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Monday, June 24, 2002
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9:39:34 PM
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A May 23, 2002 email I wrote to several friends:
My guess is, a wave of revisionism is coming. Let's put it this way. We see now these guys - Levin, Case, Murdock, Sulzberger, Eisner, Lay, Welch - are legends in the minds of their closest 10 million employees, the media, and the stock analysts.
We see, clearly, that this is all one grand delusion.
It is a matter of months, I'd guess (things are speeding up) before we see the NY Times heralding, from behind the pack, the revisionist notion that these guys were a pack of hubristic, egomaniacal jerks who left their companies just in time (except for Lay) to escape the fallout from their unutterable folly.
Right now, however, The Times dares not whisper such a thing. If you wrote a letter to the editor suggesting as much, they wouldn't publish it.
A month later:
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June 24, 2002
The Imperial Chief Executive Is Suddenly in the Cross HairsBy DAVID LEONHARDT
tephen M. Case, a hero of the 1990's for having built America Online into a multimedia giant, sat on the stage at his company's annual meeting last month, listening to investors mock him for overseeing multibillion-dollar losses.
Jeffrey R. Immelt, following in the footsteps of the lionized John F. Welch Jr. at General Electric, has tried to soothe rebellious shareholders by releasing more information than Mr. Welch ever did, but G.E.'s stock has still fallen more sharply than most others this year.
Meanwhile, Charles R. Schwab, hoping to capitalize on Wall Street's new unpopularity, has appeared in a television advertisement proclaiming his brokerage firm "a different kind of company."
Across the business landscape, the imperial chief executive, hailed not long ago as the savior of entire companies and the driving force behind the turnaround of the American economy, is suddenly under siege. With two prominent executives being indicted in the last month, accounting problems continuing to emerge and the stock market stuck near its lowest level in three years, executives are facing their most significant challenge in a decade or more. |
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The news may be unpredictable, but never the New York Times.
9:17:07 AM
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© Copyright
2002
Tom Matrullo.
Last update:
7/1/2002; 7:18:07 AM.
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