Word: cendant
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...good news for travelers is that the market is still attracting providers and investors. In April Cendant Corp. folded Cheaptickets.com into Trip.com and relaunched the new site with a $40 million ad campaign. Trip.com joins established sites like Travelocity (which has a distribution deal with AOL) and Expedia (built by Microsoft and recently sold to USA Network...
...ever will. John Law's Mississippi Co., for example, bankrupted 18th century France, until Law was chased out of Paris and songs were sung in the streets advocating "the application of all his notes to the most ignoble use to which paper can be applied." From Credit Mobilier to Cendant, from Jay Gould to Ivan Boesky, under Republican Presidents and Democratic ones, wherever and whenever there is a chance to make a dishonest buck, someone will take...
...looking out for the interests of shareholders at Enron could be bought off with consulting and underwriting fees, we know they are probably being bought off elsewhere too. From 1998 to 2000, 397 publicly traded companies had to restate their financial results, and big firms like Sunbeam and Cendant have paid to settle shareholder suits alleging fraud...
...company that just clones its U.S. model abroad will fail, Pfeffer says. For example, he adds, most European salespeople do not respond as well as Americans to commission-driven incentive schemes. As a result, many of Cendant's European franchisers pay their salespeople fixed salaries...
...people don't have that intellectual dexterity of understanding how other cultures work, they won't succeed in this business." That's a sentiment chanted over and over again by other executives at international firms. "You need to borrow the know-how of local culture and local law," says Cendant's Pfeffer. "It's important that you not project any arrogance...