The Malays’ in 2050? Global Entrepreneurs+Knowledge Explorers+Islam Missionaries.Can the Malays Do It?Good to understand why some major global companies go bankrupt?
Many companies and even Governments are now “locking their doors” to enable their Top Management and Top Brains to reinvent their organisations to become a Greater Entity 50 years from now!What have they decided or results derived from that “lab sessions” and brainstorming and strategic processes?
Ramli heard and read that Big Companies and also Major GLCs are doing their best to REINVENT their organisations that have become Global Players and their people and companies are now located in many corners of the globe.They know that their companies have made many “stupid decisions” and “nonsense style of management” and if they dont stop all these major errors their big companies can also disappear from the global corporate map just like global big players have met their fate .See these examples of US Companies that have gone bankrupt!
Some Major U.S. Companies That Went Bankrupt!
by Hasan on October 25, 2008
Even in the business world, what goes up sometimes comes down, and if the company is big, the sound of the fall is louder and clearer. Chapter 11 bankruptcies in the United States have been many. Chapter 11 allows a company to reorganize by allowing the debtor to keep a part or all of their property, as well as allows the company to pay off creditors with future earnings.
Washington Mutual – September 26, 2008
The present financial crisis has hit the US harder than Hurricane Katrina, and WaMu bankruptcy only reiterates this. US reeled under the news of the biggest bank failure in its history, as federal regulators seized the largest American savings and loan institution, Washington Mutual (WaMu), which came to symbolize the excesses of the mortgage boom. Regulators brokered an emergency sale of the assets to JPMorgan Chase for $1.9 bn. As expected, global markets plunged. WaMu’s assets were $307 bn and it was also the sixth largest US bank, behind Bank of America. With this acquisition, JPMorgan will now have about $900 bn in deposits.
Lehman Brothers Holdings Inc. – September 15, 2008
A press release on September 15, 2008 by Lehman Brothers Holdings Inc. (LBHI), the 158-year-old U.S. investment bank, altered the American financial landscape. The company announced its intent to file for bankruptcy. This is the largest bankruptcy in the history of the United States with $638 billion in assets listed and the largest failure of an investment bank. The bank has been undermined by bad debts and shares tumbled 94% this year, before it was delisted on September 17, 2008. The deal for Barclays Plc to acquire the main business of Lehman has been approved. Barclays would also absorb $47.4 billion in securities and $45.5 billion in trading liabilities.
Refco Inc. – October 17, 2005
Refco Inc. filing was then one of the major bankruptcies in the United States. New York-based Refco was a diversified financial services organization that was primarily a commodities and futures broker, with operations in 14 countries. Founded in 1969, this firm was the largest broker on the Chicago Mercantile Exchange, with more than $4 billion in customer accounts. The firm’s collapse came about ten weeks after it sold shares for the first time to the public. The company was under investigation for hiding a $430 million debt and the Chief Executive Officer and Chairman; Phillip Bennett pleaded guilty of fraud and sentenced to 16 years.
Delta Airlines Inc. – September 14, 2005
This United States airline is based in Atlanta, Georgia and operates extensive international and domestic flights. The company has been facing financial difficulties for a long time and ever since 2004, tried to stave off bankruptcy by restructuring the company with job cuts and expansion plans. However, in September 2005, it filed for bankruptcy for the first time in its 76-year history. The company cited high jet fuel prices and high labor costs as the two main factors. Delta was in $20.5 billion debt at the time of filing. On April 30, 2007, the airlines emerged from bankruptcy protection as an independent carrier.
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