Well, what you describe is certainly not accurate for IHC.   The machete chopping there only came at the very end.   The underlying problems were actually overspending in areas they really shouldn't have (like trying to out-muscle Cat in the construction business), not focusing on the core of what they really should have been, and a lot of sprawling wasteful infrastructure that nobody ever was willing to consolidate until it was too late.

In short, IHC is actually a better example of the bloat that is wrong with the federal government....