Cisco multimillionaire goes broke, loses $300 million fortune

I recommend that Cisco pay attention to this story.

Perhaps there's a lesson for Cisco to learn in the Washington Post story detailing the fall of Cisco multimillionaire - Allen Andersson. Network World readers may remember Andersson as being the founder of voice signaling translation vendor - Lightspeed International - which was acquired by Cisco in 1997. So exactly how did Andersson lose his $300 million fortune? Well, according to the Post, Andersson invested hundreds of millions into intriguing, but commercially dubious scientific research that thrilled his mind, making those failed investments through his Washington DC based Paperboy Ventures. Furthermore, the Post said Andersson poured tens of millions into building libraries for the poor in Central America through his Washington DC based Riecken Foundation. Finally, the Post added that Andersson scandalously wasted millions more by engineering the election of Mel Zelaya as President of Honduras. You may recall that Zelaya was kidnapped by the Honduran Army on June 28, 2009 and expatriated to Costa Rica. Nevertheless, it's my opinion that Andersson lost his $300 million fortune because he tried to do too much (see Stage 2 of How the Mighty Fall). And most amazing to me, I find it extremely coincidental that as Cisco enters 30 to 50 new markets, Cisco's new Chief Strategy Officer is Ned Hooper - a former protege of Andersson at Lightspeed International.


What's your take, can Cisco learn a lesson from Andersson going broke? BradReese.Com Cisco Refurbished - Services that protect, maintain and optimize Cisco hardware Contact: Brad Reese | Twitter: http://twitter.com/BradReese

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