Sales plunged, the company chalked up a nine - digit
loss in a single quarter, and Johnson was ousted after a year and half on the job.
Bank writedowns are all about human nature really — for years, they are too slow and too foolishly optimistic to recognize problems /
losses, and finally after
quarters / years of pain / catching up, and a rather inevitable complete change
in management, they become terminally depressed and assume every
single asset on the B / S needs a kitchen - sink writedown.