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by Joel Aufrecht
02:54 PM, 17 Mar 2003
But more than a few jaws dropped when WorldCom noted that it would write down the value of its property, plant and equipment and other intangible assets to $10 billion from $44.8 billion. That meant that WorldCom's hard assets, including its network, are now worth almost 75 percent less than what they had cost. And don't forget, these assets were bought with actual cash, not highflying shares.So let's follow the money. Worldcom overpaid thirty billion dollars. Where did that money come from? From cash flow, i.e. from customers' monthly checks? Borrowed from banks? Borrowed from the stock market? Where did it go? A lot of construction workers got paid to dig ditches. Raw materials, parts, and salaries at Lucent, Cisco, etc. People who cashed out of telecom suppliers before 2001. What fraction of all this was a wealth transfer from one class of investors to another?
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by Joel Aufrecht
02:46 PM, 17 Mar 2003
I look at Paul Wolfowitz or Richard Pearle, I think of a guy who read that scene in Atlas Shrugged in which one of Ayn Rand's rich supermen confidently piloted a speed boat after fifteen minutes of watching someone else fiddle with it and thought, that's how I'm going to live my life.
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War
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by Joel Aufrecht
02:34 PM, 17 Mar 2003
Today there was another rubber band shooting occurrence. ... Since this is not acceptable behavior, if it continues, it will result in penalty. (Circuit City internal memo) To the person (or persons) who finds it funny to repeatedly position my star wars figurines in inappropriate positions, please stop. The note I put there requesting this to NOT be done was not a challenge for you to do it again, or to see how grotesque and inappropriate you could get. In all seriousness, I ask you to stop. I find this extremely inappropriate, distastefull, offensive, and in no way, humorous. If this continues, I will report this to HR. (Navitaire internal memo)
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