Wednesday, October 5, 2011

Larry Ellison tells HP Shareholders how smart their board is

On CNN Money there was a piece the other day Oracle kicks HP while it’s down. But why?

Unkind people would say because its hard not to. In reality its because HP is rapidly going from Silicon Valley icon to the punch line of a joke.

Between new CEO, Meg Whitman, claiming she’s ideally suited to running HP because “I bought a lot of software. I was one of the largest enterprise customers in Silicon Valley, and paying out Leo for 11 months of spectacular decline.

Leo got $11 million. $7.2 million just to go away and $2.4 million for ‘results based bonus’. Results Based Bonus?!

Lets see, shut down the whole Palm thing, a share valuation that jumped off a cliff and putting it out there that HP will get out of the server/PC business and he gets a performance based bonus? I suppose if the bonus is based on decimating the company, then I guess its justified.

The best bit is they’re paying him to go back to France or Belgium and if he loses money on selling his house in California HP will kick in up to $300,000 to help poor Leo.

The reason Larry wants to kick HP while they’re down is because they deserve it!

Hell! I want to kick HP. This just makes me angry. Its stupidity of such a colossal scope. A Board that obviously did nothing to keep the CEO under control and now wants to keep its job by hiring Goldman Sachs to deal with ‘activist’ shareholders.

The best thing that could happen to HP right now would be for Oracle to buy them out and let Larry treat the HP Board to a bit of Ellison love.

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