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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (13097)	10/7/2004 8:48:14 PM
From: mishedlo	Respond to of 116555

From Splotto on the FOOL OCTOBER 7, 2004. Philadelphia. AT&T announced today that in a bold move to cut costs, they will be laying off 150% of their workforce. "If we can save money by letting some people go, we discovered we can save more by letting everyone go!" said the CEO at the press conference today. When it was pointed out that 150% was more then all the AT&T employees, he went on to say "I knew someone would notice that. Following in the great tradition of AT&T and of American ingenuity, and thinking outside the box, we figured if 20% was good and 50% was better, 150% would put us back on track to profitability.” “We have devised a bold new plan to let all our employees go and then, to borrow 50% more employees from other companies or the open market, and then let them go too! Will we be adding some human debt in the short term? Yes. But in the long term we see us returning to profitability by next year.” "The cost savings, when combined with the tax savings will make all the difference." AT&T also guided higher for next years earnings. The stock was up 4% on this news.