How Meg Whitman Failed Her Way to the Top at Ebay - Collecting Billions While Nearly Destroying The Company (Flashback 2010)
Class War For Idiots / Investigative Report / October 27, 2010
By Mark Ames and Yasha Levine
With the elections for governor just around the corner, most California voters probably think they have a pretty good grasp of the pros and cons of Republican candidate Meg Whitman: on the downside, she’s an aloof billionaire who can’t be bothered to vote or remember her own servants’ names after nine years, and she’s dabbled in the sort of insider double-dealing with Goldman Sachs that’s brought the nation’s economy to its knees.
On the plus side, many still regard Whitman as one of the most effective and successful business leaders around. Three decades of relentless pro-business PR have convinced a lot of voters that our best business leaders know best, and that’s been Whitman’s main selling point, going back to her first campaign ad:
“I have run large organizations. I know how to create jobs. I know how to focus. I know how to balance a budget. And, I think, a business perspective is a bit of what California needs right now.”
But what few people outside of the investment community know is what a disaster Meg Whitman’s business career really was. In fact, Meg Whitman’s record in the corporate world reads like a laundry list of failure: it’s a resume marked by fraud, gross incompetence, wasteful spending and gross disregard for anyone’s interests but her own. In her obsessive drive to become a billionaire, Whitman left a legacy of bitterness among untold numbers of jilted employees, shareholders and eBay clients, while enriching herself and a handful of fellow executives and investment bankers.
Her worst decision at eBay — to buy internet phone service Skype for over $4 billion in 2005 — bled billions in eBay’s value. It was a huge waste of money whose consequences were passed on to employees and shareholders. The effects are still being felt by the company today, over five years after Whitman’s disastrous decision.
more...
http://exiledonline.com/how-meg-whitman-failed-her-way-to-the-top-at-ebay-collecting-billions-while-nearly-destroying-the-company/Hope Meg does as much for Clinton as she did for Ebay.....
