1) Cordis management is fairly abusive of its employees - and feels 'above the law' in how it treats employees.
Example 1: Mid 2008 in a 'Town Hall' meeting, it is announced that a specific project will stay at the Miami site until project launch expected in 2011. Encouraged, one person I know bought a house. Then the whole project team (except managers) is 'down-sized' and out the door in Dec. 2008.
Example 2: Someone I know was hired around 2005 into an R&D job in Miami. She got shipped to Puerto Rico to fix productions issues. When the issues were resolved a year later, she returned to Miami and a month later is laid-off. The company did not want to reimburse expenses approved by her boss. Seems he was laid off too.
Example 3: Recent lay-offs (11/08) were decided without input from local management, leaving a talent pool missing key people.
2) Cordis is slowly pulling out of the Miami site. Several buildings are for sale. Manufacturing lines are being moved to Mexico. The party line is that certain functions will be staying in this location, but I don't believe it. Culturally, the Miami site doesn't fit well with the New Jersey site politics, which is where the decisions are being made. So, if you do want to work here, don't put down roots!
3) People are scared about the next round of lay-offs, so some departments are seeing back-stabbing. Cordis has lost market share to competitors so the situation is not pretty.
4) Upper management is rotated too frequently - so you see lots of short-term decisions being made at the expense of the long-term performance of the company. And that's how they got into the current mess.
5) HR was outsourced in 2007. The rent-a-manager plan isn't working very well.