tag:blogger.com,1999:blog-32542246.post7989580485641434853..comments2024-02-24T05:19:10.949-05:00Comments on Durham-in-Wonderland: Steel to Wachoviakcjohnson9http://www.blogger.com/profile/09625813296986996867noreply@blogger.comBlogger71125tag:blogger.com,1999:blog-32542246.post-7216058665801319042008-07-23T15:26:00.000-04:002008-07-23T15:26:00.000-04:00Wachovia is cutting almost 11,000 jobs and positio...Wachovia is cutting almost 11,000 jobs and positions. And just how much is Steel getting paid?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-59209300491305845202008-07-15T14:40:00.000-04:002008-07-15T14:40:00.000-04:00"Mr. Steel did not invent the PC world. He only tr..."Mr. Steel did not invent the PC world. He only tries to survive in it like the rest of us who live in the real world."<BR/><BR/>Sounds like the excuse a Frenchman would offer for working for Vichy.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-11192449865969104032008-07-15T10:10:00.000-04:002008-07-15T10:10:00.000-04:00One wonders how much the Duke endowment has invest...One wonders how much the Duke endowment has invested in Wachovia Bank stock.<BR/><BR/>WB is down over 15% as of 10:05 this a.m. trading at around $8.35 per share. This isn't just a financial sector issue. The other major banks are only lower by 5%.<BR/><BR/>Since Mr. Steel was named CEO WB has lost $12.2 billion in market capitalization.<BR/><BR/>Maybe character does count after all.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-63968215548196781192008-07-15T08:59:00.000-04:002008-07-15T08:59:00.000-04:00http://dailybriefing.blogs.fortune.cnn.com/2008/07...http://dailybriefing.blogs.fortune.cnn.com/2008/07/15/wachovia-faces-reckoning/?section=money_topstories<BR/><BR/>Rough times ahead for Wachovia.<BR/><BR/>Here's a try at a link:<BR/><BR/><A HREF="http://dailybriefing.blogs.fortune.cnn.com/2008/07/15/wachovia-faces-reckoning/?section=money_topstories/" REL="nofollow">Wachovia Link</A>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-81540736807139733752008-07-14T23:04:00.000-04:002008-07-14T23:04:00.000-04:00All I'm wondering is if Steel will move into Bilas...All I'm wondering is if Steel will move into Bilas' neighborhood in Charlotte. Wouldn't that be a great conversation at the country club bar?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-9371311853344589262008-07-14T16:22:00.000-04:002008-07-14T16:22:00.000-04:00Inre. RRH“Life sucks. Bad things happen to good pe...Inre. RRH<BR/><BR/>“Life sucks. Bad things happen to good people and you better get used to it.”-Bob Steel<BR/><BR/>Is this a way of saying that nothing bad has happened to him (Steel)? - RRH<BR/><BR/>I missed this over the weekend. You must be related to Will Rogers.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-72441171753194762212008-07-14T16:18:00.000-04:002008-07-14T16:18:00.000-04:00Inre: 2:24 Robert Steel mentioned as Chairman vs. ...Inre: 2:24 Robert Steel mentioned as Chairman vs. Vice-Chairman of GS. I stand corrected, please excuse my error.<BR/><BR/>Regardless, the Mr. Steel was an Executive Officer during a time when the stock was flat.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-15070170931941808202008-07-14T14:24:00.000-04:002008-07-14T14:24:00.000-04:00"Bob Steel was Chairman during this timeframe."He ..."Bob Steel was Chairman during this timeframe."<BR/><BR/>He was never chair of GS. He was a vice-chairAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-74782532394271071282008-07-14T11:46:00.000-04:002008-07-14T11:46:00.000-04:006:55,The diva is the "heart" of D-i-W. You won't c...6:55,<BR/><BR/>The diva is the "heart" of D-i-W. You won't change that.<BR/><BR/>It's an idea worth considering for visitors to be required to sign in with a valid email address and ID.<BR/><BR/>Maybe it would cut down on the noise.<BR/><BR/>lpjAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-84182278504992489332008-07-14T11:13:00.000-04:002008-07-14T11:13:00.000-04:00Wachovia has lost $7.3 billion in market cap (Mond...Wachovia has lost $7.3 billion in market cap (Monday 11:10 a.m. EDT) since Robert Steel was announced as the new CEO.