WorldCom scandal sends the already weak markets straight to the dumper...thanks guys.
06-26-2002, 06:03 AM
#11
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Yeah...No kidding...Look at Marconi...Same thing...Drive the company into the ground...and gets an 8
digit bonus, because it's in his contract...Not because he did well and just walked away...
Same situation with John Roth at Nortel...Did a great job early on, but when the BOOM went Bust he stepped down and took his golden parachute straight to the bank...
Lousy rat frickin' bastages...and here I'm flappin' in the breeze....
Same situation with John Roth at Nortel...Did a great job early on, but when the BOOM went Bust he stepped down and took his golden parachute straight to the bank...
Lousy rat frickin' bastages...and here I'm flappin' in the breeze....
06-26-2002, 06:03 AM
#12
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Why didn't you blow the whistle? This is all YOUR fault!! :-)
Just kidding, of course. WCOM provides network infrastructure for my big client right now and we've had lots of dealings with them over the years. It'll be interesting to see what happens....
06-26-2002, 06:05 AM
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I feel your pain....My division is up for sale...er, um...I'm mean we're being
divested...*cough*
Though the future looks pretty good for my unit...It's a very desirable technology...L
t's of interest...
Though the future looks pretty good for my unit...It's a very desirable technology...L
t's of interest...
06-26-2002, 06:08 AM
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Exactly...Someone actually asked our VP that question...As stockholders don't we get a say
? and his reply: No...You don't really get any input.
Apparently, if you don't have 40 million shares, you don't exist... *grumble*
Cancelled my Employee Stock Purchase Plan yesterday...
Apparently, if you don't have 40 million shares, you don't exist... *grumble*
Cancelled my Employee Stock Purchase Plan yesterday...
06-26-2002, 06:16 AM
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Very doubtful. There is no good news on the horizon and there are too many uncertainties right now.
In addition, P/Es are still pretty high by historical standards so there is probably more blood-letting over the near term. This market is going to be in the deep freeze for the next year or so I bet and I'm going to keep my cash on the sidelines until it shows some signs of life.
06-26-2002, 06:17 AM
#19
Being under constant scrutiny is great in this respect
for our company....having everything you do viewed under a microscope tends to keep people honest :-)
Just received this from the Chairman:
************
"Industry Week World's 1,000 Largest Manufacturing Companies
In April, I proudly shared with you the news that UST had ranked 27th on Deloitte Research's new "Global Manufacturing 100 Index" based on cash flow and return on investment. As a follow-up to that, another global ranking was recently released - Industry Week magazine's annual list of the World's 1,000 Largest Manufacturing Companies, based on revenue.
For the first time, UST made the list, ranking 958. However, even more impressive is the fact that we ranked in the top 10 percent of all companies listed in terms of net income. In fact, our net income was essentially equal to that of General Motors, the world's second-largest manufacturer, despite its revenue being more than 100 times greater. Among this prestigious group we ranked 10th in return on sales, 2nd in three-year average return on assets and 6th in three-year average return on equity.
Beyond confirming the financial health and stability of our company, these results remind us once again of what an encouraging start we made in 2001 to our five-year strategic growth plan. As we near the end of the second quarter, we must continue to stay focused on maintaining that growth and enhancing shareholder value.
Thank you for the contributions each of you make on a daily basis to enable our success. I look forward to your continued commitment and to passing along additional news in the future that highlights the results of your efforts."
AND, this in Forbes ....
"To restore investors' confidence in earnings quality, Standard & Poor's in May brought out a stricter definition of its operating earnings, which is meant to capture profits from the ongoing business apart from one-time events like goodwill impairment. From now on S&P will treat employee stock options and restructuring charges as an expense and will no longer add pension gains to income. Trouble is, companies aren't required to use the S&P methodology and will keep on reporting earnings whichever way makes them look the best.
This doesn't mean you should stay out of the market completely. There are many first-rate companies that are cheap and do not have inflated estimates of earnings; under the S&P method, their earnings vary little from the GAAP results they've been reporting. Three such buys: Freddie Mac (NYSE:FRE - News) (62, FRE), GAAP P/E 10, dividend yield 1.4%; tobacco outfit UST (NYSE:UST - News) (37, UST), P/E 12, yield 5.2%; and bookstore chain Borders Group (NYSE:BGP - News) (19, BGP), P/E 14."
Just received this from the Chairman:
************
"Industry Week World's 1,000 Largest Manufacturing Companies
In April, I proudly shared with you the news that UST had ranked 27th on Deloitte Research's new "Global Manufacturing 100 Index" based on cash flow and return on investment. As a follow-up to that, another global ranking was recently released - Industry Week magazine's annual list of the World's 1,000 Largest Manufacturing Companies, based on revenue.
For the first time, UST made the list, ranking 958. However, even more impressive is the fact that we ranked in the top 10 percent of all companies listed in terms of net income. In fact, our net income was essentially equal to that of General Motors, the world's second-largest manufacturer, despite its revenue being more than 100 times greater. Among this prestigious group we ranked 10th in return on sales, 2nd in three-year average return on assets and 6th in three-year average return on equity.
Beyond confirming the financial health and stability of our company, these results remind us once again of what an encouraging start we made in 2001 to our five-year strategic growth plan. As we near the end of the second quarter, we must continue to stay focused on maintaining that growth and enhancing shareholder value.
Thank you for the contributions each of you make on a daily basis to enable our success. I look forward to your continued commitment and to passing along additional news in the future that highlights the results of your efforts."
AND, this in Forbes ....
"To restore investors' confidence in earnings quality, Standard & Poor's in May brought out a stricter definition of its operating earnings, which is meant to capture profits from the ongoing business apart from one-time events like goodwill impairment. From now on S&P will treat employee stock options and restructuring charges as an expense and will no longer add pension gains to income. Trouble is, companies aren't required to use the S&P methodology and will keep on reporting earnings whichever way makes them look the best.
This doesn't mean you should stay out of the market completely. There are many first-rate companies that are cheap and do not have inflated estimates of earnings; under the S&P method, their earnings vary little from the GAAP results they've been reporting. Three such buys: Freddie Mac (NYSE:FRE - News) (62, FRE), GAAP P/E 10, dividend yield 1.4%; tobacco outfit UST (NYSE:UST - News) (37, UST), P/E 12, yield 5.2%; and bookstore chain Borders Group (NYSE:BGP - News) (19, BGP), P/E 14."
06-26-2002, 06:17 AM
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I'm not asking for a say because a company is not a democracy. I'm just asking for some...
...accountability, consequences and some moderation in the salaries we pay these a$$holes.