jsoceanlord
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a FED EX story
- Thread starter jsoceanlord
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Hopeless_in_GA
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jarhead
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Fed-Ex saved by Las Vegas
That is absolutely a true story. I recall a segment on 60 Minutes where about 20 minutes was an interview by Mike Wallace with the founder of Fed-Ex, and he related how that a long shot was his only hope to keep from going under, as there was so much debt, no one would finace a bail out for him, so he decided to take what cash he had, and hit the roullette wheel. Guess what, he did parlay the cash he had left, into millions.
That is absolutely a true story. I recall a segment on 60 Minutes where about 20 minutes was an interview by Mike Wallace with the founder of Fed-Ex, and he related how that a long shot was his only hope to keep from going under, as there was so much debt, no one would finace a bail out for him, so he decided to take what cash he had, and hit the roullette wheel. Guess what, he did parlay the cash he had left, into millions.
pilotyip
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reminds me of a story
When I was reporting to my ship in 1975, a pilot was getting out of the Navy and pilot jobs were really hard to find, he had gotten a job with some company doing overnight mail, flying Falcons, paid $100 per week as a DA-20 F/O. We all thought he was crazy. The company must have had some kind of gov't contract because it had the name Federal something. We had no idea what he was doing. I ran accross him over the years in the Navy Reserve, smart guy he stuck it out and retired at age 60 a couple years ago, spent like 24 years at FedEx as a Captain.
When I was reporting to my ship in 1975, a pilot was getting out of the Navy and pilot jobs were really hard to find, he had gotten a job with some company doing overnight mail, flying Falcons, paid $100 per week as a DA-20 F/O. We all thought he was crazy. The company must have had some kind of gov't contract because it had the name Federal something. We had no idea what he was doing. I ran accross him over the years in the Navy Reserve, smart guy he stuck it out and retired at age 60 a couple years ago, spent like 24 years at FedEx as a Captain.
AH ,the good ole days!!
The Las Vegas adventure is true. It allowed the company to make payroll for that pay period.
Also during those days, pilots helped load the plane. It was loose packages during that time (no palletized cargo). Pilots, at times, paid for fuel with their own personal credit cards because Fed Ex had no line of credit.
The company at one point asked all employees to hold off cashing paychecks it at all possible. Almost everyone did so.
All Fed Exd planes, one night, made a bee line out of Little Rock, Ark (the original hub) because of fear of reposession of company assets by the state. The company never went back to that place with an airplane until many years later (and then they were welcomed with open arms). MEM was a less hostile atmosphere.
This was before the age of deregulation so FedEx had 3-4 falcons flying wingtip to wingtip to numerous destinations. Fed Ex did fight for deregulation because it allowed us to purchase/use a B727 instead of the multiple Falcons (much more efficient).
Lots of stories, but it was a matter of survival. There were some very dark times at first, with lots of long hours.
The Las Vegas adventure is true. It allowed the company to make payroll for that pay period.
Also during those days, pilots helped load the plane. It was loose packages during that time (no palletized cargo). Pilots, at times, paid for fuel with their own personal credit cards because Fed Ex had no line of credit.
The company at one point asked all employees to hold off cashing paychecks it at all possible. Almost everyone did so.
All Fed Exd planes, one night, made a bee line out of Little Rock, Ark (the original hub) because of fear of reposession of company assets by the state. The company never went back to that place with an airplane until many years later (and then they were welcomed with open arms). MEM was a less hostile atmosphere.
This was before the age of deregulation so FedEx had 3-4 falcons flying wingtip to wingtip to numerous destinations. Fed Ex did fight for deregulation because it allowed us to purchase/use a B727 instead of the multiple Falcons (much more efficient).
Lots of stories, but it was a matter of survival. There were some very dark times at first, with lots of long hours.
Hello,
I read Fred Smith's biography and it's full of a lot of FedEx anecdotes and interesting stories on the history of FedEx. However, I don't recall reading about the Las Vegas gambling story in there.
Someone mentioned his failing grade while at Yale. Actually, Fred recieved a "C" on his paper proposing a "hub-and-spoke" package distribution system utilizing aircraft. Fred actually got started in the aviation business by taking over Pan Am's franchise for selling Falcon aircraft in the U.S. This explains why FedEx was a large operator of the type in it's early years.