<BR/><BR/>It appears the smartest guys in the room don't think much of Mr. Steel. Maybe it's time for him to bring in the big guns, you know, those with the AA and Woman's Studies degrees.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-1491419357592601062008-07-14T10:05:00.000-04:002008-07-14T10:05:00.000-04:00In February of 2001 Goldman Sachs stock was tradin...In February of 2001 Goldman Sachs stock was trading around $110 per share. In February of 2004 the stock was trading around $100 per share.<BR/><BR/>Bob Steel was Chairman during this timeframe. What exactly did his leadership provide that was so impactful?<BR/><BR/>Were it short term impact he failed. The stock was essentially flat during his term. After he left the stock rose to $240. <BR/><BR/>Were it a long term impact, one might point out that GS, like most all investment banks, has significant institutional problems.<BR/><BR/>That question regarding GS is somewhat minor relative to questions regarding the moral hazard of the decisions related to opening the discount window to non-bank institutions. He had some authorship in that decision.<BR/><BR/>Of course his action/inaction in the Duke hoax demonstrate a moral hazard of another kind.<BR/><BR/>One may guess that Mr. Steel will write down Wachovia assets so low to ensure short term success. We'll see.<BR/><BR/>Clearly Mr. Steel is a smart guy with a strong resume and some charm. But what success has he really enjoyed as a leader of anything? How he managed Richard Brodhead? His employees, the Klan of 88?<BR/><BR/>If one considers where Goldman Sachs, our economy, and Duke University are today, it is so stretch to see a common thread - Mr. Bob Steel.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-57192558247601494122008-07-14T08:00:00.000-04:002008-07-14T08:00:00.000-04:00TO 10:32 AM......3:29 PM.......6:55 PM.......10:30...TO 10:32 AM......3:29 PM.......6:55 PM.......10:30 PM :<BR/><BR/><BR/>It is obvious that all of these are from the same disgruntled anonymous commenter.<BR/><BR/>None of your comments contain anything but silly ad hominems and straw arguments put together in superfluous fashion as a way to vent some very personal issues.<BR/><BR/>When such a show is put on for the purpose of trying to close down other comments, the dialogue can be given more respect when the flame thrower isn't hiding behind "anonymous".<BR/><BR/>Lucky for you that KC doesn't follow the rules of many of the other blogs where authors require commenters to sign in, give an email address, and are only then allowed a level of free expression acceptable to the agenda-driven hosts.<BR/><BR/>As you can see, you are a beneficiary---in bold relief---of free expression allowed here.<BR/><BR/>You will no doubt relish the fact that my previous responses to your comments were not allowed.<BR/><BR/>So is the Diva or anyone else getting special treatment?<BR/><BR/>Ridiculous!<BR/><BR/>You have not a clue about what actually takes place; however, there seems to be great need on your part to attack this blog.<BR/><BR/>For what reason?<BR/><BR/>In the past there have been "anonymous" commenters show up to <I>advise</I> KC. A few have been so presumptuous as to tell him it was time to end the blog.<BR/><BR/>Following this blog takes time. I am curious as to what possible motivation one would have to decide to invest sizable life currency in such an endeavor......just to attack other commenters for showing up.<BR/><BR/>Why would you or anyone <I>care</I> what "The Diva" posts or does not post? Why would this be something about which to obsess?<BR/><BR/>Lately, such splenetic self-serving kibitzers seem to have altered KC's moderating. To that end, anonymous people like yourself whose personal issues have metasticized must feel you've accomplished something.