Thread regarding Chicago Bridge & Iron layoffs

Blame management that has been here the longest

The problem with the company are the high level people who have been there the longest. They are the ones who witnessed the bad choices and did nothing to stop them. Now they are cutting the small people to show the public and creditors they are cost cutting but it's a drop in the bucket when you look at the car leases, jets, country club memberships, legacy Shaw commitments that are still owed and continue to pay. These people are only interested in saving themselves and will do or say anything to accomplish that. Where else can they go? No other company would have them now, there credibility is out the window.

Perfectly put @PmYBEm2-1ydy, I agree with everything you said. There are people among the top brass that have been with the company when it was doing great. They know what it takes to make it work. And yet, they allow for bad decisions to run the company into the ground. For the life of me, I can't figure out why.

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| 1961 views | | 3 replies (last September 23, 2017) | Reply
Post ID: @OP+PoxY62l

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The Shaw deal was bad, so bad the bankers walked out. The then CEO pushed it through and the ex Shaw CEO is the smartest man in the room. The board needs to be let go for their failure to see all of this and to let it continue. There has been a history of this with the previous CEO before the one that got fired this past year. That one was accused of pumping and dumping and was forced out. Can't our external auditors see the reason why so many cpa's leave this company. Has anyone ever asked that question?

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Post ID: @1hbl+PoxY62l

The shaw turd sandwich was only acquired by the ex ceo to increase the project numbers. He was compensated based on bigger numbers. Made millions off of it and the rest of us get to take big bites off of that sandwich. a bunch of the shaw people were promoted and continued to run it into the ground. Now they are trying to polish this turd sandwich for the shareholders or a buy out. If the company goes into bankruptcy I hope they audit the books and send all of the criminals to jail.

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Post ID: @afd+PoxY62l

Seems to me that the CB&I acquisition of Shaw really torpedoed the corporation. In the end, what did CB&I get out of that deal?

Also can anyone explain that since CB&I acquired Shaw and not the other way around, why did the legacy CB&I employees get stuck with everything bad that was Shaw, e.g., Sharepoint instead of CBIKnowHow, Outlook instead of Notes, CatamaranRx instead of CVS Caremark, no more additional contribution to the 401k, etc?

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Post ID: @qot+PoxY62l

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