Odd behavior at Old National

April 8, 2008
Back to TopCommentsE-mailPrintBookmark and Share
Lots of big news is swirling in banking circles these days, including what might become of financially challenged National City Bank.

But a small piece of unusual news that unfolded yesterday is generating about as much talk locally.

Old National Bancorp announced that a former loan officer in Indianapolis had forged loan documents. But the bank doesnâ??t seem to know why the officer did it.

No money was skimmed. The borrowers were legitimate businesses that had sought the loans and presumably would have been given their money without the need for forged signatures.

Whatâ??s more, the borrowers didnâ??t even know the signatures had been forged.

Maybe an FBI investigation that started recently will turn up more.

Old National isnâ??t releasing the name of the employee, who was fired, but CEO Bob Jones says heâ??s utterly mystified about what might have motivated the officer to engage in misconduct.

What do you think?
ADVERTISEMENT
  • As the saying goes, Follow the money. Today's corporate world is full of greed. While the ONB situation is apparently all about an individual motivated by greed of some sort, the people at the helm at National City should be held accountable for the decisions they made to turn a mighty banking power into a piece of rubble. When they sell, who stands to make the most from the disaster? Those at the top who should share the spoils of their dastardly deeds (leaving them with even greater losses in their portfolios) with their minions that will undoubtedly lose their jobs with little to show for all the hard work they've done over the years.

    Let us hope that the FBI uncovers the true intent. Surely, it's all about the money.
  • Follow the money...ONB concurrently announced a $17 million reserve for bad loans and a reduction in anticipated EPS. This looks and sounds like a cover-up of something else that was mismanaged. This was a convenient excuse for a write-off.

Post a comment to this blog

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

ADVERTISEMENT