Since the merger, Alcatel-Lucent has reported six consecutive quarters of losses, and its market capitalization has been cut in half.

So, I guess we can count that one among the mergers that didn’t work out.

IndyMac, unlamented

The New York Times revisits the collapse of IndyMac and at least makes this important point, if only in passing:

Analysts say the boom perpetuated an insatiable hunger for mortgages and a complacency about the risks they posed.

“The sales culture took over, and the sales division really drove the company,” said Paul J. Miller Jr., an analyst at Friedman, Billings, Ramsey.

For a much fuller account of what went on inside IndyMac, I recommend a report by the Center for Responsible Lending, which we discussed here:


The Los Angeles Times business page continues its good reporting on Iraq contracting. And The Washington Post has interesting story on a reality show hit by the real reality of the housing market.

Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014).

Follow Dean on Twitter: @deanstarkman.