--- On Tue, 12/30/08, Doug Henwood <dhenwood at panix.com> wrote:
> From: Doug Henwood <dhenwood at panix.com>
> Subject: [lbo-talk] capitalist thought
> To: "lbo-talk" <lbo-talk at lbo-talk.org>
> Date: Tuesday, December 30, 2008, 11:20 AM
> [not sure of the origin of this, but from a reliable source]
>
> In 3M Co.'s quarterly update this month, Chairman and
> CEO George Buckley talked about how the company had closed
> 16 plants over the last year and a half, has been drawing
> down inventory and cutting capital spending.
>
> "Is this healthy?" he said on the call. "All
> of us acknowledge we're collectively making the
> situation worse, but I think the first responsibility we
> have as leaders of companies is to make sure that we ensure
> the health and survival of our own companies first, not
> necessarily other people's companies, or, for that
> matter, the whole U.S. economy."
>
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