Does Anyone feel like Bailing

[Clodfobble]

Originally Posted by xoxoxoBruce

They would let their companies go belly up, so they could walk away with bulging pockets? This tells me, if a firm dies, the executives should too... shoot every last one of them.

At my previous employer who went spectacularly bankrupt (this was over four years ago, and the bankruptcy case is still going through the court system) there were a half-dozen banks willing to give the company plenty of financing, with the only condition being that the CEO step down from the board. He refused, and chose to take the whole company down instead.

[tw]

Originally Posted by Clodfobble

... there were a half-dozen banks willing to give the company plenty of financing, with the only condition being that the CEO step down from the board. He refused, and chose to take the whole company down instead.

The reason for problems is not accidental. Lessons were learned long ago. 85% of all problems are directly traceable to top management.

Where were the Board of Directors or stockholders? Or was this a private company where the CEO would rather lose everything rather than be fired?