Thursday, December 31, 2009
Saturday, December 26, 2009
Thursday, December 24, 2009
Wednesday, December 23, 2009
Wednesday, December 16, 2009
The article talks about the growing importance of trading and in my opinion, yes it is true, and has been for some time. It is debatable whether it is a good or bad thing. With respect to the question of being long term verus short term greedy, I personally think greedy is just not a good thing period. Greed is out GOOD is in, and Wall Street needs to embrace this big shift. As I said on CNN monday morning speaking to the changes that need to and should happen in financial services, we need firms like Goldman to ever increasingly use their knowledge, their insights, their resources, and some of their profits to help build a strong domestic and global economy. The price they should pay for growing to be so big to be big too fail, is a certain amount of responsibility for the overall economic and financial system. This is a new world where the strong need to help the weak and much will be asked and expected of the strong. Many have tried to put numbers around how much GS benefited from government programs, and that number is impossible to come up with, but clearly the public thinks it is bigger then Goldman does and wants a good chunk of it back. If I were running the firm, given how well GS is doing and the tremendous needs out there particularly around job creation, I would be pulling out all the stops to continue to come up with some good, fundable and impactful ideas. I wrote about a Virtue Fund a few weeks ago, and I still really like the concept!
Tuesday, December 15, 2009
Last year around this time I wrote a couple of my favorite entries of the over 300 I have now posted on this blog. If you have time, and you will need some time, please take a look. ( here, here and here) Now these are not the polished opeds you will find listed to the right, but some rants about what I felt was wrong in the world. It was in naming what was wrong, that the system FAILED, that enabled me to truly begin to focus on the solution set. It has been an incredible year. A year of such deep learning and understanding and I feel so grateful to everyone who has and continues to inform my thinking and help me on this crazy journey.
So this is what I am going to do tonight… weave together some words, some themes, from the writings of last year to the events of past two days. Each word, each phrase could be it's own blog entry but since I can't do that this word cloud of sorts will just have to do.
But first. We are at a tipping point. I know it. Last year it was more about seeing the problems then imagining the possible solutions. I knew in my heart that the problems we were facing (financial crisis, economic problems, poverty, violence...) were deeply connected to the absence of women in positions of power, the absence of power in the hands of women, and the underutilization of women’s economic power, but I could not really articulate it, let alone prove it. Now I feel I can do both. The data is out there in a variety of research reports ( old and new ) that I will soon list on my new web-site! (the list is LONG) But there is more to it. What was needed was a logic model that connects the facts, the data, to an investment thesis about why women and why now. ( The Business Case ) Further we needed a framework to capture the wicked problem of gender inequality, and we now have it thanks to the brilliant thinking of Chris Grumm of the Women's Funding Network - The Human Security Framework. Finally I have been imagining how to bridge the gap between the needs and opportunities of the for profit sector, with the non-profit sector. Although that is a very tall older I have ideas on where to begin, envisioning partnerships that make such good sense. These are all pieces of the puzzle that are finding their way in to place. It has taken years, but I am finally seeing it! I said it last year and I am saying it now…. Invest in women. INVEST in women. INVEST IN WOMEN!
Before. FAILED. Financial Crisis. Bad Business Models. Private Equity. Leverage. Risk. Lack of Women. Leadership. Are You Ready for a Revolution. Brokenness. Hope? Invest in Women. Critical Mass and more..
Monday. CNN. Pres. Obama. Fat Cats. Wall Street. Unemployment. Job Creation. Lend. Partnerships. Consulting. The Business Case for Women. The Global Forum for Women and the Economy. Next year? Female Davos. Center for Work Life Policy. Board Meeting. Corporate Engagement. Gen X. Lack of Progress. Economist Magazine. Mathew Bishop. Philanthrocapitalism. Women Moving Millions. Women’s Funding Network. Partnerships. Shared power. The Democratization of Philanthropy. Grassroots leadership. Scaling up not Trickle Down. Tuesday. Gary Haugan. The International Justice Mission. Human Slavery. Rescue. Persecute. Aftercare. Structural transformation. On the ground expertise. Human Security Framework. UBS. Breast Cancer Research Foundation. Women of Wealth. Social Change Philanthropy. Business Week. Why women? Why now? Management as a Social Innovation. Female Entrepreneurship. Lack of Capital. Barriers to entry. The Economic Power of Women. TARP. Job creation. Partnerships. Change the Paradigm. Subway. 73rd street. Party. Learnvest. Start-up. Financial Literacy. Feminism. The Feminine Mistake. Gloria Steinem. Destiny. Wonder Woman.
