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11-20-2012, 09:58 PM
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#26
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No Lifer
Join Date: Oct 2000
Location: ::1
Posts: 55,132
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IIRC, there was a ATOT member who invested heavily in HP. I can't remember his handle at the moment.
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Stop pleasing others and start pleasing yourself.
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11-20-2012, 10:00 PM
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#27
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No Lifer
Join Date: Oct 1999
Posts: 71,662
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Quote:
Originally Posted by darkxshade
Hewlett the dogs out!
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What you did there, I see it.
__________________
"I'm going to count to three, there will not be a four."
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11-20-2012, 10:03 PM
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#28
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Lifer
Join Date: Oct 2002
Posts: 13,772
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Quote:
Originally Posted by Fmr12B
Step 1 in acquiring a Company: Review their audited financial statement. Deloitte was their auditor is is one of the Big 4 firms.
Step 2 in acquiring a Company: Hire an independent accounting firm to perform due diligence along with a crap load of lawyers. HP hired KPMG, another one of the Big 4 firms.
If neither accounting firm knew about this - major fraud and collusion existed. And yes, HP is blaming both of the firms.
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So what can HP do in this case? Or can the accounting firms hide behind the first amendment not unlike the credit rating agencies?
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11-20-2012, 10:43 PM
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#29
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Lifer
Join Date: Apr 2004
Location: Centreville, VA
Posts: 15,715
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Wow Deloitte and KPMG gonna fire some people now!!
ALSO, PwC was hired by HP to look at all of this after a whistleblower came forward... E&Y audits HPs annual fin stmts.. LOL what a clusterfuck!
Last edited by dbk; 11-20-2012 at 10:51 PM.
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11-20-2012, 10:51 PM
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#30
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Golden Member
Join Date: Jan 2000
Posts: 1,625
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HP has been going downhill since Wozniak left. Meg was lucky to have even been struck by lightning once, great job HP.
Last edited by bradley; 11-20-2012 at 10:54 PM.
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11-20-2012, 10:56 PM
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#31
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Member
Join Date: Jul 2008
Posts: 141
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Quote:
Originally Posted by Robsasman
There must of been lotsa unions involved in this one  |
Fiorina, Apotheker and now Whitman. There's something deeply rotten about a company's internal culture when the new CEO is as bad -if not worse- than the outgoing one. This is systemic, not down to individual incompetence.
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11-20-2012, 10:59 PM
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#32
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No Lifer
Join Date: Dec 2000
Location: Northern IL
Posts: 58,380
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amazing just how fucked up HP is. it's like they are trying to destroy the company.
__________________
Zombie Crew member! I WILL SURVIVE!
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11-20-2012, 11:04 PM
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#33
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Platinum Member
Join Date: Nov 2009
Location: Southern California
Posts: 2,143
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Quote:
Originally Posted by dbk
Wow Deloitte and KPMG gonna fire some people now!!
ALSO, PwC was hired by HP to look at all of this after a whistleblower came forward... E&Y audits HPs annual fin stmts.. LOL what a clusterfuck!
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Whitman is blaming the financial firms HP hired, and there may be some truth to those accusations. However, it's funny how much more "financial misfortune" HP seems to be enduring than Dell, Oracle, or IBM.
Just sayin' 
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11-20-2012, 11:57 PM
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#34
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Diamond Member
Join Date: Jan 2000
Posts: 7,114
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I have no idea how Meg Whitman is as lauded as she is. Anyone could have been CEO of eBay when the internet boom started in 1999 and made money. The growth from new people getting onto the internet skyrocketed and eBay naturally got more users just because of that, not because of anything Whitman did.
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11-21-2012, 12:24 AM
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#35
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Diamond Member
Join Date: Jan 2000
Posts: 5,593
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Quote:
Originally Posted by techs
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How is Meg Whitman responsible for the Autonomy mess?
Was she the CEO when HP acquired Autonomy?
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11-21-2012, 12:26 AM
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#36
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Diamond Member
Join Date: Jan 2000
Posts: 5,593
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Quote:
Originally Posted by bradley
HP has been going downhill since Mark Hurd left. Meg was lucky to have even been struck by lightning once, great job HP.
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Fixed.
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11-21-2012, 12:27 AM
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#37
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Diamond Member
Join Date: Jun 2002
Posts: 3,838
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Quote:
Originally Posted by lothar
How is Meg Whitman responsible for the Autonomy mess?
