CEOs
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Recession Briefing: Monkey See, Monkey Do
What you need to know today to survive and thrive in the recession.
Dr. Laurie Santos’s studies of monkey “economics” suggest that greedy, loss-averse human behavior — the kind in large part responsible for the recession — may have deep evolutionary origins. (Big Think)
While the Great Recession was tough on just about everyone, rookie CEOs were faced with what will likely be the biggest crisis of their careers. Here’s how four of them handled it. (Bloomberg BusinessWeek)
The nation’s health insurers have come under sharp attack by the Obama administration for seeking seemingly staggering rate increases on policies they sell to individuals. But the weak economy and the unrelenting rise in the cost of medical care make it increasingly difficult for companies to avoid substantial rate increases. (New York Times)…
Lamest Business Excuse of the Year
The self-esteem movement isn’t just making our kids responsibility-shirkers—the adults might be even worse. As Daniel Gross points out in Newsweek today, CEOs of troubled companies from Eddie Bauer to Creative Scrapbooking to Six Flags are blaming balance sheets for their bankruptcies. That’s sort of like blaming your credit card statement for getting you into $80,000 worth of debt…
Recession Briefing 4.15
What you need to know today to survive and thrive in the recession.
Hoping to restore investor confidence, The Obama Administration is planning to release the results of the “stress tests” it has conducted on the 19 largest banks in the country. (New York Times)
Treasury Secretary Ben Bernanke said yesterday that he is seeing signs that the recession is easing up, asserting that it could be the “first step” toward recovery. (CNN/Money)
With less money to eat out and more frustration and anxiety to subdue, Americans are heading to the gym for more frequent workouts. (Bloomberg)…
If you come across a good article or blog post about the recession pass it on.
C.E.O.’s—They’re Just Like Us!
You may have a hard time sympathizing with top executives who are now out of work. But getting laid off is tough, no matter how much power and income your old job afforded you. A great little piece in yesterday’s New York Times focused on canned executives who are searching for new positions. Unlike most of us, they have big severance packages and their companies paid for a top-notch outplacement service that gives them free lunches and views of Boston as well as expert advice. But their experience offers a few lessons for everyone…
Plane Folly
This year, Stephen Schwarzman’s birthday was a much more modest affair than in 2007, when he cemented his position as poster child for hedge fund excess. His 60th birthday bash was said to have cost $3 million and included a performance by Rod Stewart.
Yesterday, we’re told, Blackstone Group employees were invited to a giant boardroom for a brief roast and some cake. But it wasn’t all humble pie. Huge flat-screens in the rooms displayed the birthday invitation—a map showing the many miles Schwarzman had traveled in the last year, complete with cute little pictures of private planes.
Recession Briefing 2.16
What you need to know today to survive and thrive in the recession.
Anna Wintour: “Value is In” (WSJ)
When the editor of Vogue rails against consumerism, the economy must be in a tailspin.
Job Losses Pose a Threat to Stability Worldwide (NY Times)
Worldwide job losses from the recession that started in the United States in December 2007 could hit a staggering 50 million by the end of 2009. High unemployment rates have led to protests in countries as varied as Latvia, Chile, Greece, Bulgaria and Iceland and contributed to strikes in Britain and France.
White House Dampens Stimulus Expectations (Reuters)
Aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually.
Paid Testimony: Update
Yesterday, I estimated how much the eight bank C.E.O.s who testified in Congress were making for the day, using what I thought were the latest numbers. Turns out, I missed them being asked about their 2008 pay during the seven hours of questioning. (See video at The Business Insider.) So here’s an update.
Recession Briefing 2.12
What you need to know today to survive and thrive in the recession.
The Recession. Isn’t It Romantic? (NY Times)
Online and offline matchmakers are reporting that dating interest is up, way up. Match.com, for instance, had its strongest fourth quarter in the last seven years.
Lawmakers Pull Few Punches With Bank Executives (WSJ)
Chief executives at eight banks and securities firms that have gotten $165 billion in federal aid were barraged by U.S. lawmakers, who showed little patience for a charm offensive aimed at defusing ire over pay and lending.
The Fools on the Hill (Daily Beast)
The CEOs of the major banks may not have looked like captains of the universe yesterday, but the House committee was a major embarrassment as well. Does anyone actually want to solve this crisis?
Paid Testimony
What’s a day’s pay for being spanked by Barney Frank? If you’re Lloyd Blankfein, about $250,000.
Second Careers for Failed C.E.O.s
Everyone is slamming C.E.O.s for their incompetence and excessive spending (conveniently forgetting that two years ago we didn’t care as long as we were making money, too). These guys don’t need to be judged—they need sympathy, understanding, and most of all, job advice. So we thought we’d suggest second careers for some of the Recession’s fallen corporate heroes.
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