Sunday, December 13, 2009
Friday, December 11, 2009
Thursday, December 10, 2009
Wednesday, December 9, 2009
Saturday, December 5, 2009
Tuesday, December 1, 2009
"Long time Outside of the Box readers are familiar with John Hussman of the eponymous Hussman Funds. And once again he is my selection for this week's OTB.
This week he touches on several topics, all of which I find interesting. As he notes:
"We face two possible states of the world. One is a world in which our economic problems are largely solved, profits are on the mend, and things will soon be back to normal, except for a lot of unemployed people whose fate is, let's face it, of no concern to Wall Street. The other is a world that has enjoyed a brief intermission prior to a terrific second act in which an even larger share of credit losses will be taken, and in which the range of policy choices will be more restricted because we've already issued more government liabilities than a banana republic, and will steeply debase our currency if we do it again. It is not at all clear that the recent data have removed any uncertainty as to which world we are in. "
Sunday, November 29, 2009
The Role of the FED - Another must read from late last week was this oped written by Fed Chairman Ben Bernanke in the Washington Post. This is a big and important issue. Though there is lots of blame to push around as to who and what caused our current economic crisis, the FED has to be high on the list. Although I do believe in an independent yet accountable FED, one has to ask what is going to be different next time? With short term interest rates at zero for the forseeable future, one might ask if we are in fact planting the seeds for the next bubble. For more on the effects of zero rates read the latest from Bill Gross at Pimco. Click here
I have suggested many times that you subscribe to David Rosenburg's newsletters but if you have not, do it now. ( formerly chief strategist at ML now at Gluskin Sheff) David is brilliant and he writes at a level of detail and insight that I can only dream of.
It should be an interesting week for the markets - keep those seatbelts fastened.
Wednesday, November 25, 2009
Monday, November 23, 2009
Tómasdóttir says: "Our Björk fund is to focus on sustainable growth. Iceland was the first in the world into the crisis, but we could be the first out, and women have a big role to play in that. It goes back to our Viking women. While the men were out there raping and pillaging, the women were running the show at home.
"We have five core feminine values. First, risk awareness: we will not invest in things we don't understand. Second, profit with principles - we like a wider definition so it is not just economic profit, but a positive social and environmental impact. Third, emotional capital. When we invest, we do an emotional due diligence - or check on the company - we look at the people, at whether the corporate culture is an asset or a liability. Fourth, straight talking. We believe the language of finance should be accessible, and not part of the alienating nature of banking culture. Fifth, independence. We would like to see women increasingly financially independent, because with that comes the greatest freedom to be who you want to be, but also unbiased advice."
Sunday, November 22, 2009
I also think this piece is worth a read "Stop Blaming Goldman Sachs."
Thursday, November 19, 2009
I just received this in my inbox and it is too good not to share. It has been a busy and intense week with travel to Washington, a gathering of media powerhouse women to talk about advancing gender equality through the media, a meeting with two amazing women from Iceland who are reimagining financial services and so much more.... but for now, ponder what is below.
