News & Events
Mr. Fishman passed away — Lou Gehrig’s disease. Mr. Fishman eschewed mortgage-backed securities as an investment vehicle for Travelers. His quote, “You just weren’t being paid enough to take that risk.” Travelers escaped the crunch as well as the AIG type of litigation. Before his death, he and his wife raised $20 million for centers around the country doing research into the disease and its treatments. Once in awhile, we get a good business story. May Mr. Fishman’s example live on.
The Clinton Foundation is a fascinating study in conflicts of interest. A conflict of interest is defined as a situation in which an individual is torn between two loyalties. Let’s say an individual is secretary of state of, say, the United States, and also a founding member, board member, and grand poobah (First Lord of the Treasury, Lord Chief Justice, Commander-in-Chief, Lord High Admiral, etc., etc.) of a foundation that accepts donations from countries, crown princes, and assorted poobahs, dictators, and shady despots. Let’s say further (more…)
Heather Bresch, CEO of Mylan pharmaceutical (sellers of the price-increased EpiPen ($600)), and daughter of West Virginia Senator Joe Manchin. Ms. Bresch is featured in a case study in Marianne M. Jennings. “Business Ethics: Case Studies and Readings” (Cengage 2014). For those who have forgotten . . . In 2008, Ms. Bresch, upon being named COO, claimed that she had an MBA from West Virginia University. The Pittsburgh Post-Gazette found that she was, in fact, short 22 credit hours. The dogged reporting also revealed a scandal at West Virginia University to create courses, grades, and a degree for her. Her father was, after all, then Governor Joe Manchin.
When confronted by the press about the degree and all the doings, , Ms. Bresch explained that she would not release a transcript because her word was “better than a transcript.” However, the reference to the degree was removed from her credentials, and an investigative panel issued a scathing report (more…)
Iraj Parvizi, aka Fatty, aka the Mad Punter, testifying at a trial with his three co-defendants who were all accused of running the biggest insider trading ring in the history of the United Kingdom. Some additional treasures from the witness stand by Fatty, “You’re making out like I’m the only liar in the stock market,” and “When I was arrested, I was thinking, ‘Why isn’t every trader in the market being arrested? Where does insider trading start, where does it stop?’” Parvizi added that he was an ‘incurable exaggerator.” He explained to the prosecutor, “I’ll give you an example. You are a very, very handsome man.” The court room, including the jurors, burst into laughter. Parvizi was acquitted after a six-week trial. It’s the new comedy defense to insider trading.
That strategy does cut down on the other team’s ability to pull that flag off. What does the young player tell the coach? Perhaps, more relevantly, what does the parent of the young player tell the coach? Especially if the young team of belters is winning?
The Barometer was strolling through the home section of a major department store. Tempted by Christmas potholders at 50% off, the Barometer stopped and soon planted feet firm to continue listening as three employees of this fine establishment conversed about their futures. The ring leader was explaining to the novice employees that after the new year begins, most of them would be going to part-time status because of slow sales, the economy, health care issues, etc. The two employees seemed crestfallen. But, their mentor would have none of it. “Don’t do it!” said he. “Get yourself fired because the money you make on unemployment will be better than part-time work here and you can get 99 weeks of unemployment. Plus, you are eligible for medical care through the government because you are unemployed. It’s a better deal. It is so not worth it to keep working.” This fine consigliore (more…)