A refreshingly straightforward, plainspoken look at what happens on the trading floor and in the boardroom.
The former CEO of Morgan Stanley chronicles his life in the financial trenches.
Mack (b. 1944) opens on a fierce note: At a company gathering, a fellow trader made a poor fellow delivering his breakfast wait for half an hour while, presumably, he slept in. As the author writes, he “tore into him. ‘Who do you think you are? This guy is trying to do exactly what you do: make a living. When you keep him waiting, you’re taking money out of his pocket. Do this again and I’ll fire you.’ ” Mack recounts plenty of hiring and firing, the latter almost always for cause but sometimes in the apparent interest of shaking things up to try something different. “Giving anyone a fiefdom is a terrible idea,” he writes, sagely. Though the author admits there is inherent recklessness in the business, that’s no excuse to be inhuman. “This is a real lesson: don’t avoid the hard things or the difficult people,” he writes, both of which will in turn teach future lessons. Hard lessons came with the financial meltdown of 2008, which found Mack resisting calls from the federal government to merge while staring down the possibility of a complete economic collapse. Instead, the author quickly recruited Japanese investors to shore up the company and avoid the chaos that killed other financial institutions, a deal that had the mixed blessing of bringing tighter federal oversight over Morgan Stanley while giving what was now a holding company “permanent access to the Fed lending window.” The ideal reader for much of Mack’s book will be business wonks or those pursuing an MBA, but the author’s common-sensical approach to matters both financial and personal, while familiar, is worth pondering, as when he counsels, “Making the hard calls when you have no idea of the outcome—taking the risk, putting yourself out there—that’s when you prove your mettle.”
A refreshingly straightforward, plainspoken look at what happens on the trading floor and in the boardroom.Pub Date: Oct. 11, 2022
ISBN: 978-1-982174-27-9
Page Count: 352
Publisher: Simon Element
Review Posted Online: Sept. 7, 2022
Kirkus Reviews Issue: Oct. 1, 2022
A clearly delineated guide to finally eradicate poverty in America.
A thoughtful program for eradicating poverty from the Pulitzer Prize–winning author of Evicted.
“America’s poverty is not for lack of resources,” writes Desmond. “We lack something else.” That something else is compassion, in part, but it’s also the lack of a social system that insists that everyone pull their weight—and that includes the corporations and wealthy individuals who, the IRS estimates, get away without paying upward of $1 trillion per year. Desmond, who grew up in modest circumstances and suffered poverty in young adulthood, points to the deleterious effects of being poor—among countless others, the precarity of health care and housing (with no meaningful controls on rent), lack of transportation, the constant threat of losing one’s job due to illness, and the need to care for dependent children. It does not help, Desmond adds, that so few working people are represented by unions or that Black Americans, even those who have followed the “three rules” (graduate from high school, get a full-time job, wait until marriage to have children), are far likelier to be poor than their White compatriots. Furthermore, so many full-time jobs are being recast as contracted, fire-at-will gigs, “not a break from the norm as much as an extension of it, a continuation of corporations finding new ways to limit their obligations to workers.” By Desmond’s reckoning, besides amending these conditions, it would not take a miracle to eliminate poverty: about $177 billion, which would help end hunger and homelessness and “make immense headway in driving down the many agonizing correlates of poverty, like violence, sickness, and despair.” These are matters requiring systemic reform, which will in turn require Americans to elect officials who will enact that reform. And all of us, the author urges, must become “poverty abolitionists…refusing to live as unwitting enemies of the poor.” Fortune 500 CEOs won’t like Desmond’s message for rewriting the social contract—which is precisely the point.
A clearly delineated guide to finally eradicate poverty in America.Pub Date: March 21, 2023
ISBN: 9780593239919
Page Count: 288
Publisher: Crown
Review Posted Online: Nov. 30, 2022
Kirkus Reviews Issue: Jan. 1, 2023
BOOK REVIEW
PERSPECTIVES
PERSPECTIVES
SEEN & HEARD
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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