Stupid Is as Stupid Does

The Dutch bank, ABM Amro, is for sale. The management of the company want to sell to Barclay's, a British bank, for 64 billion euros.

The stockholders of ABN Amro are justifiably angry about this, because a consortium of banks lead by Royal Bank of Scotland has offered 72 billion euros!

So why do the management of ABN Amro want to take the lower offer? This is yet another case of corporate management acting in their own self-interest rather than those of the stockholders.