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Fiorina: I rushed out HP servers to power NSA snooping. Mwahahaha!

Destroy All Monsters Silver badge

Even the Gipper's head of OMB has something to say:

Clueless Carly: Crony Capitalist Warmonger With Flash Cards

Carly Fiorina proved at least one thing last week. Namely, you don’t have to be a career GOP politician to come across as a war-mongering neocon and abortion-bashing statist demagogue. She took the stage fully formed as a frightul modern-day Torquemada, threatening to bring fire and brimstone down on anyone running afoul of her righteous indignation and crystal clear grasp of the Truth.


The truth is that Fiorina was a once and failed CEO only because she rode the Lucent Bubble to undeserved fame during the blow-off phase of the massive 1990s tech bubble. Its peak market cap of $250 billion at the time of her departure for Hewlett-Packard in 1999 was not due to her business prowess as head of its major division or that ATT’s gussied up maker of prosaic equipment like switchgear had invented anything new under the sun.

Lucent’s giant but fleeting market cap was entirely a product of the Greenspan Bubble and the fact that its leadership including Fiorina had no compunction about goosing its sales by lending billions to its customers, many of who were tech era start-ups rapidly burning off their VC supplied cash.

In any event, Lucent’s stock crashed and eventually plummeted to less than $10 billion after it took multi-billion write-offs for its bad debts, laid off more than 50,000 employees and confessed to the SEC that it had doctored its accounting. More importantly, Fiorina had gotten out of dodge just in the nick of time.

... But it was at HPQ that her immersion in the destructive financial engineering that has become endemic in the C-suite of corporate America went full frontal. Even Donald Trump called Fiorina on her phony claims about the company’s spectacular growth during her tenure—–claims which the company’s SEC filed financial results don’t remotely support.

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