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Thursday, October 28, 2010

Wall St reform architect Frank fights for survival



BOSTON (Reuters) - Representative Barney Frank, the outspoken, witty Democrat closely tied to the 2008 U.S. bank bailout, faces a tough re-election battle after 15 terms in office at a time when incumbency itself is a liability.

Challenging the Massachusetts liberal is Republican Sean Bielat, an Iraq war veteran, and opinion polls suggest Frank has an uncomfortably narrow lead over a political unknown.

In the run-up to Tuesday's congressional elections, Frank has faced a torrent of negative ads and mailings, much of it from groups outside the state who support candidates from the conservative Tea Party movement.

Last week, Frank borrowed $200,000 from his personal savings to prop up his campaign, saying he needed "to defend against outside attacks."

A recent opinion poll showed Frank with 49 percent of likely voters, Bielat at 37 percent and 12 percent undecided. Frank kept his seat in the House of Representatives with 68 percent of the vote in 2008 and ran unopposed in 2006.

Massachusetts has already been the scene of one of the year's biggest upsets, when Republican Scott Brown won a special election for the U.S. Senate seat held for almost five decades by a Democratic Party pillar, the late Edward Kennedy.

"If Barney Frank loses, it would be as significant as Scott Brown's win. You would really begin to see the depths of this anti-government sentiment," said Marc Landy, professor of political science at Boston College.

WALL STREET TIES THAT BIND

American voters are in a surly mood over the weak economy, unemployment near 10 percent and the state of the housing market as banks face scrutiny over how they handled the paperwork in home foreclosures across the country.

Frank, 70, has been chairman of the powerful House Financial Services Committee for almost four years.
He helped to broker the $700 billion fund to bail out banks at the height of the financial crisis and he promoted legislation to slow foreclosures and keep afloat Fannie Mae and Freddie Mac, the federally controlled companies that own or guarantee more than half of the $11 trillion in U.S. mortgages.

He was a chief architect of the 2010 Dodd-Frank Act, the Obama administration's plan for tighter regulation of the financial industry.

Bielat's campaign has tagged Frank as a "key player in America's financial collapse" who "has promoted much of what caused the worst economic downturn in decades."

Landy said some see Frank as the "personification of the cozy relationship between the government and irresponsible finance."

Frank's congressional district stretches from the affluent Boston suburbs of Brookline and Newton southward to the working-class towns of Fall River and New Bedford.

 The New Bedford Standard-Times newspaper has backed Frank over Bielat, 35, a political novice, former U.S. Marine and project manager at a company that designs and builds robots.

"Recoil from Barney Frank's gruff manner if you will, but his intellect and effectiveness make him invaluable," it said.

Even if Frank is re-elected, some wonder whether he might retire if Republicans gain control of the House, as most polls suggest, and he loses his committee chair
.
"Being in the minority is not as much fun," said Alan Wolfe, director of the Boisi Center for Religion and American Public Life at Boston College.

But Frank has unfinished business -- reform of Fannie Mae and Freddie Mac and defense of the Dodd-Frank Act against a Republican assault.

Some veteran lawmakers who lose powerful committee chairs might be tempted to call it a day, especially given the rancor in Washington, but Frank is probably not among them, said Thomas Whalen, a political historian at Boston University.

"He'll never quit," said Whalen. "He'll be taken out of the Capitol on a slab."

(Reporting by Ros Krasny; Editing by Ellen Wulfhorst and John O'Callaghan)

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Wednesday, October 27, 2010

Survival-made-easyfor executives

By ANDREW LEE
andrewlee@thestar.com.my

How to Relax without Getting the Axe
Author: Stanley Bing
Publisher: Harper

FEW people working in large businesses seem content with their day-to-day jobs. The initial diligence that any newcomer displays is unsustainable as soon as he finds out that business is a hamster wheel, that he is the hamster running all day long, huffing and puffing to keep things turning.

As soon as it dawns upon the newcomer that there is in fact no future (or a bleak one, at the very least), work becomes a chore, effort is kept to a bare minimum, and quality of the final product is compromised. The newcomer eventually rises to a certain position where he no longer has the opportunity to advance any further, thus becoming the bitter and disgruntled employee who is stuck in a situation where staying on and quitting equate to the same thing – hardship.

