This seems to leave managers with only one way to stay in business for now. If you want your credit rating not to fall further, lay off a few hundred or thousand more employees and make sure the newspaper features a bunch of under-edited news, lame stories and mostly wire copy. Repeat process as often as possible until shareholders and bondholders have a chance to cash out. Then look for another job, maybe as a McKinsey-style efficiency consultant.Well done. It's no wonder these rating agencies contributed to the mess we are in. I do hope no one pays for this report.
Friday, June 05, 2009
Robert MacMillan over at Reuters MediaFile observes some facile 'research' from Moody's on the future of newspapers (which he cites) and then concludes with this: