That hooting-and-hollering you heard Thursday morning? Yep, that was us, celebrating the end of the NFL strike. Or maybe you didn’t hear it…over your own ruckus.
Jack and Suzy Welch
Once upon a time – i.e., eons ago – one of us had a summer internship that mainly involved playing golf with the boss, who appreciated the company of a college kid with a single-digit handicap. Not much work got done, but it didn’t seem to matter, particularly to the boss. The other one of us (the one whose handicap is so obscene it can’t be printed in a family publication) once had a summer job that revolved around asking, “Would you like your eggs bagged separately?” It was boring, sure, but the hours were great if hitting the pool is your kind of thing.
In the past week, the JPMorgan CEO has been summoned to testify before Congress and learned that his company is facing investigations by an alphabet soup of federal agencies, from the CFTC to the FBI to the SEC. He’s also had to spend a lot of time in the middle of a media feeding frenzy, offering mea culpas and referring to himself and members of his team as “stupid,” “sloppy” and “dead wrong.”
“Ignore him, he’s a whack job.”
“She’s just bitter she didn’t get promoted.”
“He’s been shooting his mouth off for years – and it’s always nothing.”
Remember that incompetent boss you used to have? He was a good guy and all, but he just couldn’t make decisions or prioritize. Perhaps worst of all, he tried to make everyone happy, resulting in almost everyone being angry or confused or both. And remember how long it took management to move him out – and how aggravating that was?
In the great, collective gasp that followed Greg Smith’s blistering public resignation from Goldman Sachs, one reaction struck us as particularly prophetic. It was a comment from James Gorman, CEO of Morgan Stanley. Don’t exploit Goldman’s woes, he said a few days after Smith’s letter ran in the New York Times: “There but for the grace of God go us.”