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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (29724)	7/11/1998 5:27:00 PM
From: Earlie	Read Replies (1) of 132070

Joan: Loved your post. Nice clean shot to the kidney re CPQ. (g) CPQ estimates $1.5 billion to $2.0 billion restructuring charge with respect to DEC just after the acquisition. Since DEC had already restructured and sold off divisions and assets at regular intervals, I figured CPQ was providing enough room to write down a good deal (if not all) of their own internal problems (the great channel stuffing caper that never was) in providing that figure. Then comes the revelation,....not $1.5 billion, but $5.0 billion. WOW! CPQ's channel problems are both well known and large, but this is insane. Writedowns used to be viewed as owning up to the dumb mistakes of the past. Today, its just a means through which the excrement that remains from past artificially created "profits" is buried or for ensuring a few quarters worth of follow-on "profits" irrespective of business conditions. Only illegal if you're caught or if someone gives a darn. Here's to CPQ's upcoming "remarkable return to profitability" (g) Best, Earlie

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