"Investors wiped out $1 billion of the market value of UAL, United’s parent, within minutes of an erroneous news flash on Bloomberg screens about a United bankruptcy. Google and the Tribune Company, the owner of The South Florida Sun-Sentinel, whose Web site was the source of the article that led to the headline, soon blamed each other for causing the fiasco."
"Beyond job cuts, Mr Pandit said one of his key priorities would be reducing Citi’s information technology budget, which runs into the tens of billions of dollars. Citi’s sprawling IT operation has 23,000 developers, on a par with many large technology companies, and is highly decentralized – a structure that led to duplication of functions and an increase in expenses."
Bubble, Bubble, Bubble....
Interesting article about the acceleration of competion for those that leverage technology...
"We've been studying competition in all U.S. industries, not just the high-tech ones, and we've observed a remarkable pattern: On average, the whole U.S. economy has become more "Schumpeterian" since the mid-1990s. What's more, these changes have been greatest in the industries that buy the most software and computer hardware."
