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View Diary: Harry & David files Chapter 11 Bankruptcy (186 comments)

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  •  In the '80s I found out how corporate raiders work (2+ / 0-)
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    Mr Robert, Cliss

    I had a small business locating electronics engineers and techs for a niche market.  Usually these people were hard to locate and I made a commission for each placement.

    When several people from the same company suddenly were available then I knew something was up.  A corporate raider had bought just enough stock to control their company. Then he started closing down field offices and requiring the techs to work out of their homes. He cut maintenance and upkeep and scheduled fewer visits to customers who bought the equipment.  More experienced higher-paid techs were laid off and the newer employees were expected to cover more territory.

    The profit margin went 'way up--and people on Wall Street who seem to have just enough sense to put their wallets in their pockets--declared the corporate raider a "genius."

    Soon the customers noticed the decline in the quality of equipment and maintenance and dropped the raided company. By then, though, the corporate raider had sold out at a profit and moved on, leaving the wreckage.

    Attention Corporate Officers and Corporate Tools: You are not nobles, and the people of the United States of America are not serfs.

    by Mayfly on Sun Apr 03, 2011 at 08:34:48 AM PDT

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