"Written By Regina Brett, 90 years old, of The Plain Dealer, Cleveland, Ohio"To celebrate growing older, I once wrote the 45 lessons life taught me.It is the most-requested column I've ever written.My odometer rolled over to 90 in August, so here is the column once more:
1. Life isn't fair, but it's still good. 2. When in doubt, just take the next small step. 3. Life is too short to waste time hating anyone. 4. Your job won't take care of you when you are sick. Your friends and parents will. Stay in touch. 5. Pay off your credit cards every month. 6. You don't have to win every argument. Agree to disagree. 7. Cry with someone. It's more healing than crying alone. 8. It's OK to get angry with God. He can take it. 9. Save for retirement starting with your first paycheck. 10. When it comes to chocolate, resistance is futile. 11. Make peace with your past so it won't screw up the present. 12. It's OK to let your children see you cry. 13. Don't compare your life to others. You have no idea what their journey is all about. 14. If a relationship has to be a secret, you shouldn't be in it. 15. Everything can change in the blink of an eye. But don't worry; God never blinks. 16. Take a deep breath. It calms the mind. 17. Get rid of anything that isn't useful, beautiful or joyful. 18. Whatever doesn't kill you really does make you stronger. 19. It's never too late to have a happy childhood. But the second one is up to you and no one else 20. When it comes to going after what you love in life, don't take no for an answer.21. Burn the candles, use the nice sheets, and wear the fancy lingerie. Don't save it for a special occasion. Today is special. 22. Over prepare, then go with the flow. 23. Be eccentric now. Don't wait for old age to wear purple. 24. The most important sex organ is the brain. 25. No one is in charge of your happiness but you.26. Frame every so-called disaster with these words 'In five years, will this matter?' 27. Always choose life. 28. Forgive everyone everything. 29. What other people think of you is none of your business. 30. Time heals almost everything. Give time time. 31. However good or bad a situation is, it will change. 32. Don't take yourself so seriously. No one else does. 33. Believe in miracles.34. God loves you because of who God is, not because of anything you did or didn't do. 35. Don't audit life. Show up and make the most of it now. 36. Growing old beats the alternative -- dying young.37. Your children get only one childhood. 38. All that truly matters in the end is that you loved. 39. Get outside every day. Miracles are waiting everywhere. 40. If we all threw our problems in a pile and saw everyone else's, we'd grab ours back .41. Envy is a waste of time. You already have all you need.42. The best is yet to come... 43. No matter how you feel, get up, dress up and show up. 44. Yield. 45. Life isn't tied with a bow, but it's still a gift. "
Tuesday, November 17, 2009
- Business and Management Education
- Mentoring and Networking
- Access to Capital
- Advisory Council
I congratulate Goldman on this program and will look forward to reading a lot more about it. Clearly they are trying to respond to what they see as an urgent need, job creation and job security. And it is an urgent, urgent need.
We have to celebrate this. We have to. Why? Because the public has called them to do something, something big, and they did… and we want them and others to do more. Should we expect this from them? Yes we should. Let’s expect Goldman to be leaders in helping to rebuild our economy.
There is much that needs to be done around economic security, job creation, and financial literacy and let’s all use our creativity on how to make a difference in these areas. I am working on a proposal that would be PERFECT for a financial institution partner so if you are one of those, leave me a note! Women’s Funds around this country are “shovel ready.” By this I mean that money can have immediate impact as it is scaling up programs that are already in place and working. More to come on this…..
Goldman, Congrats. JP Morgan, Bank of America, Morgan Stanley, UBS, Blackrock, Fortress, and more ….. What are you going to do? The collective lack of leadership and responsibility of our country’s largest financial institutions played a role in creating and enabling this financial crisis and I would like to call you all to create your own “10,000 SOMETHING Initiative.” “To those to which much has been given, much is expected.”
Have a great day.
Sunday, November 15, 2009
Even though I left Goldman seven years ago, I will forever be a partner of the firm, and for that reason and many more I continue to care deeply it. For years I gave speeches on the firm's culture, the firm's structure, and actively recruited countless young people to 85 Broad Street. I was a corporate cheerleader to the utmost degree, and for that reason and my trading profitability, I was promoted. Becoming a partner changed my life forever, and that of my husband, because ultimately it gave us enough money to commit our lives to non-profit work and of course, our family. For us, what we recieved was enough, more then enough, and we will be forever grateful. My husband returned to school and to get his masters of divinity and is now an associate pastor at our church in New Canaan CT. In fact he just ran out the door as he is preaching this morning on change. He has worked passionately for nine years for our church, and because of GOLDMAN, can do so without getting paid. Thank you Goldman. My passion is for women and girls. I have written on this often on this blog but I as believe that a key factor in our world becoming a more just and equitable place is greater gender equality. I serve on many non-profit boards and increasingly have given speeches, appear on television, and write about why we need more women in positions of leadership and power. ( ... and more) Thank you Goldman. I can give you a very long list of other people that have 'retired' to serve the world BECAUSE, in part, of the culture we experienced while at Goldman.
So yes I had to write this piece, and I am so gratefuly that my friends Rev. Katharine Henderson, President of Auburn Seminary, and Rev. JC Austin could write it in partnership with me. Greg would have been up for the task too if he did not have to write his guest sermon this week. So Lloyd YES I am challenging you because I know you are up for the challenge. Goldman's reputation has been damaged and you need to do something about it, and something BIG. This in the best interest of your people and your shareholders. I suggested in a earlier blog post that it should be around job creation, economic security and financial literacy, and this "Virture Fund" could target just that. As the piece says, I expect more of Goldman Sachs because it is my recollection from my time ( 14 years) there that Goldman Sachs and it's people have always expected more of themselves.
