bigmack
09-06-2007, 07:49 PM
http://i165.photobucket.com/albums/u70/macktime/269803_3.jpg
Some real gems here.
By his erratic and unaccountable behaviour, Frank Stronach makes a good case for the mandatory retirement of company founders.
While not quite as batty as the aging Henry Ford, who force-fed an ailing son Edsel with unpasteurized goat's milk, Stronach passed his sell-by date after building the thriving European operations of his Magna International Inc. from scratch in the 1990s, having previously joined the ranks of North America's largest auto-parts suppliers. Since then, he has been at best a distraction.
Stronach unveiled in May a bizarre deal to share control of his firm with a Russian oligarch, Oleg V. Deripaska, who has rumoured ties with organized crime in Russia and is forbidden by the U.S. government from setting foot in Magna's biggest market. :lol:
Thanks to the benevolence of his patron, Russian President Vladimir Putin, the 39-year-old Deripaska has come into possession of an auto, energy and aluminum conglomerate. But apart from his savvy in obtaining a Kremlin security pass, Deripaska has not demonstrated any conspicuous business expertise. Deripaska will now get 42 per cent of a new holding company that controls 68 per cent of Magna.
Stronach is accustomed to raking off an average annual $47 million (Canadian) in "consulting fees" from a complacent Magna board stacked with Stronach cronies.
http://www.thestar.com/columnists/article/252738
Some real gems here.
By his erratic and unaccountable behaviour, Frank Stronach makes a good case for the mandatory retirement of company founders.
While not quite as batty as the aging Henry Ford, who force-fed an ailing son Edsel with unpasteurized goat's milk, Stronach passed his sell-by date after building the thriving European operations of his Magna International Inc. from scratch in the 1990s, having previously joined the ranks of North America's largest auto-parts suppliers. Since then, he has been at best a distraction.
Stronach unveiled in May a bizarre deal to share control of his firm with a Russian oligarch, Oleg V. Deripaska, who has rumoured ties with organized crime in Russia and is forbidden by the U.S. government from setting foot in Magna's biggest market. :lol:
Thanks to the benevolence of his patron, Russian President Vladimir Putin, the 39-year-old Deripaska has come into possession of an auto, energy and aluminum conglomerate. But apart from his savvy in obtaining a Kremlin security pass, Deripaska has not demonstrated any conspicuous business expertise. Deripaska will now get 42 per cent of a new holding company that controls 68 per cent of Magna.
Stronach is accustomed to raking off an average annual $47 million (Canadian) in "consulting fees" from a complacent Magna board stacked with Stronach cronies.
http://www.thestar.com/columnists/article/252738