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The Ghost of Albert R. Erskine Sr?

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  • The Ghost of Albert R. Erskine Sr?

    One of The Studebaker Corporation's greatest Presidents was Albert R. Erskine Sr. His guiding the Corporation's growth during the 1920s was as dramatic as it was effective.

    Unfortunately, he underestimated the would-be depth and length of The Great Depression, bringing the company to its financial knees by insisting on paying dividends to stockholders from cash reserves during years when the corporation's income did not justify lavish dividend payouts.

    Three generations later, current Ford Motor Company Chief Executive Alan Mulally, ensconced in his ivory tower in Detroit, must have been perusing old Albert's playbook of late.

    To wit: Mulally announced this week that Ford Motor Company will pay all hourly workers a lump-sum bonus of $1,000 for 2007, while bonuses for salaried workers will vary by grade and leadership level. This despite the fact that FoMoCo lost $2.7 Billion (with a "B") last year!

    It's been said that those who ignore the lessons of history are doomed to repeat it. At least Erskine's misjudgements kept the price of Studebaker stock higher than it might have otherwise been! [8D] BP

    We've got to quit saying, "How stupid can you be?" Too many people are taking it as a challenge.

    Ayn Rand:
    "You can avoid reality, but you cannot avoid the consequences of avoiding reality."

    G. K. Chesterton: This triangle of truisms, of father, mother, and child, cannot be destroyed; it can only destroy those civilizations which disregard it.

  • #2
    Hide the pistol. D'OH!

    Western Washington, USA

    Comment


    • #3
      Hide the pistol. D'OH!

      Western Washington, USA

      Comment


      • #4
        Next will be receivership!

        Do they still do receiverships? I haven't heard that term lately.

        Leonard Shepherd
        http://leonardshepherd.com/

        Comment


        • #5
          Next will be receivership!

          Do they still do receiverships? I haven't heard that term lately.

          Leonard Shepherd
          http://leonardshepherd.com/

          Comment


          • #6
            quote:Originally posted by tomnoller

            Hide the pistol. D'OH!
            [xx(] Ouch! (I was hoping no one would mention that, Tom; that wasn't the parallel I intended to draw by any means! ) [}] BP
            We've got to quit saying, "How stupid can you be?" Too many people are taking it as a challenge.

            Ayn Rand:
            "You can avoid reality, but you cannot avoid the consequences of avoiding reality."

            G. K. Chesterton: This triangle of truisms, of father, mother, and child, cannot be destroyed; it can only destroy those civilizations which disregard it.

            Comment


            • #7
              quote:Originally posted by tomnoller

              Hide the pistol. D'OH!
              [xx(] Ouch! (I was hoping no one would mention that, Tom; that wasn't the parallel I intended to draw by any means! ) [}] BP
              We've got to quit saying, "How stupid can you be?" Too many people are taking it as a challenge.

              Ayn Rand:
              "You can avoid reality, but you cannot avoid the consequences of avoiding reality."

              G. K. Chesterton: This triangle of truisms, of father, mother, and child, cannot be destroyed; it can only destroy those civilizations which disregard it.

              Comment


              • #8
                I know, Bob, I just couldn't resist!

                Western Washington, USA

                Comment


                • #9
                  I know, Bob, I just couldn't resist!

                  Western Washington, USA

                  Comment


                  • #10
                    In this day in time, Alan Mulally will not go bankrupt like Erskine did. Even if Ford goes down, Alan Mulally will be paid well or get a golden parachute!


                    They may be trying to stave off a strike like GM is having.

                    This from From Automotive news __

                    Robert Sherefkin

                    DETROIT -- General Motors plans a seventh plant shutdown next week as
                    the fallout from a UAW strike against American Axle & Manufacturing
                    Holdings Inc. moves into its second week.
                    In a recorded call, a GM spokesman said today that the automaker's
                    Toledo, Ohio, transmission plant expects to close Monday, March 10,
                    because of the strike called by the union. The Mishawaka, Ind.,
                    plant, which makes the Hummer H2, already was scheduled to shut down
                    today. It would be the sixth plant to be idled by the walkout.
                    GM closed its Pontiac Truck and Bus plant Thursday, Feb. 28, sending
                    2,500 workers home. On Friday, Feb. 29, GM said it would suspend work
                    at light-truck plants in Flint, Mich., and Fort Wayne, Ind., and a
                    plant in Oshawa, Ontario.
                    A fifth plant, in Moraine, Ohio, was closed


                    Leonard Shepherd
                    http://leonardshepherd.com/

                    Comment


                    • #11
                      In this day in time, Alan Mulally will not go bankrupt like Erskine did. Even if Ford goes down, Alan Mulally will be paid well or get a golden parachute!


