Friday, 12 November 2010

CSC Accounting 'Issues' in Nordics

So, the issues around Nordics have at last been reported by CSC to its shareholders and the markets. Cassandra's team reported them last August - see below. Why has it taken so long?
Also the Wall Street Journal's Barons is asking questions as are its commentators follow this link for details.
Finally, latest breaking news is that another business department lead, this time in CSC Germany, has resigned. The body count continues to rise.

Monday, 8 November 2010

Senior People Continue to exit CSC

Why have the CSC HR lead for Europe, and the Finance lead for the UK, and the CEO for Northern Europe recently left the company. Have they seen the light? Were they 'incompetant' just like all the other managers who have left? We don't think so! What's going on there?
The casualty rate is like the Battle Of The Somme. Are these 'Lions led by Donkeys'?
Ask Zacks.Com who will consult their spreadsheets and tell you that CSC has lots of cash and a depressed share price but nothing about the management practises. Are these items linked?

Zacks.Com Comments on CSC

According to CSC are on a business winning spree. What spree is this? They may have won some small business in the US, but they are losing Anglian Water in the UK due to poor service (see service rating index published a year ago in which CSC came bottom) and the business in Central Europe, that's Germany, & Austria is in decline as evidenced by latest cost reduction plans which include; banning use of company cars for personal travel, and banning the paying of tips on entertainment meals. This last item is almost illegal in the US. Thus CSC is showing that once again it is a Collection of Small Businesses.
Also the loss of senior management continues in Europe with more resignations from Scandinavia business team continues.
Zacks should try to truly understand the business by talking to clients and to stop using analysis by spreadsheet to decide Buy or Sell ratings.