Banks, Credit Crisis, Economy, Video, Washington / Comments Off
Consumer electronics, Entertainment, Internet, Technology, Telecommunications, Television, Video / 2 Comments
Today’s WSJ piece about Apple considering launching an internet TV service underscores just how fast the television landscape is changing. Apple is almost certainly on the right track – in fact, it’s a bit late. Hulu (owned by three media firms including our own News Corp.) is already in that space, as is Netflix. In our home, we have a flat-screen TV but no cable television subscription. Instead, our television is hooked up to our computer as a second monitor, and we watch programs from Hulu and others, or borrow DVDs from the public library. We don’t miss real-time TV at all – mainly because we’re not sports aficionados. That said, the upcoming kick-off of American Idol’s new season will be the true test of our family’s TV-less experiment, which began when we moved back to the U.S. last June. While abroad, we always had cable TV and spent too many hours slumped on a couch flipping from one junky show to another. Viewers’ ability to buy the precise programs they want, whenever they want, is the way of the future. Apple, Hulu and Netflix have it right.
Bank Rescue Plan, Banks, Compensation, Credit Crisis, Video, Wall Street, Washington / Comments Off
The Wharton School of the University of Pennsylvania has been hosting some of the Wall Street CEOs who guided their firms into and out of the financial crisis. Earlier, we shared John Mack’s tale of defiance and in his own words what he did to keep Morgan Stanley afloat (click here for that video). Here, John Thain discussed what led to the financial crisis and talks about some of the controversies that surrounded his tenure as head of Merrill Lynch. He addresses Bank of America’s claim that it knew nothing about the Merrill controversial bonuses last fall and calls that claim a lie – Thain says they not only asked Merrill to pay higher amounts of cash versus stock but when Merrill proposed paying the bonuses in Merrill stock, B of A said no, pay them in B of A stock. And regarding the furor over his office redecoration that cost more than a million dollars and which he ultimately repaid out of pocket: “I’d furnish it in Ikea” if he could do it over again. The video is about 29 minutes. The first 8 minutes are a long introduction, so, you might want to start around there. Thain addresses the bonus mess around the 22 minute mark. Click here for the video or on Thain’s picture above.
Bank Rescue Plan, Banks, Credit Crisis, Financial Markets, Video, Wall Street, Washington / 1 Comment
Morgan Stanley CEO John Mack recently appeared before a group at the Wharton School of the University of Pennsylvania and recounted the events of that one week last September that nearly brought down the global financial system. For anyone interested in global finance, it is a must view (it runs a little over 26 minutes). There are some stunning details – how federal regulators were pressuring Morgan Stanley to sell itself to J.P. Morgan for $1. How Mack had a firm conversation with J.P. Morgan CEO Jamie Dimon about speaking with Mack directly on any acquisition talks, and not his subordinates. His frequent phone calls with Goldman’s Lloyd Blankfein, who told Mack he had to find a way to rescue Morgan because if it failed, his firm might be just 20 minutes behind. And how and why Mack hung up the telephone with the three most powerful regulators in the U.S. Click on the image above to see the video or click here.
Meena Thiruvengadam talks about some of the economic data the markets will be dissecting this week. Some of the highlights: consumer confidence and home price data due out on Tuesday and a look at preliminary GDP on Thursday.
Newsday’s Walt Handelsman takes a look at the healthcare debate in his usual clevel, offbeat way. Click here to see the video or click on the image above.
A nice video put together by PBS that offers super perspective and some good behind-the-scene moments during the financial crisis over the past year. Includes interviews with many of the players and journalists who covered the story. Here’s an excerpt from the PBS website:
“On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. “There was literally a pause in that room where the oxygen left,” says Sen. Christopher Dodd (D-Conn.). ”