Reply To: IAG a House of Cards?

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BigDog.
Participant

Well Anthony, FDOS, AOTG – an unexpected admission by Walsh. Not sure if wily Willie is showing genuine remorse and will learn from the experience (an atypical character trait?) or if he is admitting the error of his ways to merely placate/deflect his critics and buy himself a little more time.

(Or maybe he wants to win some plaudits on the BT forum when Walsh and the IAG board decamp en-masse to the forthcoming Taste of London event to take their next stategic briefing from Krughandles!)

http://www.telegraph.co.uk/finance/newsbysector/transport/10050107/BA-should-have-put-Iberia-merger-on-hold-Walsh-admits.html

Although he now admits that the merger should have been delayed, there is no apology to BA shareholders who were royally fleeced by the outrageous terms/valuation of IB.

Good to see that what should be an anomaly, the original BA shareholder discount, is still maintained at least as somewhat of a sop.

Frankly, hindsight was not needed – all the indicators to the merger being at the wrong time, with the wrong valuation, wrong terms (pre-requisites), were already well known, he just chose to ignore them.

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