Abstract

I noticed in an electric-utility business seminar in New York City recently that many of the participants were bemoaning the fact that without federal relief many of this nation's investor-owned electric utilities will not be able to survive their current financial trauma. Federal subsidy was one of the ways suggested for this life-saving effort. The alternative, of course, is, you guessed it, energy shortages for the rest of the decade. These utilities, of course, are not alone in their cry for government assistance. We've been subjected to quite a few recently—Pan Am, Grumman, Lockheed, and Franklin National Bank, to name just a few. The cited cause of Pan Am's financial distress is the high cost of fuel and a steadily decreasing number of passengers, but there is a much more important and fundamental reason for the present state of affairs—too many poor managerial decisions. Pan Am was overaggressive in its push to build bigger, faster ...

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