In July of 64 A.D., a great fire ravaged Rome for six days, destroying 70 percent of the city and leaving half its population homeless. According to a well-known expression, Rome's emperor at the time, the decadent and unpopular NERO, "fiddled while Rome burned." The expression has double meaning: Not only did NERO play music while his people suffered, but he was an ineffectual leader in a time of crisis.
The Moral: With fires blazing all around us, it's amazing how slow the Company has reacted to balance its spending with its cash flow. Amazing is not really the word; perhaps incompetence is more appropriate. Regardless, the Company teeters towards bankruptcy because of it. Good move hiring "restructuring experts". That is probably the most competent act that has been accomplished.