Was she the CEO when HP acquired Autonomy?
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She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
__________________
Main Rig: i7-3820@4.3Ghz/gigabyte x79-UD3/4x4 Patriot Sector 7@1600MHz/Corsair H100/ASUS GeForce GTX 680 ASUS DirectCU II TOP/Thermaltake Armor Revo
Last edited by rchiu; 11-21-2012 at 12:30 AM.
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11-21-2012, 12:40 AM
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#38
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Senior Member
Join Date: Dec 2011
Location: Illinois
Posts: 544
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Quote:
Originally Posted by rchiu
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
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Considering they fooled two auditors I'm inclined to give HP's management the benefit of the doubt.
They're still a bunch of incompetents but for other reasons. 
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11-21-2012, 12:43 AM
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#39
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Diamond Member
Join Date: Jan 2000
Posts: 5,593
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Quote:
Originally Posted by rchiu
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
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You mean the same numbers that 2 of the big 4 auditors trusted?
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11-21-2012, 12:45 AM
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#40
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Diamond Member
Join Date: Jan 2000
Posts: 5,593
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Quote:
Originally Posted by her209
IIRC, there was a ATOT member who invested heavily in HP. I can't remember his handle at the moment.
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There are some in the stock market thread claiming that HP is cheap and undervalued.
They don't realize that it's a value trap.
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11-21-2012, 12:53 AM
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#41
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Diamond Member
Join Date: Jul 2008
Location: Australia
Posts: 3,142
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Quote:
Originally Posted by Dari
So what can HP do in this case? Or can the accounting firms hide behind the first amendment not unlike the credit rating agencies?
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Yeah, same bullshit as with the POS CDO's during the GFC.
They were just 'opinions'.
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11-21-2012, 01:07 AM
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#42
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Diamond Member
Join Date: Jun 2002
Posts: 3,838
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Quote:
Originally Posted by lothar
You mean the same numbers that 2 of the big 4 auditors trusted?
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That's not the point. They are supposed to be a tech company. They should be evaluating Autonomy's software, if it is solid, it if has market, if customers find it usable and valuable, if it strategically align with HP's product offering. They shouldn't be basing it on how much cashflow Autonomy is making. Larry Ellison is smart enough to know Autonmy don't worth $6B because he knows software, software industry, it's customer. But dumb HP management with no clue what they are buying paid $11B for that crap.
That's the problem with HP don't know what they are doing and base all decision on consultant reports, accountants reports, auditors report. That's what happens to bunch of failed companies. Bunch of moron on the top.
__________________
Main Rig: i7-3820@4.3Ghz/gigabyte x79-UD3/4x4 Patriot Sector 7@1600MHz/Corsair H100/ASUS GeForce GTX 680 ASUS DirectCU II TOP/Thermaltake Armor Revo
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11-21-2012, 01:46 AM
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#43
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Senior Member
Join Date: Aug 2001
Posts: 762
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Quote:
Originally Posted by rchiu
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
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Not only was she on the board...but if I recall there were issues raised about this acquisition before the board voted to approve it unanimously (one simply wasn't present). You'd think you'd have some dissent or at least delay the acquisition if there were any issues with the numbers before the acquisition...guess financial dollars and cents/sense aren't important to HP.
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11-21-2012, 06:30 AM
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#44
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Lifer
Join Date: Sep 2007
Location: Indianapolis
Posts: 26,399
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Quote:
Originally Posted by meloz
Fiorina, Apotheker and now Whitman. There's something deeply rotten about a company's internal culture when the new CEO is as bad -if not worse- than the outgoing one. This is systemic, not down to individual incompetence.
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Apotheker was, by far, the worst hire by HP and possibly in the history of CEOs for large companies. He bombed at SAP and was asked to leave and didn't even meet most of the board and was hired. Hiring him was truly mind-boggling and I bet they wish they would've kept Hurd.
