100% correct. I spent 5 years with ABI, ATTIS and Lucent watching management destroy what could have been a good, viable company with a knowledgable, willing workforce. I can't tell you the number of meetings I attended or tapes I viewed where the phrase, "We welcome the competition" was uttered. It got so bad that workers would burst out in guffaws whenever it was heard.
As inept as the management had become in NYNEX by the time I returned in 92, it was a damned sight better than what I had left at ATT/Lucent.
That was a common phrase when we played Buzzword Bingo.