Businesses in Divisions vs Separate Subsidiaries

Sometimes it is better to have your various businesses in divisions rather than in separate subsidiaries so that you can wash the losses in one division against the profits in another division. But in a global downward spiral where every business is affected, being divisionalised can pull the whole organisation down and make you wish that you had at least the more risky businesses in a separate subsidiary. If needed you should act now before it is too late.