Mark offers the contours of a fascinating chapter in presidential speechwriting history. But where Mark was diplomatic and restrained, I’m going for the big reveal, and assuming that the story to which he alludes is Peter Robinson’s experience writing President Reagan’s celebrated remarks in Berlin — “Mr. Gorbachev, tear down this wall.” Here’s Peter’s article […]
March 30, 2009 – 11:30 am
President Obama delivered solid remarks on the auto industry this morning, informing us that neither GM’s nor Chrysler’s government-mandated restructuring plan “goes far enough to warrant the substantial new [taxpayer] investments that these companies are requesting” and laying the groundwork for a gut-wrenching period of concessions ahead. I thought he was particularly effective on a couple of […]
Team Obama hit a much-needed home run today with its plan for Public-Private Investment Partnerships to buy up troubled bank loans and inject liquidity into the securitization market. As of this moment, the Dow is up about 5.5%, and most of the talking heads on TV seem to be (a) breathing more comfortably and (b) […]
March 13, 2009 – 11:09 am
President Obama had a good appearance yesterday before the Business Roundtable, a collection of CEOs from top companies. In his remarks, and particularly in the Q and A, the president sounded like the pragmatic, facts-first leader that drew many non-traditional Democratic supporters to him. His remarks on cap-and-trade were especially encouraging. While his insistence that […]
Lately, Republicans have been united in opposition to two public figures: Barack Obama and George Bush. While conservatives have tripped all over themselves to praise Rush Limbaugh’s leadership and vision, they wasted no time distancing themselves from the man who may turn out to be the most conservative president elected in this century. Bush was barely mentioned at the recent CPAC […]
With the financial services sector still in turmoil, and capitalism itself on trial, audiences may be more receptive than usual to new thinking about the U.S. financial system. Enrique Goni, CEO of a Spanish bank called Caja Navarra, offered his perspective on banking and finance in remarks at the National Press Club today. His bank’s […]
Last week, Sears Chairman Edward Lampert issued, in Consumerist’s words, a “15-page manifesto” — also known as a letter to shareholders. Lampert covered a lot of territory, including a broad overview of how the financial crisis developed and grew. Among his interesting observations is how Wall Street reacts to messages from Washington – not just […]
February 12, 2009 – 3:26 pm
Re: Ed’s two posts about the recent line up of bankers “like a murderers row” before their Congressional interrogators, that’s the whole point of these exercises — Congressional dominance and private sector submission, if not outright humiliation. In the classic film, The Great Dictator, Chaplin as Hitler ushers Mussolini into a chair with sawed off […]
February 11, 2009 – 4:57 pm
If you want to know everything – and I mean everything – that happened at today’s bank CEO hearing in the House, check out the Wall Street Journal’s Deal Journal, which live-blogged the entire event. You’ll notice that at 1:32 pm (seriously, they blogged everything), the CEOs were asked to raise their hands if their company […]
February 11, 2009 – 11:22 am
Major bank executives are appearing before Barney Frank’s House Financial Services Committee this morning. Major messages: We are lending more; we won’t be foolish with TARP money. Bonus points if you can say you didn’t get a bonus last year. Morgan Stanley’s John Mack gets double extra credit for not taking a bonus in 2007 […]
January 30, 2009 – 10:55 am
I imagine other people hear about Citi’s reluctance to give up its new $50 million private jet, financed by the taxpayer’s $45 billion bailout of the company, and of the $1.2 million used to renovate the bathroom of Merrill Lynch’s CEO, and they think things like “corporate greed,” “arrogance,” “supreme cluelessness.” I, however, think of […]
January 27, 2009 – 6:29 pm
The Wall Street Journal today offers a further look (registration may be required) at Richard Olivier’s Macbeth-themed business seminar, on stage this week at the World Economic Forum in Davos: “‘Macbeth is a noble warrior who apparently believes in serving his kingdom, but is spectacularly derailed, caught by his own ambition. He is never happy […]
January 27, 2009 – 12:49 pm
Financial company executives are making a habit of apologizing for bad decisions and/or bad behavior these days. Or, at the very least, admitting they got some serious ‘splainin’ to do. Following the trend, John Thain quickly responded to the charges leveled at him last week by journalists and Bank of America insiders. The characterization of Thain as ethically […]
January 26, 2009 – 11:28 am
I don’t know this for a fact, but I think it’s rare for Shakespeare’s Macbeth to be mentioned twice in the same day in the Wall Street Journal. But today is such a day. One reference is in this article (registration may be required) about this week’s World Economic Forum in Davos. The meeting’s tone […]
