Mass Banking Resignations Signal a Purging Has Begun?

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

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

3.                   9/25/11 (SWITZERLAND) UBS  CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
http://goo.gl/WCeqB

4.                   9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
http://goo.gl/7dNiD

5.                   10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
http://goo.gl/fdd9v

6.                   10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
http://goo.gl/yWX9R

7.                   11/01/11 (INDIA) More directors of the Beed district bank resign
http://goo.gl/HD8BQ

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

9.                   11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
http://goo.gl/OiDiq

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

11.               12/15/11 (UK) Senior private banker James Fleming resigns from Coutts [private bank]
http://goo.gl/ANN5B

12.               12/23/11 (USA VA) Bank feud: Chairman Mark Giles quits VNB
http://goo.gl/dFDpH

13.               12/23/11 (USA VA) Bank feud: Board Member Claire Gargalli quits VNB
http://goo.gl/kowkW

14.               12/23/11 (USA VA) Bank feud: Board Member Leslie Disharoon quits VNB
http://goo.gl/kstLp

15.               12/23/11 (USA VA) Bank feud: Board Member Neal Kassell quits VNB
http://goo.gl/NrrPZ

16.               1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
http://goo.gl/b6AoA

17.               1/01/12 (ISRAEL) Israel’s Bank Leumi CEO Galia Maor steps down after 16 years
http://goo.gl/xwlFt

18.               1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
http://goo.gl/joExI

19.               1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
http://goo.gl/SKE7j

20.               1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
http://goo.gl/bzZtQ

21.               1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
http://goo.gl/zvo1L

22.               1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
http://goo.gl/5qsUu

23.               1/19/12 (SPAIN) Spanish bank Santander’s Americas chief Francisco Luzon quits
http://goo.gl/jEY7Y

24.               1/30/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
http://goo.gl/sdY1p

25.               1/20/12 (JAPAN) Normura’s head of wholesale banking Jasjit Bhattai quits
http://goo.gl/6FuWe

26.               1/21/12 (Greece)  Institute of International Finance negotiator Charles Dallara quits
http://goo.gl/NbPlt

27.               1/21/12 (Greece)  Institute of International Finance negotiator Jean Lemierre quits
http://goo.gl/E3AkE

28.               1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
http://goo.gl/BwUgv

29.               1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
http://goo.gl/CoLVS

30.               2/01/12 (SOUTH AFRICA) ABSA [Barclay's Bank] deputy CEO Louis von Zeuner resigns
http://goo.gl/IP8nH

31.               2/01/12 (UK) Lloyds Bankging Group head of wholesaleTruett Tate quits
http://goo.gl/OqRVo

32.               2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
http://goo.gl/vjO5M

33.               2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
http://goo.gl/bb5sh

34.               2/05/12 (USA – NY) Morgan’s investment banking chairman Joseph Perella quit
http://goo.gl/pG2jF

35.               2/05/12 (USA – NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
http://goo.gl/bRv9K

36.               2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
http://goo.gl/OhCEb

37.               2/7/12 (USA) Bank Of America’s Mortgage Business Chief Barbara Desoer Retires
http://goo.gl/i7AUY

38.               2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
http://goo.gl/fP03J

39.               2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
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

41.               2/9/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
http://goo.gl/8BuXy

42.               2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
http://goo.gl/DBKdc

43.               2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
http://goo.gl/wMl5g

44.               2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
http://goo.gl/GFvIy

45.               2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
http://goo.gl/iQ0n8

46.               2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
http://goo.gl/uHp6C

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

48.               2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
http://goo.gl/SNsVI

49.               2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
http://goo.gl/TyYiJ

50.               2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
http://goo.gl/yT6rS

51.               2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
http://goo.gl/c7PtU

52.               2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
http://goo.gl/CtmOU

53.               2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
http://goo.gl/I7Alo

54.               2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
http://goo.gl/WczHh

55.               2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
http://goo.gl/I7Alo

56.               2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
http://goo.gl/I7Alo

57.               2/16/12 (AUSTRALIA) Royal Bank of Scotland Austrailan CEO Stephen Williams resigns
http://goo.gl/4r16D

58.               2/17/12 (USA) Goldman Sachs CEO Lloyd Blankfein out as by summer
http://goo.gl/UjpzD

59.               2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns
http://goo.gl/1n1Nr

60.               2/18/12 (PAKISTAN) The Bank of Azad Jammu & Kashmir executive Zulfiqar Abbasi resigns 
http://goo.gl/G0woP

61.               2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
http://goo.gl/Unuez

62.               2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
http://goo.gl/F5twL

63.               2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
http://goo.gl/aA0RW

64.               2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
http://goo.gl/6Dj0i

65.               2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
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

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

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

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

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

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

72.               2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits

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.