Wednesday, January 14, 2009



High of $1245.00 in July of 2000 (split adjusted)
Today's close? $0.12.

99.99% of market value lost.

They received bankruptcy protection this morning. At their peak, they were worth hundreds of billions of dollars and had 95,000 employees. Some of them were my friends. I even applied there half-heartedly when I graduated.

Everyone in Canada had/has shares of them in their portfolios.

But in the end, they have nobody to blame but themselves. How the mighty have fallen. There's no schadenfreude on this one. They had some good ideas, and made a good product back in the day. The problem all comes back to accounting. They lied, they believed their lies, and they grew based on those lies. The accounting was so messed up, they still haven't gotten all their reports (back to the 90's I think) in order. This is a company that is almost as old as the telephone, and now it'll be sliced up and the pieces handed out.

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