March 02, 2009

Austin Tech Outfit Screws Shareholders, Employees and Taxpayers

FLASHING RED LIGHT!!!


Several weeks ago Spansion, a Texas-based chip manufacturer, laid-off a large group of its employees [160] in an effort [supposedly] to increase the company's cash flow.

Last week the company raised the salary of its executives.

A few days later Spansion filed Chapter 11 bankruptcy.

These actions smell like month-old fish!

Who is protecting the shareholders, former employees and taxpayers? Apparently no one!

Where are Texas Attorney General Greg Abbott and Legislators when you need them?

Read all about it: http://www.statesman.com/business/content/business/stories/technology/03/02/0302spansion.html


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Posted by pstern at March 2, 2009 10:02 AM

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