Yet, for every obligated rodent who keeps the wheel running, there is a sleek furball happily “working” in the corner office down the hall. These guys seem to contribute less, and are often more unreliable and irresponsible. However, they soon rise to the top on the back of hefty bonuses and “business meetings” to various countries. The rodent, it seems, eventually mutates into the fat cat.

These crafty people have mastered the concept of executive life, what Bing describes as “the middle ground between slavery and unemployment”.

In his book, he goes on to explain the executive life. Citing examples such as the provision of big bucks with bonuses (in spite of screwing up), US$150 lunches, the loss of touch with reality, as well as drinks with “friends” who would like to see you dead. According to Bing, the secret of happiness is to live such a life whether one deserves to or not. The fact is that nobody deserves to. Therefore, to quote Bing: “Why shouldn’t you not deserve to at the same high level as other guys who don’t deserve to?”

The book teaches us a phalanx of ploys, evasions, hoaxes and clever swindles grouped together under a simple name: Executricks. Along the way, Bing guides us through the core skills that no budding office ear picker can afford to do without - delegation (telling people what to do and having them do it), absence (operating from the digital vacuum), abuse of status (it can be done), decisiveness (even when confused) and engagement (but only when necessary).

Bing cites a few examples of respected figures who have mastered executricks. The greatest delegator in history, Ronald Reagan was widely chastised back in the day for sleeping during meetings and allowing his wife to act as the actual chief executive. Yet, he is remembered as one of the greatest American presidents, with nary a word implying that he snoozed through the majority of his second term.

Today, great potentates such as Putin, Jobs, Gates and Kim Jong Il are honoured more in the breach than in the observance most of the time. They have mastered the ability to be the perceived train drivers when they are, in effect, invisible. Can you imagine a Kremlin worker complaining about how lame his boss is for not having been in the Pedestrian Control Department for years? No – the reason being that Putin is totally there, even when he’s not.

It may seem this is the perfect book for those who intend to shirk responsibilities, however Bing makes it clear in one of the final chapters in the book that work is inevitable to the executive. Work is like crisis; there is usually one waiting to happen. The goal therefore is clear – to work with maximum power for the shortest amount of time possible.

But how is one to know what work is, and what isn’t? Thankfully, included in the book are several important definitions of work:

a) Professional expertise, accumulated by you over a period of time, is needed;
b) The need to “get things right the first time” is not imaginary;
c) You get paid for it, and if you don’t do it you don’t get paid at all; and
d) Somebody told you to do it.

The key when the alarm bells sound are to treat every piece of work as a battle. There’s a reason why business types love to read biography and history – it provides them with a useful metaphor! There are numerous conflicts that one could be dealing with during work, and as long as one manages to avoid getting bogged down in long-term unwinnable campaigns (Vietnam, Iraq, Afghanistan), one should be fine. Transform these into short, hard pitched battles, and one can give up work and get back to “work”.

A word of caution. This book is not for budding yuppies looking to rise to the top of their respective businesses or management consultancies. There are various self-help, motivational and Warren Buffett-type books available in the market for such cases (although fetching tea or coffee while staying attentive to the various needs and wants of your boss probably helps as much, if not more). Rather, this book is for the person who realises his or her standing within an organisation, and intends to derive the maximum utility from such a position.

Bing’s ethics might be questionable – but then again, so were Machiavelli’s in the medieval period. And nobody called Sun Tzu a saint either, yet both men are exalted on the same podium as a certain Ronald Reagan. The same fate awaits Putin, Gates, Kim Jong Il and whoever else is able to master the subtle yet effective skills of executricks. Now if you will excuse me, there is a sandwich I need to enjoy.


Tuesday, October 26, 2010

Who ‘Ruled the Air’ in 1910? (And Who Rules It Now?)

Read More http://www.wired.com/epicenter/2010/10/who-ruled-the-air-in-1910-and-who-rules-it-now/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wired%2Findex+%28Wired%3A+Index+3+%28Top+Stories+2%29%29#ixzz13QZF4dq6