__________________
MAIN: i7-2600K @ 4.5 Ghz | Asus P8Z68-V Pro | G.Skill 16 GB DDR3-1600 | 80 GB Intel 320 Series (boot) | Intel X25-M 120 GB SSD (games) | WD 750 GB & 2 TB (data) | HD6870 | Cosmos S | Dell U2410 and 2001fp | Windows 7 x64 Enterprise
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11-21-2012, 06:32 AM
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#45
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Lifer
Join Date: Sep 2007
Location: Indianapolis
Posts: 26,399
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Quote:
Originally Posted by rchiu
She was a board member but she said they "trusted" the account's numbers. Funny how she is supposed to be a technology person but have no clue what Autonomy's "super search engine" is just another snake oil.
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Actually, Autonomy's technology IS incredibly slick. A couple of years ago, before anyone really knew who they were, I saw some demos of their products and they were very impressive. The problem was price -- for our particular usage, you had to spend well over $100K to even begin to play and that wasn't going to happen.
$11 billion for them though? I laughed at loud when I heard that price.
__________________
MAIN: i7-2600K @ 4.5 Ghz | Asus P8Z68-V Pro | G.Skill 16 GB DDR3-1600 | 80 GB Intel 320 Series (boot) | Intel X25-M 120 GB SSD (games) | WD 750 GB & 2 TB (data) | HD6870 | Cosmos S | Dell U2410 and 2001fp | Windows 7 x64 Enterprise
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11-21-2012, 07:29 AM
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#46
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Elite Member
Join Date: Nov 2001
Posts: 26,698
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Quote:
Originally Posted by Fmr12B
Step 1 in acquiring a Company: Review their audited financial statement. Deloitte was their auditor is is one of the Big 4 firms.
Step 2 in acquiring a Company: Hire an independent accounting firm to perform due diligence along with a crap load of lawyers. HP hired KPMG, another one of the Big 4 firms.
If neither accounting firm knew about this - major fraud and collusion existed. And yes, HP is blaming both of the firms.
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This. Some of you dunderheads blaming Meg or saying she should have known need to understand how business works. Companies pay these "experts" millions of dollars to provide them with due diligence. It's not like Meg is looking at the books. If the experts didn't see it or say they didn't see it, then why is Meg at fault?
__________________
Temp Heroes - BoomerD, skyking, jacob0401, EagleKeeper, alchemyst, Sabot, Shinerburke, bob4432
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11-21-2012, 08:06 AM
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#47
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No Lifer
Join Date: Dec 2000
Location: Northern IL
Posts: 58,380
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lol and people say a Good CEO is not worth the money. HP is proof they are.
__________________
Zombie Crew member! I WILL SURVIVE!
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11-21-2012, 08:07 AM
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#48
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Lifer
Join Date: Sep 2000
Posts: 25,755
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Quote:
Originally Posted by CPA
This. Some of you dunderheads blaming Meg or saying she should have known need to understand how business works. Companies pay these "experts" millions of dollars to provide them with due diligence. It's not like Meg is looking at the books. If the experts didn't see it or say they didn't see it, then why is Meg at fault?
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If I am reading it right about half the loss is due to the fact the companies software was not worth what they thought it was. An error in judgement.
__________________
Game of Thrones is like Twitter. It's got 140 characters and terrible things are constantly happening.
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11-21-2012, 08:49 AM
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#49
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Diamond Member
Join Date: Jan 2005
Location: Where I want.
Posts: 7,122
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Quote:
Originally Posted by waggy
lol and people say a Good CEO is not worth the money. HP is proof they are.
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A Good CEO is a very subjective statement. A "Good" CEO in your eyes might be someone who increased profitability by offshoring production, producing more in the short term but nearly crippling the long term earning potential within this country. So, really, what is a Good CEO and how much would it be really worth to have someone do some simple middle school difficulty math and earn more money? Most of the people we call CEO's today would have been called traitors 150 years ago.
__________________
And there comes a time when one must take a position that is neither safe, nor politic, nor popular; but one must take it because it is RIGHT. -MLK, Jr.
http://www.heatware.com/eval.php?id=35504
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11-21-2012, 08:58 AM
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#50
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Lifer
Join Date: Apr 2002
Location: Earth
Posts: 33,100
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HP and AMD are a match made in hell. HP should go all the way and over pay for AMD to vertically integrate.
__________________
"Communism can be defined as the longest route from capitalism to capitalism."
"Capitalism is the unequal distribution of wealth. Socialism is the equal distribution of poverty"
"The Democrats seems to be the kind of people who switch to Geico and lose money." -Jon Stewert
Failure of Public Education
Global Warming causes this
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