Years back, I took a tour of Glessner House/ museum on Prairie Avenue, in Chicago. The house, designed for Glessner, one of the founders of International Harvester, had etchings showing his factory with smoke stack pouring out black smoke. If he were CEO today, he would never fill his study with pictures showing-off the large amount of waste-product his company was generating; but back in 1886, it was a status-symbol.
Times Change.........
JONATHAN BERR wrote about how he thought that
Wall Street Has Many Things to Be Sorry About -- Just Not Corporate Jets
[However, amenities aside, there is a sound business reason for big-shot executives to use corporate jets. Oftentimes, it's the most practical way for CEOs to get from one place to another. The aviation system used by most of the public is not always a suitable alternative for these fliers. It can't get them to the places they need to be in a timely manner. As a taxpayer, I would rather have Dimon and Moynihan show up at an important hearing than be stuck at an airport somewhere.]
Yes, I get the idea that CEOs of major corporations expect lavish perks, I understand the concept that if a corporation want's to compete for the "Best talent" they are going to have to compete against other companies willing to provide the perks. I even understand the argument that if you divide the CEO's seven-figure salary by the 50 hours they work per week, the saving in time more than offsets the cost of the chartered flight. What is being missed is the symbolism.
People are hurting. The economy, while improved from the dooms-day predictions" of a year ago; still has America facing 10% unemployment, and many small business in a "Life VS Death struggle" to survive. People understand the massive burden placed on our nation's future, our children's future, based on the mountain of debt we carry personally, and the government carries on our behalf. The American taxpayer, the American consumer remembers the unprecedented $750 Billion dollars of infusion capital the Bush Administration asked for and received and how that money was handed out to our largest banks and financial institutions.
O.K., If that is what it took to stabilize our economy; then so be it; but if your company was the precipitant of some of that money; DON"T SHOW UP TO CONGRESS IN A FRIGGIN PRIVATE JET.
On “Hannity’s America,” called-out Al Gore for flying on a private jet, while lecturing to all the world about the dangers of Global Climate
"In short, flying in a private jet does more than four times the carbon emission damage to the environment than flying a regular commercial jet. So if you were worried about your quote-unquote "carbon footprint" on the environment, and if you are concerned about carbon neutrality, the last thing that you should be doing is flying on private jets. Sit in coach, you might save a polar bear".
As I wrote in an earlier piece, If you are going to Congress, crying about how you are running out of money- don't go there in a private jet!
I understand compared to the scale of the problem, that Gore's flights have no impact, or that the cost of the private jets had no impact on the financial meltdown. Based on the large salaries these executives are making, it is not unreasonable to expect them to have the savvy to understand that showing up to congress in your Gulf Stream Jet; is like pulling up to work in a new Ferrari on the same day your laying-off 20% of your company’s work force. It is not enough just to make the case that corporations can justify giving their powerful wealthy executives enormous perks, or that they can construct the math in a way to prove the savings in time might justify the expense.
Larry Lubell
Urban News
Wednesday, January 13, 2010
Help the Earthquake Victims in Haiti
An overnight 7.0 earthquake in Port-au-Prince, Haiti- has the pontential to leave more than one hundred thousand people dead- and an untold number of families homeless.
We can all remember back to the death, destruction and general horror that was Katrina. A death-toll so large that it stretched our ability to truly comprehend. Years have passed, yet New Orleans is still wearing the visible scars, and any sense of normalcy, can still be years away.
It is with that in mind, that we read about the devastation that occurred today of the island nation of Haiti. it is truly impossible to grasp what it means to hear of Hundreds of thousands are feared dead in the wake of the 7.0 -magnitude earthquake. Haiti, already the poorest nation in the hemisphere, has few resources to even begin the long task ahead.
Click below for a list of licks to help.
http://www.urbaninsuranceagency.com/insurance-articles/544/help-the-earthquake-victims-in-haiti.html
Together, we can make a difference.
We can all remember back to the death, destruction and general horror that was Katrina. A death-toll so large that it stretched our ability to truly comprehend. Years have passed, yet New Orleans is still wearing the visible scars, and any sense of normalcy, can still be years away.
It is with that in mind, that we read about the devastation that occurred today of the island nation of Haiti. it is truly impossible to grasp what it means to hear of Hundreds of thousands are feared dead in the wake of the 7.0 -magnitude earthquake. Haiti, already the poorest nation in the hemisphere, has few resources to even begin the long task ahead.
Click below for a list of licks to help.
http://www.urbaninsuranceagency.com/insurance-articles/544/help-the-earthquake-victims-in-haiti.html
Together, we can make a difference.
When in doubt- Don't Panic
The simple truth is nothing causes panic quicker than being presented with figures that you can't trust.
This is particularly true in challenging financial times and additionally relevant following on the heals of the "Popping of the Housing bubble." We are going through a time when we are all paying closer attention to "The numbers" that companies are posting. We, as a whole, are additionally skeptical of the figures corporations are reporting, and are automatically "Shaving-off" a percentage of the "Good- news" while listening closely to an hint of a possible down-turn.
In this "New-World-Order, none of us want to get caught in the next "Bubble" or invest with the next Madoff. This has heightened our sense that "No News = Bad News." When faced with a company that is seen as holding-back on information, more than ever we will assume the worst. As a result, a company that might be reluctant to admit small financial losses; concerned the information will lower their stock price, will instead be met by a weary public that fears the "Real-Numbers" are far worse.
Insurers’ providing inadequate financial reporting trying to down-play a 10% drop, could hurt them-selves more by stirring uncertainty about their financial condition; and stoke fear that they are the next AIG.
Rating companies, reinsurance companies, investors and the public at large, are smart enough to expect a company to face challenges, especially in difficult times. What is most important in creating confidence, is to convince the public that your figures are solid, real and that you understand, and are willing to do what it takes to return to profitability. If the market can't trust the numbers your reporting, or there is a reporting vacuum, your company will the impact caused by the resulting panic.
This is particularly true in challenging financial times and additionally relevant following on the heals of the "Popping of the Housing bubble." We are going through a time when we are all paying closer attention to "The numbers" that companies are posting. We, as a whole, are additionally skeptical of the figures corporations are reporting, and are automatically "Shaving-off" a percentage of the "Good- news" while listening closely to an hint of a possible down-turn.
In this "New-World-Order, none of us want to get caught in the next "Bubble" or invest with the next Madoff. This has heightened our sense that "No News = Bad News." When faced with a company that is seen as holding-back on information, more than ever we will assume the worst. As a result, a company that might be reluctant to admit small financial losses; concerned the information will lower their stock price, will instead be met by a weary public that fears the "Real-Numbers" are far worse.
Insurers’ providing inadequate financial reporting trying to down-play a 10% drop, could hurt them-selves more by stirring uncertainty about their financial condition; and stoke fear that they are the next AIG.
Rating companies, reinsurance companies, investors and the public at large, are smart enough to expect a company to face challenges, especially in difficult times. What is most important in creating confidence, is to convince the public that your figures are solid, real and that you understand, and are willing to do what it takes to return to profitability. If the market can't trust the numbers your reporting, or there is a reporting vacuum, your company will the impact caused by the resulting panic.
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