Corporate scandal

Well, we didn’t have to wait long to find out who was going to be next after Enron and Worldcom. Congratulations to Disney and Xerox…

Polaroid

How did Polaroid end up bankrupt? They’re looking at either selling the company, or filing Chapter 11. They expect to default on over $30m of loan payments in the next few months. It’s easy to say that they were caught out by digital cameras, but it’s not that simple. I remember the early days of digital photography, around 1996-97. For a while, Polaroid were leaders in the field—the PDC-2000 was well-reviewed, and praised for its outstanding image quality.

Recessionwatch Update

Job losses over the last few weeks: Motorola: 4,000 jobs today, for a total of 22,000 since December. Lucent: 16,000. Verizon: 10,000. Nortel: 10,000. Compaq: 5,000. Intel: 5,000. Xerox: 4,000. Gateway: 3,000. Hewlett-Packard: 1,700. Dell: 1,700. Amazon: 1,300. 3com: 1,200. Oracle: 800 It’s also rumored that Sun are planning to ditch 10% of their employees, and Cisco are giving 5-10% of their staff unmatchable targets so they can force them to resign without calling it a layoff.