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Ward Smith

Is Occidental really a good investment after all?

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Well, all I can say is Oxy Beware what you enter into with Ichan.  When he garnered control of TWA in 1985; the airline was far from being one the flagship carriers of the US. It's name, still carried weight within the industry and was much beloved by the many long tenured line people. In it's heyday TWA along with Pan Am were two of the top airline's in the world.  They had exclusivity for the highly coveted JFK-LHR routes before de-regulation.  That would be a key too its future, or lack there of under Ichan.

In the beginning he was seen as a 'savior' by the unions. The previous ownership & board had long been at odds with the major labor groups within the carrier.  He brought stability and much needed cash.  Then Ichan decided it was time too see a lil ROI.  First he structured a deal that took the airline private. This netted him a cool $470 Million. He sold off the much coveted London route structure in 1991 for $450 Million. A year later TWA was Bankrupt.  

 Oxy has been reeling since the ill timed Anadarko takeover.  Ichan is symptomatic of what many feel is wrong with Wall Street.  A few controlling the majority of corporate assets. At the expense of good hard working people, who find themselves on the short end of the big stick these 'Titans' wield...  Time will tell how this plays out. Whether Oxy has a bright future or no future at all. Tossed upon the rocks of corporate shipwrecks past as 'raiders' like Ichan swoop in and pick the carcass clean before letting it sink into oblivion...

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