This was posted here before, but I think it's worth a re-post for all the new people visiting this site.
This article tells you all you need to know about Carl Icahn. It's sickening. Though there have been pitfalls along the way, and yes, this is a dying industry, this man is responsible for the sh1tstorm we're in now. He is ruining Xerox, and if he gets the chance, he'll ruin HP, too.
http://hedgeclippers.org/hedgepapers-no-30-the-dangerous-deeds-of-carl-icahn/
There is absolutely zero mystery as to what the investors intentions are. There never was. Thinking that you “figured it out” and posting is only showing you are a couple of years behind everybody else. The problem for the working class is not what guys like Icahn do, it’s that nobody cares.
And after Xerox finally called Deason out on the issues with ACS and sent him away, he's been plotting his revenge Xerox since and found a willing partner in Icahn.
"My question is why did Xerox purchase ACS if they were in over their heads with projects that they could not complete?"
Because ACS was a dogsh*t company that lied through it's teeth about what it could and couldn't do. Ursula didn't do her do diligence. None of the existing software could do what they said it could do. See the writeoffs that occurred. None of the solutions could do what they said it could do. See all the litigation that ensued once the contracts fell on their faces. Margins were never as good as they said no matter how much fluffing from Norwalk occurred. And cancels always outpaced signings.
“He is what happens when companies are driven into the ground by poor management.”
Maybe... but he wrecks whatever is left of that company for personal gain. Everything he does is for him. Employees and customers suffer during the process and then you’ve left with an even sh1ttier company than when you started. I’m watching it happen right now and it’s so maddening.
They teach about corporate raiders in college business classes. These raiders come into play when companies are mismanaged. The multi-hundred million write-offs (2015) for ACS healthcare system projects that went bad brought Icahn in. ACS got into those projects (I think California and Montana) in 2007. UB explained this at a Webster town hall meeting in October 2015. My question is why did Xerox purchase ACS if they were in over their heads with projects that they could not complete? Revenue declines for the twenty years preceding 2015 did not help either. I would put the blame on terrible management that Xerox suffered with for decades more than on Icahn. He is what happens when companies are driven into the ground by poor management.
a former company chairman to simply summarize him as “one of the greediest men on earth.”
I wish him pain.I hope his care worker is cruel.
This is exactly what is happening right now, with Xerox:
"In fact, he pioneered the practice of “corporate raiding,” a strategy that involves acquiring large stakes in companies and then forcing their executives to take on massive amounts of debt, sell off divisions, ship jobs overseas, lay off workers, and slash workers’ benefits–all to ensure massive profits for himself." (from the article)
"Today, Icahn remains one of Wall Street’s most notorious vulture capitalists, with a consistent pattern and practice of extracting enormous wealth from companies in which he invests while leaving a trail of layoffs and lost benefits in his wake."