I’ll drag you down to my hell

This is criminal.  How about this quote:

LandAmerica was such a large and complex company deciphering its cash-management system was “like untangling a bowl of spaghetti,“ according to Jonathon Mitchell of Zolfo Cooper.

I’ve heard that phrase used before in a similar context.  I have a friend who is an accountant geek.  Total geek.  No social skills whatsoever but he can look at a page full of numbers and point right to the part that matters.  He was called in maybe ten years ago to assess the situation at Enron for the bank he worked for.  His job was to determine if their financials were cool and the bank could make a large commercial loan to them.  After two weeks with them he came back to the bank and told them he couldn’t tell how they made money.  It was the squirrelliest system he’d ever seen.  He was actually questioning his ability at the time.  He shouldn’t have.  They went bankrupt about six months after he told me that.  And we all know what happened next.   I would sure like to see the 1031 contract for these asshats.  (If you have one feel free to send it to winedog at astound dot net)  I can’t imagine it says “Invest my money in questionable investment vehicles while a search for another property to invest it in”.  And I have to ask the IRS are  you really going to whack these people for not getting the money back into the market when it was essentially stolen?  That can’t be right.  I think it’s time that they looked at NASCAR Teddy for a little of what Ken Lay and Jeffrey Skillings got.  I think it’s the least we can do.  A bunch of attorneys chasing another bunch of attorneys around in a bankruptcy is only going to blow a bunch of attorney’s fees.  Criminal charges has a way of saying “rise and shine” to those who would normally go play golf and ignore the shitstorm. (NASCAR Teddy).  If the cash management system is a bowl of spaghetti, then there’s a reason.  (Bernie Madoff)  They’re hiding something.  Untangle the spaghetti and you know who to charge.  Is there anything better than SEC charges?  I don’t think so.  I wonder how NASCAR Teddy looks in orange.

This CEO culture in this country makes me so mad I could chew nails and spit tacks.  These guys are so busy answering to the wankers on Wall Street that they neglected to do their jobs.  They spent so much time showing Wall Street why they mattered that they let the company fail.  How much money does Wall Street make when a company fails?  Simple.  Less than zero.  So not only did the Jerry Hauptman’s, John Harrit’s and Ted Chandler’s of our world fail the customers, the employees and the communities, they failed their investors as well.  They are failures.  They need to roll up their shirtsleeves and do a real job for a change.  But the CEO culture of this country will give these clowns another chance to go out and screw up another company.  I always thought that Carly Fiorina did a shitty job at HP.  Look at her now.  John Scully screwed up Apple beyond words.  He’s doing just fine.  Jim Donald was driving Starbucks into the ground when Howard Schultz returned to bail out the coffee shop.  He’s now on the board at Rite-Aid.  How about Stanley O’Neil who ran Merrill into the ground?  Comfortably retired.  Or my favorite Phil Purcell.  He turned a grand old house into a Sears & Roebuck.  And then got ousted.  He walked away with $43.9 million and $250k a year for life.    Comfortably retired.  How about Robert Nardelli from Home Depot?  $210 million to go away.  Makes you feel pretty good about paying $8 bucks for a faucet stem eh?  We’re paying for this shit and it’s got to stop.  Worse yet, these guys are running companies into the ground demolishing the market and our 401(k) plans and pension plans and then living happily ever after while the people who worked for these guys fight to pay the electrical bill.  Enough.  Enough.

Leave a Reply