It was a busy weekend for damage control, with two examples of executives who tried to regroup after enduring very bad news. First, there was an effort by former MF Global CEO Jon Corzine to counter a memo that emerged late last week that said Corzine authorized the transfer of client monies to J.P. Morgan. […]
Hartford Financial CEO Liam McGee on Wednesday announced plans to break up the company, largely along the lines recommended by hedge-fund activist John Paulson, whose funds own about 8.5% of the insurer. It looks like McGee never put up a serious effort to counter Paulson’s recommendation to separate Hartford’s property and casualty insurance business, despite […]
Now that we are in day two of the Memo that Shook Wall Street – the most famous resignation since Jerry Maguire’s “mission statement” – it’s worth asking whether the New York Times has anything to answer for in this episode. Landing a prominent article on the Times op-ed page doesn’t happen overnight. Unlike the […]
In an earlier post, I suggested that Goldman send a note to its employees to respond to Greg Smith’s public resignation letter. It appears my advice was taken. Goldman chiefs Lloyd Blankfein and Gary Cohn did indeed send a memo (perhaps I’ll send them a large bill). It was very well done. Here’s why: It […]
The public resignation letter by Greg Smith, a Goldman executive, is lighting up the blogosphere. It’s certainly not the way Jake Siewert imagined spending his first day on the job as head of communications. As a candid, personal confession from a Goldman insider, the letter is very damaging. It counters the notion that Goldman has […]
Barclays announced Bob Diamond’s pay package this morning when it filed its annual report. As expected, the news media is pouncing on not only the bonus, but the bank’s poor performance and regulatory woes. Here’s the FT’s take: “While overall pay is lower this year – largely because of a sharp fall in profits at […]
I attended a panel Wednesday night at The Columbia Journalism School that asked whether the financial press failed the public by overlooking issues that led to the financial crisis. (The event was co-sponsored by Public Business Media and the Columbia Journalism Review.) The genesis of the event was an article by Dean Starkman, a former […]
It looks like this could be the week when Barclays reveals the compensation package for CEO Bob Diamond, according to reports in the press. The reports speculate on the likely amount he’ll be paid, while revisiting all the negative themes about bank pay, performance and risk. Unfortunately for Barclay’s, there is little it can do […]
Win Neuger was hastily shown the door yesterday, ending his tenure as CEO of PineBridge Investments, the former asset management group at AIG. Neuger joined AIG from Bankers Trust Company in 1995. This news didn’t make many waves, but it’s odd in several ways. Neuger’s last day as CEO was yesterday, the same day the […]
ISDA’s Media Comment blog offers a great critique of the Wall Street Journal’s coverage of the process to determine whether Greek sovereign credit default swaps have experienced a credit event as a result of the country’s latest debt restructuring.