Sure, the positive comments today from Meredith Whitney helped, but give Jefferies (NYSE: JEF) credit for handling its communications well in a very challenging environment. At one point the stock was down 20 percent as rumors swirled about the firm’s exposure to European sovereign debt and a downgrade by Egan-Jones. By day’s end, however, the […]
It’s hard to square the statement by Olympus that its M&A transactions, which are now the subject of an independent investigation, “were in no way improper.” Presumably, the propriety of the deals is up to the investigation to determine. It’s precisely that sort of statement that makes investors skeptical about the company’s commitment to shedding […]
At this hour, executives and MF Global are huddling with bankers and lawyers, trying to come up with a deal to sell the firm. It must seem like a surreal exercise, since just days earlier the firm held a solid investment-grade credit rating and a market cap of $620 million. Now, as its clients turn […]
In a vast sea of sameness, Credit Suisse unveiled a distinctive global advertising campaign last month. It’s a good campaign and a good message. The financial crisis and the vilification of banks have made big-splash branding campaigns a rarity among financial firms. Most have scuttled advertising entirely or narrowed it to focus mainly on products. […]
The crisis at Olympus shows no sign of easing after the resignation of Chairman Tsuyoshi Kikukawa. Japanese regulators have joined investors in calling for a full explanation of payments Olympus made in connection with acquisitions it made in recent years. His resignation will not remove Kikukawa from the company, however. He remains a director on […]
The hole is getting deeper for Olympus and its chairman, Tsuyoshi Kikukawa. And his outside auditor, Ernst & Young, might find itself alongside him. A day after denying allegations by its former CEO, Michael Woodford, that it paid advisory fees of $687 million on a $2 billion acquisition, the company reversed itself and acknowledged that […]
The messy firing of Olympus CEO Michael Woodford provides another example of the challenges in communicating an executive exit. The Japanese camera and medical-imaging company last week fired Woodford, its first non-Japanese CEO, after less than a year. In announcing his dismissal, Olympus cited Woodford’s inability to work effectively with Japanese managers and chairman Tsuyoshi […]
Give credit (no pun intended) to PIMCO chief Bill Gross for dealing honestly with the underperformance of his flagship fund, PIMCO Total Return (PTTRX). In an open letter to investors released today, Gross is candid about the misjudgments that produced an anemic 1.09% total return for the fund so far this year, compared with a […]
Here’s a brief update to my post on climate risk: Today’s New York Times reports on the disappearance of climate change from the US policy agenda. Abandoned by President Obama and scorned by Republicans, climate-change policy is dormant in the US, even while other nations take patient steps to control carbon emissions. The Times piece […]
Climate change has all but disappeared from the headlines, aside from serving as a popular punching bag for Republican presidential candidates. But while politicians are busy denying the problem, businesses are taking action. There’s ample evidence that corporations recognize the risk of climate change and are factoring it into their investment planning. According to media […]