Archived posting to the Leica Users Group, 2011/06/02

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Subject: [Leica] Abandoned Harvester factory
From: chris at chriscrawfordphoto.com (Chris Crawford)
Date: Thu, 02 Jun 2011 23:13:02 -0400

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
>> 
>> 
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>> 
> 
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Replies: Reply from ricc at embarqmail.com (Ric Carter) ([Leica] Abandoned Harvester factory)
In reply to: Message from jayanand at gmail.com (Jayanand Govindaraj) ([Leica] Abandoned Harvester factory)