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Wed Feb 27th 20:32 PM | Rating: 0 0
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Bristol Myers Squbb Fired the Wrong Man

While I agree with the conclusion of this piece, I also think Bonfield's boss should have been held responsible. Bristol has for years acted as a small investment bank with their cash. In the 'old days' of the 1980's they made significant profits on the cash investments. As a participant in their 401k, I was rewarded with high returns in the so called fixed income fund (managed by BMY). No one was complaining then when the SRV's gave double digit returns to the fixed income fund when money markets were earning 2 of 3 percent. My point is that they have done this for decades and only recently got caught with their pants down.

I am also sure they were trying to dump all the bad news possible in to the 4th quarter numbers and wrote everything down even though they still hold the instruments and will book any profits from the write down in the future.

Thanks for documenting this and identifying the real responcible individuals (Cornelius and Bonfield).
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