Requiem for a tech giant
Posted by Charles II on November 20, 2012
Dominic Rushe, The Guardian:
Hewlett-Packard has revealed that it has taken an $8.8bn (£5.5bn) charge after “serious accounting improprieties” were discovered at Autonomy, the British tech firm it acquired in 2011 for more than $10bn.
The Silicon Valley giant called on the US and British authorities to investigate what it called “serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy” that occurred prior to HP’s acquisition.
How the mighty are fallen. Hard to believe that a company that brought us the engineering revolution of the 60s/70s, the workstation revolution of the 70s/80s, the scientific instruments, the printers… so many good things.
Wrecked by two prominent Republicans, Carly Fiorina and Meg Whitman, plus Leo Apotheker (who probably gets the lion’s share of the blame for Autonomy).
Whitman can try to blame Autonomy for faking the books, and probably they did. But $8.8 B is a lot of failed due diligence.
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