Tuesday, June 04, 2013
Heads are starting to roll in Kuwait
In what I hope will be the final post I write about the failed Dow-Kuwait joint venture, Plastemart is reporting that the Kuwaiti cabinet has suspended several executives associated with the failed deal that ended up costing the state run Petrochemicals Industries Company a whopping $2.2 billion. Even with oil at $100/bbl, that is still too large of a sum for anyone to ignore. Hopefully the economic loss will not end up directly hurting employees at lower levels of employment as they had little to contribute to the failure , but that seldom seems to be the case. Someone is going to try and minimize or recoup the losses and that will likely be borne on the backs of the innocent. Sadly.