What Money Can’t Buy: The Moral Limits of Markets, Author: Michael Sandel.
By John Farmer Jr. – Bank of America has agreed to pay $11.8 billion to settle charges related to mortgage servicing abuses, such as fabricating affidavits of title; Intel has agreed to pay $1.25 billion to settle antitrust charges that it retaliated against computer manufacturers who refused to put the Intel inside; Goldman Sachs has agreed to pay $550 million to settle claims that it sold subprime mortgage instruments that it had designed to fail.
It also turns out that they are quite adept politically, these constitutionally recognized “persons” who (thanks to the current majority on the U.S. Supreme Court) can spend virtually unlimited amounts of money influencing the political process. Wal-Mart Stores Inc., it was disclosed last week, has been lobbying to change the federal law prohibiting bribery of foreign officials, a law that it is alleged to have violated in Mexico. Wal-Mart denies lobbying, though it belongs to groups that do.
The problem clearly runs deeper than a rogue financial adviser or two; it extends beyond Wall Street, and even Main Street USA, to some of the most powerful corporations in the world. It involves thousands of “real” people acting under the corporate umbrella.
What are we to make of this spate of corporate scandals? more> http://is.gd/QH1o9P
Posted in Banking, Book review, Business, Economy, Leadership
Tagged Banking reform, Goldman Sachs, Intel, Leadership, Mexico, Michael Sandel, Organization, United States, Wall Street, Walmart
Bloomberg's assembly lines
(Photo credit: Sonya >> 搜你丫)
By Justin Sink – Republican presidential candidate Ron Paul and New York Times columnist Paul Krugman faced off for a televised debated on fiscal policy Monday afternoon in a battle likely to appeal to policy wonks on both sides of the political spectrum.
The two staked out positions that predictably offered sharp contrasts, with Paul emphasizing his belief in “very small government” during the appearance on Bloomberg TV. more> http://is.gd/LralpA
Posted in Banking, Business, Economy
Tagged Bloomberg, Bloomberg Television, Capital, Financial crisis, Government, Industrial economy, Paul Krugman, Republican Party (United States), Ron Paul, United States
By Robert X. Cringely – The direct impetus for this column is IBM’s internal plan to grow earnings-per-share (EPS) to $20 by 2015. The primary method for accomplishing this feat, according to the plan, will be by reducing US employee head count by 78 percent in that time frame.
This is the first thing to understand about the IBM of today: the company is being run by executives who for the most part don’t understand the products and services they sell.
IBM’s five year plan ending in 2010 was supposed to double EPS from just under $5 to about $11. (Today it is closer to $13.) During the last five years there was an accelerated push of jobs offshore for cost reasons, high attrition rates, and longer product release cycles. The next five year plan for 2015 is to again double EPS to about $20. Can this be done? Probably, but the particular way they are going about it is also likely to destroy IBM. more> http://is.gd/Eja23m
Posted in Business, Leadership, Technology
Tagged Big Blue, Earnings per share, EPS, Hardware, IBM, Industrial economy, Jobs, Organization, Robert X. Cringely
By Dominic Gates – The first 787 Dreamliner assembled in South Carolina waited Friday (Apr 27, 2012) to roll out into the hot sunshine, “Made with pride in South Carolina” stenciled on its fuselage.
Boeing South Carolina, which employs around 6,000 people, has until now built 787 rear fuselages and mid-fuselages, then shipped them to Everett, Wash., for final assembly.
Now it can boast that it also assembles complete airplanes, one of just three elite widebody jet assembly sites in the world: Everett, Wash.; Toulouse, France; and now North Charleston, S.C. more> http://is.gd/7azKbk
Posted in Construction, Economic development, Product, Technology, Transportation
Tagged Aviation, Boeing, Boeing 787 Dreamliner, Everett Washington, Industrial economy, Jobs, Manufacturing, North Charleston South Carolina, Test & certification, United States