There is no doubt that Goldman Sachs is guilty of dealing in favor of its own financial self-interests. But, when the government announced that it was going to pursue an SEC case against Goldman Sachs, very little was said about its coincidental timing to the release of its findings of the SEC's own lapse in protecting investor interests in the matter of Allen Stanford's fraudelent investment schemes.
On April 20th a Wall Street Journal opinion piece detailed the "impeccable timing by the SEC" to publicize their case against Goldman on the same day their failings were revealed. The impact of this move has been evidenced today with the hours long coverage that the cable news outlets have devoted to the grilling Goldman Sachs has gotten by our esteemed U.S. senators.
If the goal of the exercise is to improve our system and eradicate the bad actors in an effort to make it a safer, fairer marketplace for individual Americans to do business, then the SEC and the Feds need to take a serious look at their own misdoings and allow the public ire to focus on their own failings as much as those of private enterprise.
However, if you are judging the SEC on PR points for their execution, give them a 10 for timing.
Tuesday, April 27, 2010
Next in the C-Suite: Chief Content Officer
The founder of the company where I work recently posted a commentary on the arrival of the chief content officer in the corporate C-suite.
http://blog.gregoryfca.com/2010/04/hottest-new-job-in-public-relations.html#more
The elements of the post that jumps off the page to me is that corporations are already striving to match the 24-7 demand for news coming from the media with their own round-the-clock content delivery on company happenings, position statements on current events, etc. On the information superhighway, the companies that don't have a high-level executive who can deliver the content to keep their company front-and-center will simply become roadkill.
The chief compliance officer earned a role in the early 2000's as a result of the Enron aftermath. A decade later, they'll have to make room for one more in the corporate boardroom. Next up in the C-suite: the chief content officer.
http://blog.gregoryfca.com/2010/04/hottest-new-job-in-public-relations.html#more
The elements of the post that jumps off the page to me is that corporations are already striving to match the 24-7 demand for news coming from the media with their own round-the-clock content delivery on company happenings, position statements on current events, etc. On the information superhighway, the companies that don't have a high-level executive who can deliver the content to keep their company front-and-center will simply become roadkill.
The chief compliance officer earned a role in the early 2000's as a result of the Enron aftermath. A decade later, they'll have to make room for one more in the corporate boardroom. Next up in the C-suite: the chief content officer.
Friday, April 23, 2010
Ever Wonder How Google Works?
Information is at the heart of the internet's value. We all take for granted the ease with which we can obtain information about something we are curious about.
Maybe we want a recipe for a birthday cake or perhaps we just want to track down the rumors about our favorite sports team? With a couple words typed into a search engine, perhaps a couple seconds of scrolling and a click or two - we have our answer.
A colleague of mine shared this link last night and I thought it might be worth sharing for those that wanted a closer look at how Google works. Check it out: http://www.google.com/howgoogleworks/
Maybe we want a recipe for a birthday cake or perhaps we just want to track down the rumors about our favorite sports team? With a couple words typed into a search engine, perhaps a couple seconds of scrolling and a click or two - we have our answer.
A colleague of mine shared this link last night and I thought it might be worth sharing for those that wanted a closer look at how Google works. Check it out: http://www.google.com/howgoogleworks/
Thursday, April 22, 2010
Managing Expectations, Packing PR Punch
On Wednesday of this week, General Motors Chairman and CEO Ed Whitacre had gathered company employees (and about 16 different TV networks) for a big announcement. Five years ahead of schedule, GM had managed to pay off the debt it owed to the Federal Government. (coverage here: http://bit.ly/bD0Atr)
Amazingly enough, the company had advertisements running on TV the very next day featuring the same Ed Whitacre promoting his firm's debt payoff as a sign that the company was back.
Given what it takes to pull together an event like what GM hosted at its plant in Kansas City and the effort it takes to prepare an ad for national TV that features the company CEO, one might wonder if GM knew all along (or almost from the beginning) that the time frame for repaying debt to the government was purposefully longer.
Would one count withholding material information about a company's financial health from shareholders (you know, us, the taxpayers) as a breach of regulation? Or, as I might say, was this a stroke of genius by the company's reputation managers?
Amazingly enough, the company had advertisements running on TV the very next day featuring the same Ed Whitacre promoting his firm's debt payoff as a sign that the company was back.
