The overall list of resignations, originally compiled by the independent blog, American Kabuki, raised a number of questions for most who had the opportunity to go through it – this writer included. This is not surprising since, when one reads that 122 banking officials have resigned from relatively high-level posts, one naturally wants to know why.
Upon first reading, the resignation figure seems quite large. However, considering the number of banks in business around the world, it might have occurred to some that 122 resignations might not be quite the massive exit that many initially suspected it to be. After all, with so many institutions around the world, particularly in the midst of a worldwide economic depression, wouldn’t resignations of this scale be expected? In short, one of the baseline questions that needs to be asked when discussing the recent banking resignations is, “Is this really such a big number?”
Indeed, ever since news of the resignations first came out, no one in the mainstream or alternative media has been able to demonstrate what exactly a normal number of resignations would look like.
However, another recent post by American Kabuki may help shed a little light on this issue.
According to American Kabuki, because of the Securities Exchange Act of 1934, all publicly traded companies must report to the SEC (Securities Exchange Commission) whenever certain officers or board members resign from their post. This publication is made via the database known as EDGAR.
American Kabuki states that, after investigating the database (Form 8-K, Item 5.02), they were able to search terms such as “Resigns” or “Resignation.” The figures reported by the blog as a result of this search are interesting to say the least. Take a look at the figures presented by American Kabuki below:
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