(3089/898) Takin' care of business

31) [Pete Peterson, CEO of Lehman Brothers in 1982] said three criteria should be used to gauge bonuses - performance, corporate teamwork and seniority. When Peter Solomon privately complained that his bonus was to be only $250,000, much lower than expected, he recalls that Peterson privately cautioned, "Don't get in a fight with [Lehman's President Lewis] Glucksman. It's only a couple of hundred thousand dollars. I'll make it up to you."

Ken Auletta
Greed and Glory on Wall Street (1986)

32) There have been enough scandals lately to make it worthwhile to take a look at how and why the mighty have fallen, and how to avoid the same fate. The goal isn't to avoid controversy but to make sure you know the implications- and potential fallout- of controversial decisions and that your company maintains a legally and morally defensible position. If you have any doubt about how you're handling something, put yourself through a few paces.

1) THE SMELL TEST. Can you look yourself in the eye and tell yourself convincingly that the position you have taken, or the action you have sanctioned, is O.K.? If so, proceed. If not, start over.

2) THE WHAT-WOULD-YOUR-PARENTS-SAY TEST. This is far more demanding. Could you explain to your parents what you do for a living, your business philosophy and your rationale for actions your consider expedient? They're shrewd and know you extremely well. If you could look them in the eye and not get a quizzical response or be sent to your room, proceed. If not, abandon the idea.

3) THE DEPOSITION TEST. Imagine defending your actions against the televised onslaught of a well-prepared, highly trained, motivated legal counsel or congressional staff. Your opponent has as much at stake in the outcome of the discussion as you do, and your debate will reach shareholders, employees and competitors. If your position could stand up against this, the odds are good you're on the right track. If not, rethink the matter.

Mary L. Woodell
head of crisis management of Arthur D. Little Inc.
"Fraud? Imagine You're In The Spotlight"
Sunday New York Times Business Section (11/24/91)

33) [A manager of an Edge City mall:] "... Most high school kids, they're very good and well behaved. You will only have a small segment with problems. We recognize them by sight and we ban them. We are private property. Arrest them for trespass and ban them ... Kids on average will have in their pockets $25 apiece when they walk in the door. We know that. When they leave they are much better than their parents because they leave almost to the penny with nothing. When you stop and think about it, that is very strong economics. You don't want to just stop just arbitrarily throw them out. But being private property, that does give me a lot of rights. High-spirited youth can be escorted off. Quietly, subtly, but out of the picture."

William Jackson
(senior project manager of Bridgewater Commons mall)
quoted by Joel Garreau in Edge City (1991)

Note: "3089/898" is the designation I've given to the project of posting all my collected quotes, excerpts and ideas (3089 of them) in the remaining days of the Bush administration (of which there were 898 left when I began).

As of today, there are 891 days remaining in the administration of the worst President ever.