Engines That Move Markets (2nd Ed) by Alasdair Nairn

Author:Alasdair Nairn [Nairn, Alasdair]
Language: eng
Format: epub
ISBN: 9780857196002
Published: 0101-01-01T00:00:00+00:00

Unfortunately for Fessenden, both these individuals fell victim to the financial crash of 1907. The new president of AT&T promptly introduced a programme of financial retrenchment. Having expanded rapidly to build up its operations, AT&T had a heavy debt burden, despite its strong cash flow and profit margins. As a consequence, it was dependent on bankers for fundraising. Because of the magnitude of the funds required, it had switched from Kidder to Morgan as its principal financier in the early 1900s. As part of the retrenchment, more than 10,000 employees were laid off. All non-essential research and expenditure was discarded. It was into this category that Fessenden’s work was placed.

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