Us The Next Eron..everyone Outraged
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trvlngsusan
Newbie
- Aug 4, 2004
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A Chairmans Preferred pax told me today we are "flying enron".AtlanticBeach
Senior
- Aug 20, 2002
- 341
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trvlngsusan said:
[post="195726"][/post]
That CP may have been suffering from hypoxia or sitting too long on his brains. A lot of things can be accurately said about US Airways. An analogy to Enron is not even close.
Enron hid its' poor financial position via complicated contracts with related firms that were set up for the sole purpose of disguising the true status of Enron. There were other tricks utilized such as straddles and off-balance sheet liabilities. If anything, US Airways has presented a more dire financial picture at times during the past three years, than actually existed.
Other than current and past airlines, the best companies with which to compare US Airways would have been US Steel and Bethlehem Steel in the 1950s or 1960s. Maybe even Xerox in the 1980's, prior to their turnaround. I know that this sounds like PineyBob, but he is correct in his historical perspective.
Who is this years' Enron? AIG.
Mtnman928
Advanced
<An analogy to Enron is not even close.>
"Perception is Reality"
"Perception is Reality"
ITRADE
Veteran
AtlanticBeach said:
I vote for Marsh & McLennan for their price fixing. Of course, AIG is in the same industry...
AtlanticBeach
Senior
- Aug 20, 2002
- 341
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ITRADE said:
Good point. AIG is also being investigated by Spitzer. But over and above the current investigation is a comment made two years ago by their Chairman. When asked about where their profits arose, Greenberg answered, "It's too complicated to explain to you now."
Shades of Ken Lay.
repeet
Veteran
Ok, US Airways is the anti-enron. Willfully spending itself into a negative cash flow for the purpose of looking poor.
To all of the Mechanic and Related that I know, it looks equally malfeasent
To all of the Mechanic and Related that I know, it looks equally malfeasent
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