So since it is Sunday, and we are talking about God, and I am a Christian I will end with a prayer, something I have not done on this blog before - "Dear Heavenly Father. The world is not a fair place, but we know that you are fair. So many people, your people, your children, are suffering and we pray you hear them and you comfort them. We pray today that you will help us all choose actions that will make this world better. We pray that you CHANGE our hearts to hear the cries of others, and that will drive our actions. We pray that you make us all generous people, because you are so generous with us. We know you expect a lot from us because you know what we are capable of. We know that you tell us that to those to which much is given much is expected. We know that it is in serving that we will find our peace and our joy. We pray this in your name - Amen.
Have a great Sunday.
Saturday, November 14, 2009
The Five Indicators of Social Change
A Shift in Definition - The issue is defined differently in the community or larger society.
A Shift in Behavior - People are behaving differently in the community or larger society.
A Shift in Engagement - People in the community or larger society are more engaged. Critical mass has been reached.
A Shift in Policy - An institutional, organizational, or legislative policy or practise has changed.
Maintaining Past Gains - Past Gains have been maintained generally in the face of opposition.
This is how you use this framework. Think about what you want to change and apply it to this framework. Take my passion - We need more women in critical mass in positions of leadership and influence in the financial services sector.
Definition - We need to make the case for why this is important. We need women because it leads to better decision making and a higher return on equity.
Behavior - Based on the above, boards of directors choose to add more women, CEOS starts walking the walk not just talking the talk. ( as examples)
Engagement - More and more companies do this, it becomes why aren't you doing this?
Policy - Companies broadly adopt a critical mass principle and more.
Past Gains - Advocacy continues and the business case is validated over time.
Think about what you want to change and put it in this framework. There are specific strategies within each one of these shifts which need to be employed - but that would be a very long blog entry indeed.
Monday, November 9, 2009
Saturday, November 7, 2009
Friday, November 6, 2009
This was a very exciting meeting as it truly is a pivotal time for the advancement of women. After years of little to no progress we are seeing amazing energy, insights, research and momentum around greater gender equality. The latest report is called the SHRIVER REPORT, and you can download all 500 pages of it here.
“This report brings together the relentless intellect of a Peabody and Emmy Award-winning journalist who pushed beyond statistics to fully reveal the complexity of women’s lives and the academic muscle of a progressive think tank that understand how to comb through data and illuminate the trends re-shaping the American Landscape.”
It is a most certainly a must read ( which i will start this weekend) as I believe with all my heart and mind that gender equity is the most important issue facing us today. I believe with all my heart and mind that gender discrimination and inequalities are at the root cause of so many of the big problems we face – poverty, violence, environmental challenges, HIV/AIDS, trafficking and more. It is not at gender equality will solve all our problems, but the evidence continues to mount that when women and girls have economic security, access to education, access to health care, can be free from violence, and enjoy basic human rights – the lives of their families, their communities, their countries and therefore the world is better. Investing in women is the key to global growth and sustainable.
For an insightful commentary on this report and reflections on where women are now and why, read this recent oped by Joanne Lipman. She says what I believe to be true, that despite all the headlines about us being in a woman’s world, the real conversation has yet to change. Read on…..
Thursday, November 5, 2009
Gold is the favorite commodity in the Zehner household. No I wish it was because of all the lovely jewlery I have, but rather it is the investment/trade that my husband has embraced for a long time, mainly because of his negative views of the US dollar combined with his inflationary outlook. I have written about Gold before, but what is noteworthy this week is that it has hit new highs. I just checked the price it is at $1090. For all things GOLD check out JSMINESET . Here is what David Rosenberg has to say about recent performance -
"With the dollar soft, commodities are firming with oil breaking above $80/bbl and on its way for a third winning session in a row; the metals are following suit. Gold has broken out yet again and is up another 1% so far today as it begins to challenge the $1,100/oz mark (according to unofficial IMF estimates, the Reserve Bank of India bought gold at $1,045/oz. With the size of the purchase (8% of annual mined production) and at that price it certainly helps establish a floor! The fact that the yellow metal is accomplishing this with ongoing deflationary developments — Euroland PPI came out for September and showed a 0.4% MoM decline and a -7.7% YoY trend — suggests that other factors are driving bullion to new bullish heights. It’s called scarcity of supply relative to fiat currency. "
Are we still bullish? Yes.
