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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (467990)4/1/2009 8:40:39 PM
From: Joe NYC2 Recommendations  Read Replies (2) of 1577201
 
Ted,

In the first paragraph up above, you tell us that mgmt took the easy way out and went for short term profitability. Apparently, in your book, that's good because its what a good capitalist does.

I think you missed David's point.

First, he does not approve the management practice of short term profitability at expense of long term pain.

Second, you misunderstood what he meant by short term profitability. It means giving to the union, rather taking a strike. A strike will destroy quarterly financials, but a better deal (or no deal) with strikers will improve long term viability of the company.

The management took one short term profit after another (meaning they gave in to the outrageous demands of UAW again and again) and every single one of those contracts of capitulation to UAW turned out to be another nail in the coffins of the car makers.

That's what David meant by "[not] fulfilling their fiduciary responsibilities to shareholders"

Joe
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