<BR/><BR/>Perhaps it <I>is</I> time to close the blog when morose arguments designed to settle personal scores, "anonymously", are given such a platform.Debrahhttps://www.blogger.com/profile/04567454727276881424noreply@blogger.comtag:blogger.com,1999:blog-32542246.post-24787544830181394272008-07-14T07:28:00.000-04:002008-07-14T07:28:00.000-04:00To Anonymous 7/13 10:30It would appear that there ...To Anonymous 7/13 10:30<BR/><BR/>It would appear that there will be serious cutbacks and downsizing at Wachovia. Steel might well shine at these activities, and may well have been hired to lead these efforts. I wonder if he was one of those, in Chuck Schumer's words, "asleep at the switch" in the current Indy-Mac etc. crisis, as he was a domestic policy adviser at Treasury.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-50452136811270653992008-07-14T04:53:00.000-04:002008-07-14T04:53:00.000-04:00To the 6.55:You ask, "So what was your meandering ...To the 6.55:<BR/><BR/>You ask, "So what was your meandering blog all about? Beats me." You might want to consider extension school courses, or offerings at a nearby community college, to help you with your reading comprehension skills.<BR/><BR/>You ask, "In you classes how do you deal with dissension? Like the Group of 88-1=87?" Given that I have received teaching awards at each institution at which I have taught (Harvard, Williams, and Brooklyn), it seems that my students think I'm doing something right.kcjohnson9https://www.blogger.com/profile/09625813296986996867noreply@blogger.comtag:blogger.com,1999:blog-32542246.post-6783254463697219842008-07-13T22:30:00.000-04:002008-07-13T22:30:00.000-04:00KCYou wroteSteel's financial skills, which are obv...KC<BR/>You wrote<BR/>Steel's financial skills, which are obviously considerable.<BR/>So Wachovia may have made a wise choice?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-67761697242787713152008-07-13T18:55:00.000-04:002008-07-13T18:55:00.000-04:00To the 7/13/08 5:15 PM from the 7/13/08 10:32 AMTh...To the 7/13/08 5:15 PM from the 7/13/08 10:32 AM<BR/><BR/>Thank you for allowing my comment.<BR/><BR/>I not only read your current blog about Mr. Steel, I searched DiW for other references to him.<BR/><BR/>Mr. Steel did not invent the PC world. He only tries to survive in it like the rest of us who live in the real world.<BR/><BR/>So, you agree he has financial skills to be a good choice in his new position. So what was your meandering blog all about? Beats me.<BR/><BR/>You fear? How weak.<BR/><BR/>However, I take you to task about your stating that I make derogatory references to your readers when I only refer you and your "groupie" commenters.<BR/><BR/>I read you. Are you telling me that I attack myself? Or is it only those who agree with you that are welcome?<BR/><BR/>How would I or you possibly know what you readers think? I have no opinion on the motivations of any of your readers.<BR/><BR/>Sorry that I'm not more like "The Diva"<BR/><BR/>To put it more bluntly, I consider your commenters to be bunch of brown noses as of late.<BR/><BR/>In you classes how do you deal with dissension? Like the Group of 88-1=87?<BR/><BR/>Preemptive Statement: Angry, bitter and catty yours,<BR/>The 7/13/08 10:32 AMAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-74187710144596517872008-07-13T17:15:00.000-04:002008-07-13T17:15:00.000-04:00To the 10.32:I fear that your derogatory reference...To the 10.32:<BR/><BR/>I fear that your derogatory reference to readers of the blog makes you appear angry, bitter and catty.<BR/><BR/>I urge you to re-read the post: it makes no comment about Steel's financial skills, which are obviously considerable. It only points out that, based on his response to the lacrosse case, it's folly to describe Steel as an ideal choice to lead an institution in a time of turmoil.kcjohnson9https://www.blogger.com/profile/09625813296986996867noreply@blogger.comtag:blogger.com,1999:blog-32542246.post-62142199632994819382008-07-13T15:29:00.000-04:002008-07-13T15:29:00.000-04:00In comments about the Rabinowitz column, 7/7/08 12...In comments about the Rabinowitz column, 7/7/08 12:31 PM said, "(((((((() No parsimonious scholar, he. An infinite book of excitement, our seductively fabulous KC! ())))))))"<BR/><BR/>Because of my ancient technical background I thought,. "What an insult."