TBD on Ning
from Harry Eagar...
he does have a way of encapsulating the situation....
New meaning for 'stock market crash'
August 22, 2013 - Harry Eagar
Jonathan Weil says Nasdaq warned its investors that things like today's computer failure might happen. Too bad it didn't warn people investing in "financial paper" it manages.
Weil, a business writer I admire, goes a little overboard. The "warnings" are meaningless boilerplate that all SEC-reporting businesses put in their statements. Platoons of first-year associate lawyers brainstorm every thing they think might conceivably happen -- short of a meteorite destroying the earth -- and dump them in.
There is no ranking. The chance of a computer failure (like the earlier failure in Nasdaq's case) is treated as equally likely as a tsunami in New York Harbor.
I have read a number of these warning lists. I have never, ever seen a warning about the most serious threats to the property interests of owners of stock. Real warnings would say things like:
"Our board of directors consists of a boys-club of drones who show up at meetings only to play golf and collect their $265,000 checks."
"The CEO has inappropriate personal contracts with the Corporation, structured so that as the Corporate results decline, he benefits."
"Our business model requires bribing foreign officials and hoping we don't get caught."
"The CFO faked his educational history on his resume. We know it but want to keep him."
"Our management training program consists of giving jobs to the otherwise unemployable children of senior managers."
"The transportation director owns an on-call labor services business, and whenever the Corporation needs temporary help on the loading dock, he brings these workers, who are paid excesssive rates."
"The CEO is a drunk who is incoherent after 11 a.m."
"We are not required by law to take prudent safety measures at our plant, so we don't."
"We have retained a specialist law firm to break the labor unions and lower the morale of our line workers."
"We have no real understanding of the business we are in. We just paid $2 billion to acquire a start-up business with no income. We don't know what this subsidiary does, but there's a lot of buzz about it."
"We are years behind on maintenance of our plant."
"We dump poisonous wastes in the streams and save millions."
None of these is made up.
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Permalink Reply by ProblemAgain on
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and this....funny how business bemoans the employment picture all the while making sure that they maintain as few jobs as possible in america....
Millions More Back Office Jobs Head Overseas
Sep 13, 2013 7:55amAnyone who has spoken with a customer service rep in India or an IT help-desk person in the Philippines knows that huge numbers of American back office jobs have been shipped overseas. New research by The Hackett Group says the trend is far from over. “Large companies in North America and Europe are now losing over 250,000 jobs each year in IT, finance, and other key business services areas,” says the research. The report estimates that by 2017 half of all back office IT, Human Resources and Finance jobs in big companies that existed a recently as 2002 will have disappeared – a loss over well over 3.5 million jobs. “Even this assessment could be optimistic, as it factors in job creation due to economic growth,” says Hackett. Technology, competition and globalism are driving the changes.
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