Bernie Ebbers Resigns
from the not-that-surprising dept
It's been a very long time since I've heard anyone with anything good to say about Worldcom and their CEO, Bernie Ebbers. So, I guess it's not that big of a surprise to find out that Ebbers has resigned this morning. There's no word on what's going to happen with all the money they loaned him. Even with all that I'm scared (really scared) to find out what sort of ridiculous severance package he'll end up with. Update: This article has more details. The TV news is saying that Worldcom may file for bankruptcy as well.
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ya really gotta wonder
You really have to wonder about the long term wisdom in pushing companies to grow, grow, grow, which is what the short-term needs of the stock market force companies to do. You see this all over the place -- Enron, AOL/Time Warner, you name it. These short-term paper deals which pump the stock for a short period only end up costing the average person in jobs and long-term stock market holdings.
Why is slow-but-steady growth so bad? Why does it have to be 50% year over year?
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Re: ya really gotta wonder
Because rapid short-term growth concentrates the wealth to the insiders, who of course are the ones that are driving for this in the first place. It's an inherent conflict of interest.
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BW article
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