After reading the book, it seems to me that this is a fine example of what is wrong with Corporate America (no common sense). When you are flush with cash for several years (like after WWII & into the early 60's like IH's was) and you pay huge dividends on your preferred stock (like IH did)and then things get a little tough & you need operating cash, you don't continue pay dividends at the same rate per share on your preferred stock. To compound the problem, don't borrow money for R&D and then borrow some more in the same fiscal year, so you can still pay dividends on your preferred stock at the same rate per share that you did during the flush years. BTW, if you look at this carefully, I believe the author indicates that board of directors for IH and much of the management controlled most of the preferred stock. (Just my $0.02 worth. jal-SD)
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Today's Featured Article - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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