So they got all that money from Uncle Sam’s CHIPS Act only to lay off 10,000 employees and make themselves “lean”. Govt funded unemployment.
What is it with accountants being chosen as CEO? Like if you were a competent accountant, you should be CFO, and the CEO is someone who knows what the fuck the company sells and how it profits, which I can guarantee you has never been a competent accountant.
I always like this answer by Steve Jobs on the topic (here it’s xerox, but this also fits Intel pretty well).
It’s because the big investors only give a fuck about number go up. Accountants show number go up. All current large investors also seem to have a complete inability to look more than 1-2 quarters in advance, at most. So if number go down, instead must force change to make number go up, but again only 1-2 quarters to make it happen. If number stay down, abandon and go elsewhere.
Institutional investors, the ones with billions in assets controlled, and the real power in this world, don’t give a shit if the company is actually successful, or about sustainability, or anything other than continuous profits at any expense. And that’s how they perceive the accountants.
It’s a little like the sociopath hospital boards, having more billing staff than doctors and nurses. Making a massive mistake for quick profit and leaving it for the next guy to cleanup lawsuits. A little like robocall centers, okay with fleecing the poor as long as they only have to pay roughly 20% in damages, close shop and create a new call center all over again and rinse and repeat.
