Let's see, it is the management's responsibility to run the company and the union's responsibility to provide labor.The role of each is clear and essentially the same:- management: maximize shareholder value- unions: maximize member value, however the union chooses to define it (loosing you job over a strike may be the best possible decision)2 billion in unfunded pension liabilities doesn't help either.Cash management is a management responsibility. Failure to fund pensions may be a good strategic management decision:- it's a free loan- it gives you negotiating leverage (fold or you'll never see your retirement)So when a company fails, it is usually from bad management:- failure to change with the market- failure to manage costs
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