Stuff I'm reading about today
Maybe the White House should have used the Internet, where the truth was widely available. Relied on flawed information, my ass. Worst president and worst constitutional manipulations ever. But, look, over there: Liberian crisis! Doh!
Deflation goes on, or does it. Japanese steel companies are cutting steel exports to China to stave off falling prices. Chinese steel capacity (and most other industries, too) are rising. But Indian steel companies are set to benefit from rising steel prices. Same story, three different views.
Steal $11 billion in value from investors, pay $750 million in penalties. The judge says his decision "''undoubtedly the settlement will be criticized'' by wiped-out investors and ''those professed pundits and ideologues for whom anything less than a corporate death penalty constitutes an `outrage.' '' The judge says throwing 50,000 people out of work by shutting the company down would be bad -- it would, but taking the assets of the company away from the people who perpetrated the fraud and allowing those honest and dedicated employees to work for others or themselves using those assets after they were sold and paid off a realistic fine would be a good move. Instead, we have a large competitor that has gained unfair advantages in the market place while criminals pocketed billions. Verizon spokesman Eric Rabe said: ''The point is that these guys committed the gravest corporate fraud in history. They make Enron look like pikers by comparison." With Verizon set to take a $3 billion charge as it changes accounting methods and recognizes several failed ventures, one wonders if Rabe's perspective isn't a bit skewed.
Redback Networks to investors: Thanks for all the fish, now don't let the door hit you in the ass on the way out. Shares were down 45 percent yesterday and another 15 percent at midday today.
Recovery underway in tech? Really? Cisco closed a deal to sell optical switching equipmen to BellSouth. Taiwan Semiconductor's sales were up 14 percent in June. EMC picks up Legato for $1.3 billion, which has been worth as much as $9.5 billion. BMC Software falls on warnings its sales will be weaker than expected and that it will cut jobs.
Posted by Mitch Ratcliffe at July 8, 2003 10:19 AM | TrackBack