Got to give these guys credit...they are pretty funny!!
Have to admit the boys at WFT are pretty funny. Listening to them over the years, I can't help but laugh. On the tax issue, we heard a year ago that not only was their tax structure good, but once they came to understand it, it was even better than they imagined. Apparently at the time they felt they had the tax world by the balls. Going to the 4Q call, obviously they didn't. Every other service company with much more diverse than WFT (SLB, HAL,NE, among others) close their books without incident every quarter. Yet, WFT acts like they're inventing fire. One thing we heard on today's call.. one of the greatest strengths of WFT is they are culturally attuned to changing on a dime when the winds change. I say tell that to their tax department. How the CEO stays in power is a question to me; if a served on the audit committee of this company I would be ashamed to show my face in public. Obviously they need the money. So stay tuned. Columbia screw up is a one timer. Solving the tax issue, don't worry, we'll get it right eventually. In the mean time, while their are weaknesses in our immaturity, there are also great strengths. I suspect those strengths are more stupidity to come. Me, I have some long dated calls. For others, I would enjoy the conference calls (can't deny they are pretty funny) and put my money somewhere else. After running the company for more than two decades, Bernard has come to the realization that making a profit really does matter. I guess even the stupid see the light at some point.