Dick Fuld's fundamental strategic mistake
Sorry, been working on my column this morning. Now I can't figure out how to embed this week-old Bird & Fortune video from FT.com. It's long, but highly entertaining, and while it's already been making the rounds for a while I want to make sure nobody misses it. A sample:
There is a rule that property values never go on rising forever. That's an absolute cast-iron rule. They never have, they never will, and only a complete fool would think otherwise.
Except that just this once we thought they would.
and
Dick [Fuld] did make a very fundamental strategic mistake. In that never, in his entire career, did he ever work for Goldman Sachs.
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1
Priceless! Thank you.
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2
I think the failure of Lehman's corporate governance was evinced in back in the summer of 2008 when the top execs viewed the market rather than the stockholders as "demanding that we hold ourselves accountable," according to Skip McGee. I've just finished a blog post arging that while self-accountability is a laudable goal, we can't (or shouldn't) rely on it. In fact, "holding ourselves accountable" suggests the absence of accountability through corporate governance.
- foxjust Thanks to Bama fans for reminding us we needed to buy TP! (Turns out we're fine on detergent). Oh, and nice game #ironbowl - 1 day ago
- foxjust 'Myth' is one of the NYT's 100 Notable Books of 2009. Not 'good' or 'best,' mind you. But notable http://bit.ly/4vO2kG - 1 day ago
- foxjust Now that the kind of incisive reporting we expect from the Gapperman! RT @johngapper The Haier factory in Qingdao is very big - 1 week ago
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