Archive for: Perspectives

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Remembering Baseball Royalty: The Duke of Flatbush

One of the last of The Boys of Summer is gone. Edwin Donald “Duke” Snider (1926-2011) passed away yesterday. The Duke was known for many things: he was a great center fielder with a bullet arm, and he was a power hitter. Along with Willie Mays and Mickey Mantle, he was one of the trio of center fielders for New York’s three teams (the Dodgers, Giants and Yankees) who captivated New York sports fans — and inspired the song Willie, Mickey and the Duke.  

Snider was called up to the majors by the Brooklyn Dodgers in 1948, and became a star the next year, his first full season at the Dodgers old stadium in Flatbush, Brooklyn. But he slumped badly in 1951, the same season the Dodgers blew a 13-game lead to the Giants. Under a barrage of booing and media criticism, Snider demanded to be traded. But owner Walter O’Malley turned him down, and that turned out to be a smart move. The Duke proved his claims to baseball royalty, hitting 40 or more homers a year from 1953-1957.

But perhaps his biggest contribution to his team, to baseball and to society was his role as one of the leaders of the team that broke the color barrier. The Duke wasn’t on the team when Jackie Robinson became the first African-American players in the majors. But thoughout the 1950s, as more and more teams integrated, the Dodgers were known as the center of the movement, as described in Roger Kahn’s The Boys of Summer. Part of the reason baseball’s integration helped lead to America’s is because of the success of the Dodgers on the field, and their team spirit both on and off it.

Duke Snider was part of that history, which makes him a part – even if a small part — of American history.

John Howard’s Australia – Policy Review

Since 9/11, Australians have proven themselves once more to be “very satisfactory friends in peace, and the best of friends in war,” as President John Kennedy described them in 1962, attesting to “this happy relationship between two great people.” According to Prime Minister John Howard, “Australians have never asked others to do for us what we have been unwilling to do for ourselves.” But Australia’s participation in the coalition would not have been possible had Howard not won a political debate that consumed much of the 1990s about Australia’s place in the world and its national identity — and, having won power in 1996, had he not demonstrated in government that an instinctively conservative politician can govern successfully in accordance with his principles.

To read the full article, click here.

The Champagne Communist – Wall Street Journal

As double acts go, the names of Marx and ­Engels don’t have quite the ring of Bonnie and Clyde or Laurel and Hardy, but ­celebrity wasn’t ever the point. Revolution was.

To read the full article, click here.

The New Assault on American Corporations

In March 2010, the White House Writers Group along with Bloomberg, The Torrenzano Group, and CED held a Bloomberg Boards & Risk Briefing in New York City on changes to proxy rules that will have a tremendous impact on American corporations.

It was a half-day briefing on these new developments and what information, strategies, and techniques executives need to address them. There were discussions and presentations with leading experts in corporate governance, law, public policy, strategic communications, and investor relations.

Issue Overview

The regulatory reach of Washington is pulling together a qualitatively different kind of economy for America. The alphabet agencies – from the FCC to the FTC – are fighting with gusto and attacking with new and complex regulatory issues.

The SEC is preparing new access-to-the-proxy rules while legislators propose rules on “say-on-pay,” additional powers for financial regulators, as well as new legislative proposals on corporate governance and non-shareholder rights. The EPA is reversing judgments, thereby initiating sweeping reviews of scientific issues believed long settled.

At the individual company level, activists, unions, and special interest groups are skillfully using new technologies to drive their narrow agendas, affect board voting, and disrupt annual meetings.

Video

Behind Washington’s Closed Doors: What Will Happen Next?

Clark S. Judge, Managing Director, White House Writers Group

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‘Family values’ triumph at Cannes

A Thai man dying of kidney failure is visited by his late wife and lost son in ghostly form (Uncle Boonmee Who Can recall His Past Lives.) Two Italian men struggle with the challenges of single fatherhood in La Nostra Vita (Our Life.) A man and a woman are either complete strangers or husband and wife — or both — in Certified Copy. These were three of the big winners at this year’s Cannes Festival, where the jury seemed to be taken by films with some kind of family theme.

In a sense, family themes were also popular at last year’s festival.  The winner of the 2009 Regards Jeunes prize went to Quebecer Xavier Dolan for J’ai tue ma mere (I Killed My Mother.) It isn’t a spoiler to tell you the lead character didn’t literally kill his mother.

Glass Pockets, Goldman Sachs, and the Imperative of Clarity

In 1909, as the federal government was first moving towards regulation of the financial industry, J.P. Morgan is said to have told friends, “The time is coming when all business will have to be done in glass pockets.”  Goldman Sachs is about to find that, for the financial world today, glass pockets are no longer good enough.

The SEC’s civil suit against Goldman charges that, through a partner company, the investment bankers packaged particularly troubled mortgages into collateralized debt obligations, the now notorious CDOs.  After Goldman sold the allegedly designed-to-fail instruments, the partner shorted them.  Goldman collected fees for assembling and marketing the package (later offset, the firm contends, by larger losses).  The partner reportedly netted a billion dollars on its short positions.

The Wall Street Journal front page story characterized the SEC’s charges as the biggest Wall Street-Washington confrontation since the Michael Milken-Drexel case at the end of the 1980s.  The Journal might have added that Milken’s was the most prominent of a larger package of investigations targeting the investment community.  Despite a parade of so-called perp-walks, when financiers were led into custody as cameras clicked, almost none of those actions produced convictions.  The Milken case led to a fine and prison time but remains controversial to this day.  Many, myself included, believe justice was miscarried.

The public perception point here is that major financial players face a formidable communications obstacle when they become the targets of such sweeping legal actions. Most attorneys — both prosecutors and their own defense attorneys — and journalists don’t actually understand what investment bankers and securities traders do.  The complexity of modern finance bewilders them.  And they are predisposed to assume that complexity equals opacity and opacity equals fraud of one stripe or another.

As I write, the weekend after the SEC’s charges hit the papers, I am not offering a judgment on the  case against Goldman, though the purchasers of the CDO were among the most experienced and sophisticated players in the financial world.  If any buyers were capable of being intelligently beware, it was they.  But I am saying that Goldman must learn to explain its business with unprecedented clarity, otherwise, the legal, political, and journalistic worlds will judge the company guilty and exact huge penalties long before any trial.

Morgan’s term “glass pockets” suggested passive transparency.  Pull back the fabric; let in the light.  Goldman will need actively to project the light outward, making the complex both simple and comprehensible.  For an institution unaccustomed to talking to non-experts, the task is sure to prove formidable.

EU probes $7.8 billion Oracle deal

Oracle’s proposed merger with Sun Microsystems offers the latest example of how the European Commission sometimes has a different view of antitrust issues than the Department of Justice. The objection to the deal by Europe’s top antitrust regulator also offers an example of the increasing importance of good communication across the Atlantic. It’s a growing challenge — a double-barreled challenge: Companies have to understand official thinking in Brussels, and be able to get their own message across.

Goldman Sachs and the Perils of Personality

Does Goldman Sachs have a God problem? A God complex? An ungodly headache?

Goldman, once a venerable institution known for keeping close counsel, is now a lightning rod for populist criticism of the financial sector. And its latest public relations efforts don’t seem to be helping.

The bank’s very success – turning a profit in excess of $3 billion last quarter – is exacerbating the problem. Americans are in no mood to celebrate Wall Street success. With deepening bonus pools and bulked up compensation packages, Goldman isn’t winning any friends. Read