weigh the disadvantage to shareholders through dilution.”[7]

        Instead of stock options, Munger prefers a profit-sharing plan.[8]

        Other Criticisms Include:

        Dilution can be very costly to shareholders over the long run.
        Stock options are difficult to value.
        Stock options can result in egregious compensation of executive for mediocre business results.
        Retained earnings are not counted in the exercise price.
        An individual employee is dependent on the collective output of all employees and management for a bonus.

        • One of the criticisms of stock options is “stock options can result in egregious compensation of executives for mediocre business results.” Think that applies to the current situation at PNBC? I do.

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