Word: assets
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...quarters. Although that translates to a $4 million loss in bottom-line earnings, it marks an improvement from the $20 million lost in the fourth quarter of 2000--and from the bankruptcy rumors heard just two years ago. Mulcahy, 49, who became chairman Jan. 1, has presided over the asset sales, cost cutting and outsourcing of production that have brought Xerox closer to profitability. A government investigation into its accounting is ongoing, but with the company's debt declining and stock price up modestly, "to Xerox" may soon denote "to turn a business around...
...opportunity to invest near the bottom--and with less money pouring in, those who do invest get better terms. Venture-capital managers who had been demanding fees equal to 30% of profits--up from the normal 20%--may not be so cocky going forward, notes Steven Galante, president of Asset Alternatives, a Wellesley, Mass., research firm. And for those who put their money in private equity, the corporate books allow the kind of transparency that stock-market investors crave post-Enron. To secure seed money for start-ups and spin-offs, companies grant private managers broad disclosure...
...Financial journalists, eager not to let the next Enron pass them by, have been taking the company to task for its accounting practices: conveniently categorized asset sales, share buy-backs and adjustments to the projections of pension-fund earnings and long-term services contracts. And investors, led by those same market-making investment firms that Congress is penciling in for its spring hearings season, have turned up the heat on current CEO Jeff Palmisano. IBM is down 20 percent on the year, and fell nearly $4 Tuesday, bringing both the Dow and the techs down with it. (The latest kick...
...Tuesday, that John Joyce, IBM's chief financial officer, said that Big Blue would be opening its books a little wider every quarter at earnings time, making previously obscure information about asset sales, earnings projections and revenue streams easier to find. Joyce told the Wall Street Journal that while IBM's past practice has been correct under accounting guidelines, "our shareholders and analysts have been asking for more." The responsive, reformative powers of Congress were not mentioned as a motivation...
That may be why Skilling hired him in 1990 from Continental Illinois, a Chicago thrift that failed in the mid-'80s savings-and-loan bust. Fastow had a skill Skilling needed; he did asset "securitization," a means for banks to sell off risk in the form of securities backed by mortgages or other obligations...