Sunday, November 1, 2009
For a while it has seemed to be that the stock market and the economy are disconnected. While equities have experienced a glorious bounce, the economy (jobs, consumer spending, business investment….) remains in poor shape. Looking back, March prices were most certainly pricing in financial Armageddon, but the more important current question is: what is being priced in now? According to David Rosenberg, former ML pro now at Gluskin Sheff, PEs are way too high given the underlying economy.
Let’s take a quick look at the bad news, again. The employment situation remains dismal. The reported number continues to rise and the shadow number had been estimated to approach 17%. The consumer continues to increase savings at a record rate, which is good for them but bad for the US and global economy. Consumer spending accounts for 70% of our economy and it was reported down this week. We can remain hopeful that Christmas sales exceed expectations but honestly, do we really want people to buy stuff they don’t need, and that they cannot necessarily afford?
Can we all just face the reality that the party for the US consumer is over and the painful hangover is unavoidable? ( read this from last year ) The truth is there are only two choices, each more unpleasant than the other. The government can pull back on its stimulus measures in order to rein in the deficit which would cause a deflationary spiral leading to housing prices to fall even further, increasing foreclosures, increasing unemployment and further reducing consumer spending. Conversely, the government can continue stimulus and quantitative easing in order to inflate the economy reduce the real non-governmental debt burden and build support for housing. The problem with this scenario is that the deficit will continue to grow, the dollar will fall, and the purchasing power of the US consumer will decline. I am not sure we can navigate the middle ground between these two scenarios. It seems the government is choosing to spend now and deal with the consequences later, but there will be consequences indeed.
Of note is that CIT, a major lender to small business lender is set to declare bankruptcy, which is really bad news for small business and more broadly. The government has already given them big bucks ( $2.3 BB) and because they do not represent “a systematic risk” to the system they will not be rescued. They are the 5th largest bankruptcy in US history. Not good…..
pictured here - my two adorable children in their costumes! We need a reason to smile...
Wednesday, October 28, 2009
Wednesday, October 21, 2009
As someone said early on we are indeed trying to solve a "wicked problem." Moving our world towards a place of greater equality and equity is complex indeed but there have been breakthroughs here, at least there have been for me. The Women's Funding Network has provided us with a framework that I truly believe has handles for everyone to grab on to. ( more on that to come) You might ask who is present here for this conversation and it is very broad based - Executive Directors of non-profits, donor leaders, government NGO leaders, academics, philanthropy consultants and more. In terms of geographical representation we have women and men from all over the world including Nigeria, Jordan, The Netherlands, and more....
So I know I owe my readers much more content and less travel updates and I promise it will come. Having attended three global conferences in two weeks, the other being the World Business Forum, I have content, people, ideas, knowledge that could keep me writing for weeks to come.
Tidbits from Deauville.............
I had the opportunity to speak on a panel with Halla Tomasdottir of Audur Capital who is from Iceland and started an investment management firm based on feminine values that one the Cartier Award. She is a rock star and a new best friend!
watch her here
I did have the amazing opportunity to spend some time with Melanne Verveer, The US Ambassador For Global Women's Issues. She is one incredible woman and I cannot tell you how encouraged I am to know she is in Washington representing all of us.
For the take on the conference from the New York Times click here and here. From the Guardian click here. For a special piece related to our release of the NCRW hedge fund report, click here.
Saturday, October 17, 2009
One idea that we had put forward in the paper definitely seemed at the center of focus for many, and that was the idea of an absolute need for a 'critical mass' of women in positions of power and leadership. The evidence is abundant that diversity leads to better decision making so the question was, why has that not happened? The reasons of course are listed in out report but one has to ask the question, "if not now, when?" I say now.....
Nina and I returned to Paris today and spent the day walking around this magical city. I am off to Salzburg tomorrow for a women's donor gathering. More from Austria later in the week.
Tuesday, October 13, 2009
Sunday, October 11, 2009
There are many good things about Goldman and there are some things that could be a lot whole lot better, which is true for any firm. Bottom line is that Lloyd was very right in saying that GS has superior risk management and human capital that when added together is the best of any firm anywhere. Because of those things and more they weathered the financial meltdown better then all other large players. The key question asked to Lloyd was "would they have gone under if the gov't did not intervene?" The answer of course is YES because under that scenerio EVERY financial institution would have melted and the world as we know it would be gone. Goldman was not in a liquidity crisis per se but in a world where all faith in financial institutions was evaporating, GS was not immune. Some would say ' YIPPEE' to the idea that GS should cease to exist but I would suggest they have not thought it through. We need healthy, risk taking financial institutions, but the question remains, should they be accountable for the greater good? I say yes and this is where I am disappointed in Goldman. I expect them to be better then all the rest not only in their risk management, but in holding themselves to a higher standard to be leaders in the industry. Why? Because they can.
