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HP CEO gets Caught but is Rich

Discussion in 'Political Discussion' started by mr3putt, Aug 9, 2010.

  1. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    Once again the rich get richer
    If you reach a level of corporate governence you can do anything stupid and still walk away rich
    HP will cover the cost by layoing off good people
    Just a line item on the books

    And so it goes...................................
     
  2. chicowalker

    chicowalker Pro Bowl Player

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    Do you know what he actually did?

    We now have a "victim" saying publicly she didn't mean for him to lose his job.

    By the way, not sure why you think this will cause layoffs. Not really how things work, generally speaking.

    But, yes, he will still walk away rich. Why shouldn't he?
     
  3. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    Yeh I know what he did
    Do you?

    Fudged his expense reports covering his fun and frolic with the woman in question Can you imagine the degree of fraud required to demand his resignation?
    A CEO who managed to aquire a slew of companies via M&A and fire tens of thousands of employees to buff the books and boost the stock price.
    A tried and true exercise in creative accounting to satisify Wall Street and
    put good people out of work.
    Nice country ain't it?
    I could do that....you might actually be able to figure out that formula too
     
  4. chicowalker

    chicowalker Pro Bowl Player

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    I just knew that there were sexual harrassment claims.

    If he was fudging his expense reports, I have no sympathy.

    I have no problem with companies acquiring other companies and laying off people, though. Don't see any problem with it, and don't know what alternative you'd propose. (Of course, I may be biased, since my career has pretty much always involved M&A -- though I don't think any of the deals I've worked on involved layoffs, since most of the time they were growing companies.)
     
  5. chicowalker

    chicowalker Pro Bowl Player

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    By the way, one thing I do have a huge problem with is any severance package when something like this happens. There's no reason to agree to severance when a CEO (or any officer) is terminated for cause.
     
  6. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    The last 20 years of M&A activity has rarely or never provided the economy of scale and cost savings sold to stockholders or employees
    It is an exersize in accounting vodoo that enriches the Executives and ultimately dilutes the value of company to temporarily boost share prices.Large aquisitions such as EDS at HP were examples of radical activity in lieu of creative management.
    It's all BS and enevitably results in job losses and executive bonuses.
    IMHO
     
  7. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Here's the part I don't understand.

    An investigation by HP found that Hurt broke the company's rules of conduct but did not violate its sexual harassment policy. The company found that other people were listed as Hurd's dinner companions on expense reports when he had been with Fisher, and the company claimed she was paid, at his behest, for work she didn't do.

    How friggin stupid is this guy, anyhow?

    Now I don't know what his salary was like, but if was anything like his severance pay, the dude made some serious money.

    Enough, I'm sure, to have paid for his chicklet's dinner (as well as his own) out of his own pocket.

    I mean, what the heck?

    I do believe that if MrP was to cheat on me he'd not be stupid enough to pay for it out of my checking account or even out of a joint checking account. Affairs should be conducted solely with one's own funds - especially if you don't want to get caught. Otherwise intelligent people ought to instinctively know this.

    I don't know what they said she did that she got paid for, but even at that, with the salary he had to be making I'm pretty sure he could have just "gifted" her and thus avoided all business impropriety charges. You can do things with your own money that you can't do with someone else's.

    I can't decide if he was outrageously stupid or disgustingly cheap - or both.
     
    Last edited: Aug 9, 2010
  8. chicowalker

    chicowalker Pro Bowl Player

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    That's only in the public markets -- and even then the flip side is that the selling shareholders have tended to benefit.

    But much M&A isn't in the public markets.

    Where you and I will probably agree is that M&A in and of itself rarely should be a strategy -- only a limited number of companies can pull it off. That's part of the reason why financial buyers have often succeeded while strategic buyers do not.

    And even when strategics tend to buy well, they usually do many smaller deals, rather than 1 huge one, and they're focused more on growing those acquired companies than on making money through "synergies" (e.g., layoffs)
     
  9. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    I have known many CEOs in my life and they all share a common trait
    A sense of entitlement and "beyond the rules" mentality.
    It probably never occured to this MOMO that anyone would dare question his behavior. I am shocked myself
    Must have had an enemy in Finance
     
  10. chicowalker

    chicowalker Pro Bowl Player

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    You've known the wrong people, then. I can think of 2 CEOs I've worked with who had the traits you described, but that's all. (In contrast, I've known far more people with those attitudes who weren't CEOs.) Some others certainly were arrogant, but that's different.
     
  11. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    Time precludes me listing all the Hall of Fools I have known as CEOs
    I would agree that many share their greed and indifference to the masses.
    The difference is these individuals wield the power to screw the working man in search of obscene personal fortune. And day after day they do so with impunity.
     
  12. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    How bout some links so the rest of us can read the story?

    Are we supposed to go find this story on our own to discuss it with you Mr3putt.

    BTW...3 putts? Shame on you! If I 3 putt once a round, I get pissed. I like to average less than 2 putts per hole.:D
     
  13. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    So, your conclusion is that CEO's are bad, evil people?
     
  14. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    Got it from Yahoo yesterday
    Common knowledge

    Not all CEO's are bad.......but most on Wall St and the fortune 500 play employees like pawns in order to maximize short term stock gains for their own benefit.

    3putt is my handle.....don't play me for money :D
     
  15. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I would gladly take that challenge!:D:cool:

    Despite my comments, I also have a disdain for Wall Street and the banking industry as a whole. To me, it's the shadiest businesses that exist.

    And sadly, they both have our money! (401k's, etc.)

    I wish we'd a get a bunch of whistle-blowers from both industries to blow the lid off all the shady BS that goes on there.
     
  16. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    They no longer have mine
    What little was left I tucked into gold 2 years ago.
    The market is a suckers bet and anyone who says different is either a trader or an executive waiting to steal your retirement.
    There are no protections from these parasites as the Government had long ago been made impotent by Lobbyists on K street.


    As far as the golf goes.....
    Bring cash
    I don't accept checks :D
     
  17. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Here we are betting on golf and neither of us know squat about the other guy. Almost as bad as the guys on Wall Street 3putt!;)
     
  18. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    Pretty confident about my game PR
    Don't lose often
    Never for big money
    But I will play for beers if that suits you
    May cost you more the way I drink though :eek:
     
  19. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    My all time low score is 75, but it was at an easy course (Ridder CC). I've broken 80 about 10 times in my life and have one "hole in one" and prolly 3-4 eagles.

    I'm lights-out on any green.

    Where do you play?
     
  20. mr3putt

    mr3putt 2nd Team Getting Their First Start

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    In the good ole days I belonged to Ipswich CC and the Golf Club of New England
    These days I play at the Ledges, Atkinson CC and Turner Hill

    I thank you for your honesty in stating your skill level
    Pretty good
    But..........you would be buying the beers :D
     

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