Williams Folly and the future


WSJ.com :: In late July, as Williams Cos. wobbled on the edge of a bankruptcy filing, Oklahoma Gov. Frank Keating went on local TV and asked fellow Oklahomans to pray for the future of the 94-year-old natural-gas-pipeline company. Tulsans took to wearing caps or shirts with Williams logos. Some, such as insurance agent Les Veltman, bought stock, even though it had dropped dangerously close to $1 a share.At a time when American businesses are more apt to be showered with curses than with prayers, Tulsa’s continued loyalty to Williams stands out. It’s all the more remarkable considering that Williams got into this mess by plunging into not just one but two of the nightmare businesses of the late-1990s: fiber optics and energy trading.

Comments are closed.