We need to change, dare I say transform, our financial institutions and I look to Goldman to lead the way. Why? For exactly the same reasons as why they survived and thrived, because they have superior risk management and human capital that when added together is the best of any firm anywhere. They should also come to realize it is good for their business long term. It is also good for their business for the general public to actually think they add a lot of value and not a stable of greedy little piggies.
Should Goldman in an ideal world have done a lot more to prevent the crisis? Yes. Should they now put it upon themselves to do more to make the system a whole lot stronger? Yes. This is fair criticism but again it should be directed to all the large financial firms. Now that it seems we are out of danger with respect to a financial meltdown, I would encourage GS and other CEOS to come clean, and move forward in a positive direction. This direction should not only be about making money, which seems a lot easier now that a few of the largest firms are gone, but rather to balance making money with a greater good.
I wish Lloyd would have said in this interview "Holman, there were a lot of things I wished I would have done differently before and during this crisis, but especially before. I wish that we had used the insight that we had regarding the problems in sub-prime mortgages and other credit products to not only make money for GS and our shareholders, but to warn Washington of the problems we saw on the horizon. I wish we were not only less of a player in creating toxic waste product, but not a player at all because we forsaw the problems, including huge potential losses for our clients. I wish we set the bar for our behavior a lot higher and encouraged others to follow us. I wish we would have emerged from this crisis having been seen as doing the right thing not only for our employees and our shareholders, but for the public as a whole, at least as much as could have been reasonably expected from a publicly traded company. I have learned many lessons from almost failing as an institution, and I will put them to practise as we move our firm, our country, and our world forward in to a more sustainable economic and financial future."
I know dream on, but honestly, I believe this. I believe that there is not a cement wall between what is done in the best interest of a public company, and what is the best interest of the general population. I believe that firms like Goldman and leaders like Mr. Blankfein should be held accountable for a greater good and should WANT to be. Afterall, is that not why, in part, he should be paid $56 million. ( ok forget that, no one should be paid $56 mm for being a CEO) I believe that is true especially in the financial services business and especially for firms that are deemed too big to fail. I believe that what this world needs is more responsbile and accountable leadership from ALL for all.
I am worried about our collective future. I truly am. At the World Business Conference this past week I heard the likes of Bill Clinton and Jeff Sachs talk about how we are on a collision course for disaster in terms of how we are using resources and more. I also feel very strongly that we are on a long road to economic recovery in this country. So what , WHAT, will be the 'thing' that helps us get on a more positive track? In part I think it will be this. That we will have a revolution. "A revolution is a fundamental change in power or organizational structures that takes place in a relatively short period of time." What will drive this revolution is that we decide that what we need to do is unleash positive human potential. That we to unleash people's passion to be part of the solution and not part of the problem. How will this get started? When leaders from all sorts of places, including Goldman Sachs, step up, big time. When they begin to acknowledge that they themselves can do better, and help to create a culture where people are encouraged and supported for being problem solvers, creative thinkers, and challenge the status quo. We all need to be inspired right now. Not only by words, but more importantly by actions. We need actions by visable and powerful people that balance the self interest with the interest in the common good.
Hey Goldman. Perhaps think about taking a few hundred million that you are going to pay your people and ask them for ideas on how that money can be used to help our country and our world? Perhaps ask your employees if they would be willing to take a pro-rate share of their compensation and use it for real solutions to real problems identified by them. Solicit ideas, then fund them. By the way this does not necessarily have to be charitiable giving, but investing in businesses that will create jobs. How about using those dollars that would have gone to comp and give everyone a pro-rate share in the GS Humanity Fund? Pay yourselves less over the short term to invest in our collective future. I have lots of ideas and I hope you all do to. If you want to talk about them, call me.
It is time to get creative and unleash human potential. It is time to think less of self-interest and more of the greater good. It is time for leaders to step up and for the every day Joe and Jane to demand that they do or boot them out of there. If it is not now then when?
Have a great Sunday................