I'm sure many of you probably know this, but on the first night of operation Federal Express carried FOURTEEN packages total in it's route network (can't recall the number of cities, but it was less than a dozen). They operated for about two-weeks with little improvement. Re-tooled, they tried again with not much more success. However, what saved FedEx's future was the awarding of air mail contracts. So, FedEx basically guaranteed their revenue streams while they in turn designed, built and implemented a package distribution system. In a few years they captured a portion of the package distribution system from the postal service and haven't looked back. Ironically, 2 years ago FedEx and the USPS entered an agreement to allow Fedex parcels to be delivered by the postal system and USPS in turn can use FedEx to foward the US Mail. This led to the demise of a well-known freight outfit in Indianapolis.
Anyway, if you can get a hold of that book it's a great read. Speaking of FedEx. At one time the youngest DC-10 Captain in the U.S. was flying for FedEx a few years back at age 30.
Regards,
ex-Navy Rotorhead
I read Fred Smith's biography and it's full of a lot of FedEx anecdotes and interesting stories on the history of FedEx. However, I don't recall reading about the Las Vegas gambling story in there.
Someone mentioned his failing grade while at Yale. Actually, Fred recieved a "C" on his paper proposing a "hub-and-spoke" package distribution system utilizing aircraft. Fred actually got started in the aviation business by taking over Pan Am's franchise for selling Falcon aircraft in the U.S. This explains why FedEx was a large operator of the type in it's early years.
I'm sure many of you probably know this, but on the first night of operation Federal Express carried FOURTEEN packages total in it's route network (can't recall the number of cities, but it was less than a dozen). They operated for about two-weeks with little improvement. Re-tooled, they tried again with not much more success. However, what saved FedEx's future was the awarding of air mail contracts. So, FedEx basically guaranteed their revenue streams while they in turn designed, built and implemented a package distribution system. In a few years they captured a portion of the package distribution system from the postal service and haven't looked back. Ironically, 2 years ago FedEx and the USPS entered an agreement to allow Fedex parcels to be delivered by the postal system and USPS in turn can use FedEx to foward the US Mail. This led to the demise of a well-known freight outfit in Indianapolis.
Anyway, if you can get a hold of that book it's a great read. Speaking of FedEx. At one time the youngest DC-10 Captain in the U.S. was flying for FedEx a few years back at age 30.
Regards,
ex-Navy Rotorhead
The first sort at FedEx
On the first night of FedEx operations, the package "sort" took about 20 minutes at most.
Mechanics used to yell at pilots that popped the drag chutes on the Falcons (no thrust reversers on those things!!!). Mechanics would have to repack the chute which slowed down the outbound launch.
At times, we used to ride the sort belts, since no packages were around just to liven things up. That was great fun and I am sure broke a hundred rules. It was a small family like atmosphere at the time. Whatever needed to get done was accomplished by the nearest person reguardless of title and formal procedures were developed later if at all.
An interesting point is the Mr. Smith really didn't need to do the FedEx thing. His family was very comfortable and involved with the Greyhound bus franchise. He risked his family nestegg starting Fed Ex and certainly deserves the rewards.
I would have a very hard time resisting the urge to call that Yale professor annually just to "rub it in".
On the first night of FedEx operations, the package "sort" took about 20 minutes at most.
Mechanics used to yell at pilots that popped the drag chutes on the Falcons (no thrust reversers on those things!!!). Mechanics would have to repack the chute which slowed down the outbound launch.
At times, we used to ride the sort belts, since no packages were around just to liven things up. That was great fun and I am sure broke a hundred rules. It was a small family like atmosphere at the time. Whatever needed to get done was accomplished by the nearest person reguardless of title and formal procedures were developed later if at all.
An interesting point is the Mr. Smith really didn't need to do the FedEx thing. His family was very comfortable and involved with the Greyhound bus franchise. He risked his family nestegg starting Fed Ex and certainly deserves the rewards.
I would have a very hard time resisting the urge to call that Yale professor annually just to "rub it in".
Hopeless_in_GA
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Rook
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jsoceanlord
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