Quote:
Originally Posted by classicman
Only the strong survive - isn't that how it is in the real world? Perhaps we are cleaning up a bloated mess and will be left with only those that should have been around.
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Merrill Lynch customers can thank Bank of America for saving their investments from a similar glaring disaster called Lehman Bros. But again, every such problem is directly traceable to spread sheet accounting that perverts those spread sheets to claim profits. Good companies know the purpose of a company is its products. Bad (or for those who need to see things in religious terms) or evil companies foolishly think the purpose of a company is its profits. George Jr and the extremists he fronts for agree with the latter.
Companies that chase profits rather than better products must eventually use spread sheet games to claim profits. GM has been doing that for decades. When the employee retires, his pension fund is supposed to be fully funded. To claim profits, GM stopped funding those pension funds. Now GM claims legacy costs - an unfair advantage. GM forgets to mention that no profits existed through 1990s and early 2000s if GM had been properly funding those pension funds. But again, money games because too many foolishly think the only purpose of a company is its profits.
Under George Jr (especially obvious with his SEC commission Harvey Pitts), spread sheet games were openly encouraged. It makes an economy work better - according to the evil ones. Now the government must bail out companies who also pay those executives multi-hundred $million termination bonuses.
See why Chrysler is probably in trouble. Same executive that was slowly driving Home Depot under was given $200million to leave. Now he is doing same for Chrysler. His job as described to me by another (drunk) executive who was doing the same thing. "___ makes the spread sheets say what they must say." ____ was his accountant.