In a down market, the genius of our CEO earned us $3.5B for free. You have to go back to his negotiations with Halliburton's CEO and see how he extracted more money for the company before the deal was inked. Mr. Craighead should be voted the smartest CEO in the world.
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Instead of man of the year, how about DICK HEAD of the year?
So true:
The $3.5 Billion Dollars was used to buy back Baker Hughes stock.
If the stock price goes up as a result of the buy back, Craighead and his cronies will make millions.
If you are not part of the Baker Hughes inner management circle....you get NOTHING.
Moron.
Stock buybacks will only raise stock price in the short term and will ONLY bring value if the company can generate high rates of return in the future. If the BHI model is being consciously reduced from a $26B to a $10B company and adopting a product sales strategy instead of a service based strategy, then returns are likely to start healthy but will steadily decline as the market becomes saturated or products are cloned (especially in the far east). Western Atlas (precursor to Baker Atlas wireline) pulled out of the export sales business because it was seriously eroding operational service revenues. History will repeat itself, especially you have a naïve executive team.
Crackerhead and his cronies needs to be gone. From the top down to the plant directors all need replaced. Crackerhead is nothing more than a crook, liar and thief. The bunch of BASTARDS couldn't tell the truth to their own mother. Their right up there with Obama and Clinton!!
The $3.5 Billion Dollars was used to buy back Baker Hughes stock.
If the stock price goes up as a result of the buy back, Craighead and his cronies will make millions.
If you are not part of the Baker Hughes inner management circle....you get NOTHING.
Moron.
Consider this: BHI has been #3 behind HAL and SLB. When the dust settles, and there is an uptick in oilfield service activity, BHI will be ranked #4. Think that will be worth $3.5B?
Before you vote him as man of the year, figure out in dollars the damage to BHI going through the potential acquisition period. I think you will see the damage far exceeds the 3.5B and that damage will take years to overcome.
And should I mention spending over 100M on GAP International to tell us how to "think the unthinkable".
Him and the board should all be replaced.
For tax purposes
They used the 3+ Bil to buy back our own stock and then issue it to the executive vp team for free.