Two days after Juneteenth, the Supreme Court rejected NCAA limits on athletes’ education-related benefits. The ruling was justice. The timing was poetic justice. Here’s why. Juneteenth Juneteenth commemorates emancipation of African-American slaves in the United States. “Juneteenth” refers to June 19, 1865. On that day, the Union military governor of Texas, Maj. General Gordon Granger, …
McKinsey & Company, the world’s premier consulting firm, will pay nearly $600 million to settle claims by U.S. states relating to McKinsey’s work for opioid manufacturers and distributors. This seems like a lot. It may represent value for money. But for whom? McKinsey’s Seizes First-Mover Advantage First Nationwide Settlement McKinsey’s settlement comprises 47 states, four …
McKinsey’s $573 Million Absolution: Value For Money. But For Whom? Read More »
Media billionaire Jeffrey Katzenberg recently pulled the plug on Quibi, his own start-up. As with any other box-office bomb, the post-mortem blame game may prove more creative, entertaining — and instructive — than the feature itself. Katzenberg founded Quibi with former eBay CEO Meg Witman. They raised $1.75 billion in start-up capital. This C-suite power …
Former Wells Fargo CEO John Stumpf just paid $2.5 million in civil fines. Is the bank’s fake-account scandal finally over? Not for shareholders. The Fake Account Scandal People may remember the nationally televised @ss whuppin’ Senator Elizabeth Warren delivered to then Wells Fargo CEO John Stumpf. On Stumpf’s watch, 5,300 Wells Fargo employees opened as …
Purdue Pharma has given up the ghost. The company faced $2.2 trillion in state and consumer claims, as well as $18 billion in sanctions from the federal government. The company will be reborn, but as what? Balrogs v Trial Lawyers Yes, Middle Earth has its wizard-killing Balrogs. But what creatures, for bloodthirsty, flesh-ripping rage, can …
The Rebirth of Purdue Pharma: Gandalf or Saruman? Read More »
COVID shifts compliance-hotline calls in weird ways. Can you solve the mystery? Yesterday, I spoke with the Director, Ethics & Compliance of a major U.S. manufacturer. She told me that calls to her company’s compliance hotline have not lessened, but the wrongdoing has shifted from fraud and harassment to COVID protocol violations. At the same …
Goldman Goldman Sachs admitted wrongdoing in a bribery scandal and will pay over $5 billion. When senior executives break bad, the key question isn’t “Why?” but “When?” To see how your own company compares, take the the “Bagel Test”! Greed & Graft Goldman Sachs recently signed a deferred prosecution agreement with the federal government. The …
The New 5G: Goldman, Greed, Graft, Gupta & Grift Read More »
Sheepdogs are boring losers. Wolves are cool winners. End of story? Not in real life. Hollywood likes to portray business winners as predators. They spot the prey, make the kill, then party hard, pilot yachts, and sleep with Margot Robbie. For a time, perhaps. In real life, such predators often end up sleeping with a …
If my book wins a Pulitzer, I might receive a coveted WashU yellow visitor parking pass. (The red parking pass requires a Nobel.) From the blog: “An ocean liner hits an iceberg in the North Atlantic. Ten people scramble into one lifeboat, and wind and waves drive the lifeboat far from other boats. The passengers …
Olin B-School Blog Features “The Right Way to Win” Read More »
Wells Fargo’s CEO Charles Scharf recently apologized for attributing lack of diversity at his bank to “a very limited pool of black talent to recruit from.” Comments like Scharf’s trigger rapid pile-ons and pushback. Many critics addressed his remarks directly. Coming from a different angle, I would ask whether, had Wells Fargo’s sale numbers disappointed, …
Wells Fargo CEO’s Gaff: Diversity’s Ends and Means Read More »