Originally posted by KellyJay
Yep, and the reason the companies fell was because they picked people who
ran the companies into the ground. Put bad people in positions of power things
like that happen. Which has nothing to do with income inequality! The people
under them could have made a ton of money but if the company was going to
die, it was going to die.
Simply because compani ...[text shortened]... ose that are doing it right are not worth
the money the bad ones can get to do it wrong.
One company I used to work for, Lucent, was hiring by the thousands in '97.
We were going great guns, they had these catered lunches with lobster and a band playing and such.
Then the train ran into the cliff and in '99 we were all laid off. I was fortunate in that I met the wife of Alex Paunescu, whom I worked with in Israel at Intel.
It turned out his wife was working at Lucent at the same plant as I was and I met her by accident one night while I was on night shift.
She mentioned going to Israel in '96. I said I was there in 96 also! She said I went to visit my husband who was at Intel.
I said I was at Intel also, who is your husband?
Alex Paunescu. My jaw dropped about 2 feet! Alex and I were good buddies in Jerusalem and he attended several parties we gave there. We could discuss anything that came up, science, religion, politics, ethics.
So she told Alex I was at Lucent, he calls me the very next day, saying we have this startup company dealing with waveguide laser amplifiers and know what you did in Israel and would you like to be the maintenance chief?
I knew layoffs were coming so I said, does a frog poop in the woods🙂
So I had a bit of a parachute when the bottom dropped out of Lucent.
The CEO at that time, I think his name was McDonal, something like that, made over 10 million in Lucent stock that he sold for something like 85 dollars a share knowing full well it was going to go bust.
We have a friend here in town who was talked into buying Lucent shares for 85, just before they went bust. She lost about 20,000 dollars when it went to about 1 dollar a share.
I think that also qualifies as income inequality.