The New York Times’ latest look at the 2008 crane collapse that killed two workers on the Upper East Side details a cost-cutting effort gone horribly awry. With its many missteps, we can glean some important lessons from this sad tale.
You are only as good as the company you keep
New York Crane & Equipment Corporation ignored numerous red flags in hiring “unknown” Chinese company RTR Bearing Company Limited to supply a critical part for its crane. That decision not only damaged its own reputation; it was also allegedly a fatal mistake. [Read more…]