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Synopsis: When Lucent Technologies was spun off from AT&T in 1996, the new company was full of promise. An old-line manufacturer, it quickly became a sizzling hot stock thanks to the emergence of the Internet and the build-up of telecommunications. The stock market was soaring, and Lucent flew with it. Within a few short years it became the sixth-largest corporation in America and the most widely held stock in the country. Yet only months later, Lucent was gasping for life, victim of the greatest stock-market bubble in history.
Optical Illusions is the story of a financially sound company steeped in world-class talent, dominant in one of the fastest-growing industries, that in the space of two years found itself downgraded to a junk-bond credit rating, under investigation by the SEC for its accounting practices, the value of its stock reduced to the price of a cup of coffee. Lisa Endlich tells the fascinating tale of the company that epitomized the misfortunes of the telecom industry, leaving investors and employees shocked and confused.
In writing this book Endlich had access to more than a hundred people who played a role in the drama, as well as previously sealed courtroom documents. She explains how the conflicting styles of CEOs Henry Schacht and Rich McGinn contributed to Lucent's woes, and she shows how the loss of skilled executives such as Carly Fiorina hurt the company at a crucial moment. When it was all over, Schacht -- Lucent's first CEO, who was later brought back to right the listing ship -- acknowledged that Lucent had allowed itself to be swept up in the market mania, distorting its corporate values in the process.
Although the stock-market mania of the late 1990s is remembered as "the Internet craze" or "the dot-com madness," as Optical Illusions shows, the damage was more widespread and lasting. In fighting for its survival, Lucent laid off more than 70 percent of its employees, wrecking retirees' savings and investors' portfolios alike.
About the Author: Lisa Endlich holds master's degrees from MIT in management and in urban planning, and was a vice president and foreign exchange trader for Goldman Sachs. She was raised in Los Angeles and lives in England with her husband and their three children.
Title: Optical Illusions: Lucent and the Crash of ...
Publisher: Simon & Schuster
Publication Date: 2004
Book Condition: Used: Good
Book Description Simon & Schuster, 2004. Hardcover. Book Condition: Good. Dust Jacket Included. Sent within 24 hours. Expedited UK delivery available. Bookseller Inventory # BBI2384585
Book Description Simon & Schuster. Hardcover. Book Condition: GOOD. Gently used may contain ex-library markings, possibly has some minor highlighting, textual notations, and or underlining. Text is still easily readable. Bookseller Inventory # 2784343196
Book Description Simon & Schuster. Hardcover. Book Condition: VERY GOOD. little to no wear, pages are clean. The cover and binding are crisp with next no creases. Bookseller Inventory # 2794684507
Book Description Simon & Schuster, 2004. Book Condition: Fair. 1St Edition. Former Library book. Shows definite wear, and perhaps considerable marking on inside. Bookseller Inventory # GRP2626573
Book Description Simon & Schuster, 2004. Book Condition: Good. 1St Edition. Former Library book. Shows some signs of wear, and may have some markings on the inside. Bookseller Inventory # GRP10775845
Book Description Simon & Schuster, 2004. Book Condition: Good. 1St Edition. Ships from Reno, NV. Former Library book. Shows some signs of wear, and may have some markings on the inside. Bookseller Inventory # GRP91855208
Book Description Simon & Schuster, 2004. Book Condition: Very Good. 1St Edition. Instructor's Edition. Former Library book. Great condition for a used book! Minimal wear. Bookseller Inventory # GRP96190342
Book Description Simon & Schuster, U.S.A., 2004. Hard Cover. Book Condition: Very Good. Dust Jacket Condition: Very Good. Bookseller Inventory # 15799
Book Description Simon & Schuster. Hardcover. Book Condition: Good. Book has some visible wear on the binding, cover, pages. Bookseller Inventory # G0743226674I3N00
Book Description Simon & Schuster. Hardcover. Book Condition: Good. Dust Cover Missing. Book shows minor use. Cover and Binding have minimal wear and the pages have only minimal creases. Bookseller Inventory # G0743226674I3N01