LandAmerica

The meltdown in U.S. financial markets began last year.

In a Nov. 24, 2007, Op/Ed column, Theodore Chandler -- CEO of LandAmerica -- discussed the challenges confronting the real-estate sector. He cited specific problems and concerns, and stressed that housing is affected by cycles and local conditions. Chandler saw "clear signs of recovery" and expressed "pragmatic optimism."

One year later LandAmerica filed for bankruptcy.

In a story headlined, "LandAmerica Sells Most of Itself," The Times-Dispatch recently reported, "The Richmond area has lost one of its Fortune 1000 companies." LandAmerica is a skeleton. This is not good for Central Virginia generally or for LandAmerica's local work force especially.

At almost every stage during the past year economic circumstances have proved worse than the analysis at the time suggested. Things fell apart, the center did not hold.