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...decided to launch before the crisis started, and we continued along our path," says Mario Polegato, the chairman and founder of GEOX, a $1.2 billion company (at current exchange rates) whose shares are listed on the Milan Stock Exchange. "In this economic situation, the best thing for a company is to offer innovative products. It's the only way out of the crisis." (See which businesses are bucking the recession...
...Between 2001 and 2008, the company's net sales increased from $195 million to $1.2 billion. Profits jumped from $9.5 million to $163 million. More recently, however, GEOX hasn't escaped the slowdown. After a decade of double-digit annual profit growth, net income flattened out in 2008. The stock has dropped 54% over the past year. "At the moment, the shoes business is very difficult," says Polegato. "I believe, however, that GEOX is in a great situation, because we can mix technology and style...
...Mack stresses that she has nothing personal against Larson and that he was a very adept stock trader, but that he “had no background to be trading derivatives...
...their goals, the two men are well positioned to restructure the auto industry. Rattner can tell management and bondholders what they have to live with. Over the course of the past three months, he has come to believe that the bondholders, who have thus far balked at taking GM stock for much of their debt, made a bad investment and should lose all their money, says one person familiar with the President's auto task force. Rattner also took the point in ousting GM chief Rick Wagoner over the weekend. Bloom, for his part, has taken day-to-day leadership...
...Although analysts credit the odd couple for playing tough with all sides, Rattner and Bloom's initial efforts are meeting with only moderate success. The stock market reacted negatively to the government's plan on Monday, with the S&P 500 dropping nearly 3.5% on fears that bankruptcy was inevitable for GM and Chrysler - a fear that the Administration did little to calm. President Obama, in his speech announcing the deal on Monday, tried to put a good face on things, laying out measures to save the companies, soften the blow to autoworkers and encourage auto sales with guaranteed warranties...