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?
Categories: Comments (0)
Ayn
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.
Categories: War Comments (0)
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)
Categories: Comments (0)
XML

Archive

March 2003
S M T W T F S
           
3  6  8 
10  11  12  13  14  15 
16  17  18  19  20  21  22 
23  24  25  26  27  28  29 
30  31           
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004
September 2004
August 2004
July 2004
June 2004
May 2004
April 2004
March 2004
February 2004
January 2004
December 2003
November 2003
October 2003
September 2003
August 2003
July 2003
June 2003
May 2003
April 2003
March 2003
February 2003
January 2003
April 2001

Notifications

You may request notification for Joel's Blog.

Syndication Feed

XML

Recent Comments

  1. Victor Koledoye: A Religion ticket
  2. Joel Aufrecht: from a senior roboticist
  3. Jeff Davis: Source?
  4. Kathryn Schild: quick question
  5. Tai Yan Lim: Trip Back Home - Joel
  6. José Rodrigues: Hello
  7. Guan Yang:
  8. Erika Graffunder: Canada
  9. Erika Graffunder: Per capita emissions
  10. Erika Graffunder: Policy - should you keep evaluating or focus on solutions