Given what it takes to pull together an event like what GM hosted at its plant in Kansas City and the effort it takes to prepare an ad for national TV that features the company CEO, one might wonder if GM knew all along (or almost from the beginning) that the time frame for repaying debt to the government was purposefully longer.
Would one count withholding material information about a company's financial health from shareholders (you know, us, the taxpayers) as a breach of regulation? Or, as I might say, was this a stroke of genius by the company's reputation managers?
Wednesday, April 21, 2010
The Price of Behaving Badly
Today, the NFL (my favorite professional sports league) came down hard on Pittsburgh Steelers QB Ben Roethlisberger. NYTimes.com coverage here: http://www.nytimes.com/2010/04/22/sports/football/22roethlisberger.html?src=me
For corporations that work relentlessly to promote their brand and deliver a high quality product for their customers, nothing is more detrimental to that effort than when a high ranking official displays an obvious lack of judgment, poor values and self-destructive behavior in the eye of the public. This holds true for professional sports teams as much as it does the various state governments who have seen their Governors admit to extramarital affairs (Spitzer, Sanford, McGreevy among recent examples there).
Every day, it's my job to work hard to advance companies' story. We work tirelessly to make sure that the elements of the story that serve our clients' interests get told carefully and effectively. I'm sure that the same can be said about those that represent the Steelers organization or the various states where governors have gone astray. I can only imagine the frustration that the Steelers' PR team must be experiencing today - likely suffering collateral damage to their sanity and stress level as a result of a higher paid co-worker's trouble making.
For corporations that work relentlessly to promote their brand and deliver a high quality product for their customers, nothing is more detrimental to that effort than when a high ranking official displays an obvious lack of judgment, poor values and self-destructive behavior in the eye of the public. This holds true for professional sports teams as much as it does the various state governments who have seen their Governors admit to extramarital affairs (Spitzer, Sanford, McGreevy among recent examples there).
Every day, it's my job to work hard to advance companies' story. We work tirelessly to make sure that the elements of the story that serve our clients' interests get told carefully and effectively. I'm sure that the same can be said about those that represent the Steelers organization or the various states where governors have gone astray. I can only imagine the frustration that the Steelers' PR team must be experiencing today - likely suffering collateral damage to their sanity and stress level as a result of a higher paid co-worker's trouble making.
Good news for MoxyVote
My friends (and clients) over at MoxyVote reported some good news this week on their blog.
http://blog.moxyvote.com/
You'll note that they share that they have several new "advocates" signed up to provide opinions on outstanding proxy vote issues. Free Entreprise Project, the Sierra Club, the Missionary Oblates of Mary Immaculate and Green Century Management all have agreed to provide their opinions for shareholder review.
Keep in mind that there are other proxy voting websites out there. But no one offers both the online voting mechanism and a fair opportunity for both pro and con opinions on public company proxy votes like MoxyVote does.
For me, I say its a score for investors who want to take socially responsible investing to a new level.
http://blog.moxyvote.com/
You'll note that they share that they have several new "advocates" signed up to provide opinions on outstanding proxy vote issues. Free Entreprise Project, the Sierra Club, the Missionary Oblates of Mary Immaculate and Green Century Management all have agreed to provide their opinions for shareholder review.
Keep in mind that there are other proxy voting websites out there. But no one offers both the online voting mechanism and a fair opportunity for both pro and con opinions on public company proxy votes like MoxyVote does.
For me, I say its a score for investors who want to take socially responsible investing to a new level.
Revival of The Stemwinder blog
European air travel has been marred by Iceland's volcanic ash aftermath. Goldman Sachs, most recently known as the untouchable golden child of Wall Street, has been put on notice that the SEC is coming after it for some shady double-dealing. Meanwhile, the world is trying to assure that the global economy's rebound from the Great Recession is permanent and long lasting.
Two years ago, when I first conceived the idea of doing my own blog, the news was equally disturbing for the economy, Wall Street and global affairs. However, today I feel more equipped to lend perspective on what some of these events might mean. I aim to take some perspective from my clients in the financial industry, as well as thought leaders and notable news sources whose opinions might thought provoking.
Two years ago, when I first conceived the idea of doing my own blog, the news was equally disturbing for the economy, Wall Street and global affairs. However, today I feel more equipped to lend perspective on what some of these events might mean. I aim to take some perspective from my clients in the financial industry, as well as thought leaders and notable news sources whose opinions might thought provoking.
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