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O.J., accounting fraud and Icahn: The story of Hertz going bust
The short version of Hertz Global Holdings Inc.’s bankruptcy story goes something like this: global pandemic obliterates the travel business and lands an iconic 102-year-old company in court to seek protection from creditors. The long version is a fable about what happens when a company relies on accounting and consolidation to keep shareholders happy. It’s a tale of lurching from one CEO to another and management teams failing to stay attuned to consumer tastes. Enterprise Holdings Inc. and Avis Budget Group Inc. are suffering through the same COVID-19 drought, but Hertz’s own bad decisions and hard luck made ... (full story)