                      They may be trying to stave off a strike like GM is having.

                      This from From Automotive news __

                      Robert Sherefkin

                      DETROIT -- General Motors plans a seventh plant shutdown next week as
                      the fallout from a UAW strike against American Axle & Manufacturing
                      Holdings Inc. moves into its second week.
                      In a recorded call, a GM spokesman said today that the automaker's
                      Toledo, Ohio, transmission plant expects to close Monday, March 10,
                      because of the strike called by the union. The Mishawaka, Ind.,
                      plant, which makes the Hummer H2, already was scheduled to shut down
                      today. It would be the sixth plant to be idled by the walkout.
                      GM closed its Pontiac Truck and Bus plant Thursday, Feb. 28, sending
                      2,500 workers home. On Friday, Feb. 29, GM said it would suspend work
                      at light-truck plants in Flint, Mich., and Fort Wayne, Ind., and a
                      plant in Oshawa, Ontario.
                      A fifth plant, in Moraine, Ohio, was closed


                      Leonard Shepherd
                      http://leonardshepherd.com/

                      Comment


                      • #12
                        All I know is I don't even get a frozen turkey for a bonus once a year! Guess that's why my company's losses aren't in the "B's".

                        Comment


                        • #13
                          All I know is I don't even get a frozen turkey for a bonus once a year! Guess that's why my company's losses aren't in the "B's".

                          Comment


                          • #14
                            quote:Originally posted by BobPalma

                            One of The Studebaker Corporation's greatest Presidents was Albert R. Erskine Sr. His guiding the Corporation's growth during the 1920s was as dramatic as it was effective.

                            Unfortunately, he underestimated the would-be depth and length of The Great Depression, bringing the company to its financial knees by insisting on paying dividends to stockholders from cash reserves during years when the corporation's income did not justify lavish dividend payouts.

                            Three generations later, current Ford Motor Company Chief Executive Alan Mulally, ensconced in his ivory tower in Detroit, must have been perusing old Albert's playbook of late.

                            To wit: Mulally announced this week that Ford Motor Company will pay all hourly workers a lump-sum bonus of $1,000 for 2007, while bonuses for salaried workers will vary by grade and leadership level. This despite the fact that FoMoCo lost $2.7 Billion (with a "B") last year!

                            It's been said that those who ignore the lessons of history are doomed to repeat it. At least Erskine's misjudgements kept the price of Studebaker stock higher than it might have otherwise been! [8D] BP

                            I wonder how Ford is doing with plant capacity? As I recall, Mr. Erskine was building Rockne's in Detroit while building "other" Studebaker's in South Bend with both plants operating at about 15% of capacity in the early '30's... don't think that kind of inefficiency helped the bottom line a whole lot either! [xx(]

                            <h5>Mark
                            '57 Transtar
                            3E-6/7-122
                            </h5>
                            Mark Hayden
                            '66 Commander
                            Zone Coordinator
                            Pacific Can-Am Zone

                            Comment


                            • #15
                              quote:Originally posted by BobPalma

                              One of The Studebaker Corporation's greatest Presidents was Albert R. Erskine Sr. His guiding the Corporation's growth during the 1920s was as dramatic as it was effective.

                              Unfortunately, he underestimated the would-be depth and length of The Great Depression, bringing the company to its financial knees by insisting on paying dividends to stockholders from cash reserves during years when the corporation's income did not justify lavish dividend payouts.

                              Three generations later, current Ford Motor Company Chief Executive Alan Mulally, ensconced in his ivory tower in Detroit, must have been perusing old Albert's playbook of late.

                              To wit: Mulally announced this week that Ford Motor Company will pay all hourly workers a lump-sum bonus of $1,000 for 2007, while bonuses for salaried workers will vary by grade and leadership level. This despite the fact that FoMoCo lost $2.7 Billion (with a "B") last year!

                              It's been said that those who ignore the lessons of history are doomed to repeat it. At least Erskine's misjudgements kept the price of Studebaker stock higher than it might have otherwise been! [8D] BP

                              I wonder how Ford is doing with plant capacity? As I recall, Mr. Erskine was building Rockne's in Detroit while building "other" Studebaker's in South Bend with both plants operating at about 15% of capacity in the early '30's... don't think that kind of inefficiency helped the bottom line a whole lot either! [xx(]

                              <h5>Mark
                              '57 Transtar
                              3E-6/7-122
                              </h5>
                              Mark Hayden
                              '66 Commander
                              Zone Coordinator
                              Pacific Can-Am Zone

                              Comment

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