Archived posting to the Leica Users Group, 2011/06/02
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Jayanand, Thanks for the info. The Harvester plant in Fort Wayne closed in 1982, when I was only 7 years old, so I never knew the exact reasons why the company failed. A lot of what you said about Harvester is indeed true of so many businesses today. -- Chris Crawford Fine Art Photography Fort Wayne, Indiana 260-486-2581 http://www.chriscrawfordphoto.com My portfolio http://blog.chriscrawfordphoto.com My latest work! http://www.facebook.com/pages/Christopher-Crawford/48229272798 Become a fan on Facebook On 6/2/11 4:27 AM, "Jayanand Govindaraj" <jayanand at gmail.com> wrote: > I remember doing International Harvester's demise as a case study - what > killed the company was bad financial management, nothing to do with the > products. It is a real cautionary tale, but the world forgets these lessons > very fast. It was caused by a CEO, Archie McCardell, piling on debt in good > times to boost earnings per share (EPS) by diversifying into unrelated > areas, all for increasing the share price to maximize his bonus - > encouraged > by every Investment Bank in sight. The contrast was provided by John Deere, > who raised equity in the good times, therefore protecting themselves > against > a market downturn in the future, in exchange for reduced EPS and > consequently lower share price in the short term. I need not tell you which > company was the darling of Wall Street at that time! Well, we know now > which > decision was correct, don't we? As is always the case in this sort of > bungling - if the diversification drive had taken place with equity the > company would probably have survived, though McCardell's bonus would not > have - the workers are the ones who suffer, seldom the senior management. > Remember this is a tale of the late 1970s and not 2008! > > Exactly the same problem caused the recent recession, only it was > individual > balance sheets that had sky high leverage, and not corporations - except > the > banks, of course, who did but were bailed out. > > Cheers > Jayanand > > > > On Thu, Jun 2, 2011 at 1:28 PM, Chris Crawford <chris at > chriscrawfordphoto.com >> wrote: > >> http://chriscrawfordphoto.com/chris-details.php?prodId=474 >> >> I shot this a couple months ago with a 75mm f2.5 Color-Heliar CV lens on >> my >> M6. >> >> >> >> -- >> Chris Crawford >> Fine Art Photography >> Fort Wayne, Indiana >> 260-486-2581 >> >> http://www.chriscrawfordphoto.com My portfolio >> >> http://blog.chriscrawfordphoto.com My latest work! >> >> http://www.facebook.com/pages/Christopher-Crawford/48229272798 >> Become a fan on Facebook >> >> >> _______________________________________________ >> Leica Users Group. >> See http://leica-users.org/mailman/listinfo/lug for more information >> > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information