
Leo en "The Economist" el
artículo sobre lo que los bancos pueden aprender sobre la crisis de las telecoms de 1997 a 2003.
Por qué las Telecoms no recibieron las ayudas que están hoy recibiendo los bancos?
Acabaran los bancos como acabaron las Telecoms?
De momento que sigan bajando los tipos de interes !!!
Lo más interesante:
"What should new managers do first? Define a core business and be brave enough to raise the equity to fund it.
Telecoms companies, like banks today, were encouraged to go “back to basics”. But once they wiped away the froth, their core businesses were mature and mediocre—as banks will discover with their branches. That raised the temptation for acquisitions. Sadly for the telecoms firms, bottom-fishing for distressed assets rarely worked, and investors vetoed empire-building deals involving mature assets that yielded few cost synergies
Next, new bosses must start a cultural revolution. Bubbles corrupt firms’ intellectual capital; in telecoms, everything from sales incentives to budgeting had become based on measures that had little to do with a sober view of profits.
They face a constant battle to protect pockets of high profits and have few chances to grow. For telecoms, the glamour and infamy were followed by mediocrity. Banks are still staggering about in the limelight, but the same fate surely awaits them".