“If the Big Three companies had stayed at the same market share that they had in 2000, they’d have had $86bn of revenues in the decade. And that ignores the extra effects of lost growth because they were growing quite nicely. They threw it all away and rewarded themselves with nice bonuses all round.”
The Big Three have been degraded to second tier players. “It’s been a decade of deliberate European IDM wealth destruction, bonuses all round, and thanks for the EU and public authority subsidies,” said Penn.