Part I: Watch What They Do . . .
“Did you ever expect a corporation to have a conscience, when it has no soul to be damned and no body to be kicked?”
– Edward Thurlow (1731 – 1806), Lord Chancellor of England
Part II: Watch What I Do, Not What I Say. . .
“You will be confronted with questions every day that test your morals. . . . Think carefully and, for your sake, do the right thing, not the easy thing.”
– Tyco International CEO Dennis Kozlowski, in a commencement speech at Saint Anselm College. He was indicted for tax evasion 17 days later.
Part III: What Did He Say?
“I don’t know, man. I guess I’m gonna fade into Bolivian.”
– Former heavyweight champion Mike Tyson, after his drubbing by Lennox Lewis
The market value ($2 billion) of JetBlue Airways, with a total of 3,100 employees, exceeds the combined market value of Northwest Airlines, UAL, and U.S. Airways Group, with a total of 175,000 employees.
Memo to Staff: Our Meeting With Monday Is on Friday
PwC Consulting is splitting off from PricewaterhouseCoopers and changing its name. The firm spent six months screening names before settling on its new identity: Monday. “Monday is a fresh start, a positive attitude, part of everyone’s life,” declares the Web site (Monday.com) that explains the name. The firm, with more than 32,000 employees, will spend $110 million promoting the brand. No word on its plans for the other six days of the week.
Now That’s Fast
SMS.ac Inc., based in San Diego, signed up nearly 6 million users in its first six months — making it the fastest product launch in Internet history. The marketing budget? Zero. The service enables mobile phones to send and receive text messages. It took eBay more than two years to reach the 1-million-user mark.
And This Is Even Faster
Talk about a bun in the oven! New Bakery Company of Ohio recently opened a $22 million computer-integrated plant. Combined with its nearby sister plant, the bakery can make enough buns for 1.2 billion Wendy’s sandwiches per year. That’s 3,420 buns per minute.
From Tee Time to Hard Time?
In a report commissioned by Starwood Hotels & Resorts, 82% of the high-ranking executives who were surveyed admitted to cheating on the golf course. At least that’s a smaller percentage than those who seem to be cheating on their SEC filings.
The Real Scandal?
$60,000,000,000 = Destruction of shareholder wealth in the Enron scandal
$175,000,000,000 = Destruction of shareholder wealth in the WorldCom scandal
$450,000,000,000 = Destruction of shareholder wealth in the scandal-free decline of Cisco Systems