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Assigning Blame for the Meltdown

Dick FuldThe Great Man theory explains history in terms of movers and shakers rather than trends and forces. Proponents believe that individuals are responsible for history’s turning points, and that if, say, the right leader were somehow abducted by aliens on the right day, that particular war might have been averted. Others argue that historical forces larger than any individual are at work, and that if you remove a figurehead, another would take its place and everything would proceed more or less the same way.

If you’re a fan of the former approach, you’ll enjoy the Guardian’s take on the 25 people most responsible for the financial meltdown. Go buy yourself a bunch of envelopes and stamps; you’ve got hate mail to write:

A former bond trader known as “the Gorilla”, [Dick] Fuld had been with Lehman for decades and steered it through tough times. But just before the bank went bust he had failed to secure a deal to sell a large stake to the Korea Development Bank and most likely prevent its collapse. Fuld encouraged risk-taking and Lehman was still investing heavily in property at the top of the market. Facing a grilling on Capitol Hill, he was asked whether it was fair that he earned $500m over eight years. He demurred; the figure, he said, was closer to $300m.

The Guardian: Twenty-Five people at the heart of the meltdown

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The Atlantic Launches a Business Page

The AtlanticAccording to MediaBistro’s fishbowlNY blog, The Atlantic has launched a new Business “channel” on its website. From the website’s press release:

The channel will feature original posts, dispatches, interviews and more from a range of experts, including The Atlantic‘s Megan McArdle, Tyler Cowen, Conor Clarke, Arnold Kling, Jim Manzi, Grant McCracken and Bart Wilson.

“The current volatile economic landscape has created an unprecedented demand for insight into the complex issues we all face,” said Justin B. Smith, President, The Atlantic. “With this launch, we’re helping our audience understand the big picture through the lens of The Atlantic‘s acclaimed opinion and analysis.”

Always a treat to discover a new source of business news and commentary.

The Atlantic Business Channel

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In Search of Lost Time…Spent in Meetings

meetingThere’s a thoughtful essay in the New York Times about the inefficient use of meetings, and how that impacts our productivity:

In business, we like to convert time to money, and the reverse. But in practice, time and money are different. We can get more money, save it, move it between accounts and use it on demand. These operations don’t apply easily to time.

Time is the most perishable good in the world, and it is not replenishable. You can’t earn an extra hour to use on a busy day. Nonetheless, we usually have a vague feeling that there is plenty of time — somewhere in the future — so we waste it now and carelessly steal time from our families, friends or ourselves when we come up short at the end of a workday and need to stay an extra hour.

The author, Reid Hastie, a professor at the University of Chicago’s Booth School of Business, offers some good advice, particularly the idea of holding one person accountable for each meeting’s success. If the meeting-leader doesn’t get things rolling and make sure everyone’s time is used judiciously, someone else runs the next one.

New York Times: Meetings Are a Matter of Precious Time

(photo courtesy of officenow)

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Mix Yourself a “Financial Meltdown”

cocktailBook news site TribLog offers some welcome advice for those of us (all of us?) affected by the recession/depression/apocalyp$e: Enjoy a smooth cocktail.

But what? What drink would relieve us of our symptoms? Certainly not a Mad Dog Madoff, which is three parts Chateau Lafitte Rothschild and approximately three billion gallons of sweat from his investors. Topped with an indictment of course.

Definitely not a Blago, an elusive and yet unsatisfying nonalcoholic libation mixed in a backroom and consisting of juice and more juice, water from the Chicago River and–most importantly–hair conditioner to add extra body and buoyancy.

There is the Detroit Bailout, a hard drink to make just right because no one can agree on its exact contents. My recipe calls for gasoline with at least ten percent Ethanol, battery acid aged in a 1967 Impala engine and electroshock treatment for the bartender.

They also offer a recipe for an actual cocktail—a “Financial Meltdown.” Anyone want to come over to the Portfolio offices to mix some up for the team? They’ve got to down easier than the real thing.

The TribLog: Financial Meltdown—A Drink for the New Year

(Photo courtesy of galant.)

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Robert Pagliarini Will Save Your Bank Account in 2009

Six-Day Financial Makeover coverBack at St. Martin’s Press, I had the opportunity to work (all too briefly) with Robert Pagliarini, financial expert and author of The Six-Day Financial Makeover.

Unfortunately, I made the move here to Portfolio before we could get very far on his new project (more on that when it’s available), but I had the distinct pleasure of meeting with Robert this Wednesday when he was in town to appear on Good Morning America, once again offering advice on turning your financial situation around in less than a week.

(Here’s some sample advice from the book: Robert suggests you create separate savings accounts for your different goals. One for the new computer, one for the summer vacation, and so on, instead of throwing it all into one lump. It should keep you more motivated about saving while ensuring you have enough leftover for everything else.)

Since Robert is based in California, we hadn’t met in person until now, but going in I felt confident we would find each other easily at the small café in Times Square where we’d planned to meet. After all, there’s his smiling mug on the cover of the book.

Unfortunately, Robert shaved the goatee—a change I heartily approve of in a manly “hey, nice chin, bro!” way—and the change made such a difference that we sat at adjacent tables for 20 minutes before he finally looked over and said, “Are you David?”

Obviously, GMA had Robert back on the show for a reason: It’s a good time for his message, and when it comes to business books, timing is key.

However hard the recession is hitting you, there’s clear, practical advice in the book for everyone (and I can say that selflessly now that I’m no longer his editor), and although ABC doesn’t seem to have the video of Robert’s appearance online, they are offering an excerpt from the book.

ABC News: Author Says He Can Fix Your Finances In Less Than Week

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