Global Crossing Knew It Was In Trouble
from the ah,-internal-memos dept
It's really not much of a surprise that folks within Global Crossing knew the company was a dud long before that info was revealed to the rest of the world. It's not even that surprising that they thought about bailing out early too. The reason I'm posting this, is because of the wonderful language that (then) CEO Leo Hindery used in his letter to chairman Gary Winnick: "Like the resplendently coloured salmon going up river to spawn, at the end of our journey our niche too is going to die rather than live and prosper. The stock market can be fooled, but not forever, and it is fundamentally insightful and always unforgiving of being mislead.... Without looking like we are shaking our bootie all over the world, [we should] sell ourselves quickly to whichever of the six possible acquirers offer our shareholders the highest value." Ah, yes, those resplendently coloured salmon, heading upstream to bankruptcy and securities fraud.
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Sad
It's amazing how a few crooked top-level individuals, motivated by greed, envy, and ego, can taint potential customers perception of what is, at least to our organization, a top-notch service provider.
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