[BC] Fallout from cuts

[Rich Wood]

------ At 07:29 PM 5/1/2008, Kent Winrich wrote: -------

>I guess I am amazed that people in the business wish ill of others in the
>business.
>
>If you think that the failure of one of these companies will not effect YOUR
>job, you better wake up!  Just think if the value of station drops to "fire
>sale" level.  That would not be good for broadcasting as a whole.

I'm amazed that you can be an apologist for astoundingly bad 
management. Do you honestly believe that firing your creative people, 
you know, the ones who create your product, just so you can keep the 
guys at the top safe is the right way to go? If any of us failed in 
our jobs the way these guys have we'd be out on our butts for reasons 
much more substantial than cost cutting. Radio One is throwing money 
at the very people who have reduced their stock value close to a 
delisting value. Citadel at least withheld a multimillion dollar 
bonus to the doood at the top as its value drops to nearly nothing. 
Why do you suppose the banks want out of the Clear Channel deal? The 
stock is well below what it was when they made the deal. If you agree 
to buy a house and the house burns down before the deal is done are 
you still expected to close on it? That's what's being expected of 
the banks. I think the deal needs to be postponed until the stock

>Also, how many of you have actually worked for a "local" company?  Most
>people I have talked to were not giving glowing reports.  Please note, most
>does not mean ALL.

I'm glad your sweeping generalization was limited. Many companies 
were local prior to consolidation. How can we have warm fuzzies for 
companies who fire hundreds of people who were performing at a higher 
level of productivity than the folks who ordered them fired? I think 
the stockholders and, especially, Boards of Directors, need to grow 
some gonads and throw the bums out. Instead, the worse their 
performance the more money they get.

I'll bet, as soon as the companies go private, the bloodbaths will 
begin, again, as they try and pay the new mortgage and pocket as much 
cash as they can.

Rich