For years, critics of Computer Associates have been stymied by a simple fact - the company's aggressive - and sometimes unpleasant - culture was a success, generating double-digit returns. No more. A laundry list of problems reads as follows:

Finance - Moody's Investors Service is reviewing CA's credit rating since cash flow is declining. CA is unique in the software industry in that it owes a great deal of debt.

Customers - The company probably didn't need an expensive survey to learn that only 10% of customers felt they had a constructive relationship with the company - this despite the creation of a 650-person customer-relations staff in 2000.

Products - CA has traditionaly relied on growth through acquisitions. Although leaders point to plans for internal delveopment, R&D dropped 4% last quarter, to $165 million.

Board - You'll recall last year's battle by Sam Wyly to take control of CA's board of directors. But BW reports that a search for outside directors hasn't yielded results.

Computer Associates: A Long Climb out of a Deep Rut. The network software maker must win back alienated customers [Business Week: Technology] 

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