It occurs to me that a weaker company or weaker management might not have ever recognized or revealed this loss. They could have swept it all under the carpet and adjusted the inventory number over a couple years and no one would have ever questioned it. It takes a strong moral business compass to admit that the apparent fraud went undetected as Cat considered this acquisition. It will no doubt be a footnote to Oberhelman's legacy, both negative, that it happened on his watch, and positive, that he did the right thing. That's Cat's Midwest values shining through.
We're off 1.7% in early hours trading, about what I expected. I'm buying if it drops $3.00.
I really wish I'd spelled "strength" correctly. 15 replies and every time I see again that I can't spell without using spell check. I never check the title only the body. Oh well, so much for a public education huh?
oh yes that is cats midwest values shining through! screwing the workers that have made them profitable, #$%$ on the retirees that dedicated their entire working lives to them. Yes you are so right an admirable company that always does the right thing. put down your latte and take a ride out of fantasy land city limits dude. you are making me sick.
_freak, it's your bias, that is shown here, not rich's. It's not that CAT is so righteous, It's the simple fact that Cat has seen and learned over 90 years, what happens with these kind of accounting messes.
Strong business ethics and paying competitive wages and benefits are certainly compatible issues. Cat wins those battles every time so they must know what they're doing. The city looks pretty good from where I'm sitting. Thanks for your support.
I personally don't like that we do business with China but its only 3 % of Cat and they know how to solve problems @ Cat and I agree with Rich they could have swept this under the rug a little at a time not that much money in Cats world but they were completely upfront about it !
I hope there is a buying opportunity !