Wednesday, February 23, 2011

Too Big To Fail pt. 3: Mismanagement

More background on the Initman. It's hard not to be upset at a company that was basically being managed to failure. They weren't paying unions, they didn't have documented procedures, they weren't paying taxes, they weren't providing any oversight over their managing director. Hell, I can imagine that on a company of my scale, but the Initman?

I'm not surprised at the lack of sympathy. After all, giving them $1 million dollars when they completely mismanaged the money up until here. And they still don't have proper controls in: they just are working to slap them together.

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