<BR/>A parsimonious argument is a thing of beauty. Less is more!<BR/><BR/>I remember when computer memory was hand wired on toroid cores.<BR/>A program which used a parsimonious amount of steps was considered elegant.<BR/>Isn't that true of all proofs & arguments?<BR/><BR/>I decided to watch for what 7/7/08 12:31 PM was implying.<BR/>Unfortunately, in "Steel to Wachovia" there is the following, "Steel’s handling of the lacrosse case suggested a leader who was mostly concerned with upholding the position of the man he selected as president of Duke, Richard Brodhead."<BR/><BR/>"Suggested"? How passive can you get? Much implied, nothing stated.<BR/><BR/>"Defending the position or the man?"<BR/><BR/>In the military, we dog faces were taught, "If you disagree with the ranking commander, you must still honor the rank."<BR/><BR/>So was Steel wrong in trying to to support the position?<BR/><BR/>When I look at the modern world which refers to Presidents Clinton and Bush as Willy and Shrub, I don't think so.<BR/><BR/>So 7/7/08 12:31 PM, you are right, the "no parsimonious scholar" states nothing in the above and what he does state is ambiguously phrased.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-27332784624186185872008-07-13T12:27:00.000-04:002008-07-13T12:27:00.000-04:00This comment has been removed by the author.Debrahhttps://www.blogger.com/profile/04567454727276881424noreply@blogger.comtag:blogger.com,1999:blog-32542246.post-38702328689086090362008-07-13T11:41:00.000-04:002008-07-13T11:41:00.000-04:00Read the N&O article today (sunday) about Steel, W...Read the N&O article today (sunday) about Steel, Wachovia and the lacrosse case, his comment about the case was a MAJOR understatement. I would not share it with any of the lacrosse team!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-63620172760059875732008-07-13T10:32:00.000-04:002008-07-13T10:32:00.000-04:00“The first myth of management is that it exists.”-...“The first myth of management is that it exists.”<BR/>-Robert Heller<BR/><BR/>Mr. Heller is indicating that there is no abstract set of management skills applicable to all industries and endeavors.<BR/><BR/>Example: The New York Yankees Manager wouldn't necessarily have the management skills to run NASA.<BR/><BR/>Mr. Steel's background is finance and that may be where he belongs.<BR/><BR/>“The second myth of management is that success equals skill.”<BR/>-Robert Heller<BR/><BR/>Sorry, this article makes you and your groupies sound angry, bitter and catty.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-89078186154376671862008-07-12T21:54:00.000-04:002008-07-12T21:54:00.000-04:00Didn'y anyone at Watchoverya at least GOOGLE the t...Didn'y anyone at Watchoverya at least GOOGLE the tool before they hired him?!<BR/><BR/>The depressing part of this is, barring felonious behavior (and I mean a real felony that could be taken to court), this moral coward will walk away with millions of dollars no matter if he craters the institution.<BR/><BR/>Damn.<BR/><BR/>Hard to believe that Steel was the best they could do. I would follow many people I respect, but never anyone without the courage to do the right thing in a pinch.<BR/><BR/>ES Duke 1990Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-22635190084294296082008-07-12T16:03:00.000-04:002008-07-12T16:03:00.000-04:00As a Duke alum and CEO, I'm discontinuing my busin...As a Duke alum and CEO, I'm discontinuing my business with Wachovia and continuing my $.88 contribution to unrestricted annual giving for Trinity.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-85839233346967442572008-07-12T14:03:00.000-04:002008-07-12T14:03:00.000-04:00Anyone with Duke ties and/or interested in dealing...Anyone with Duke ties and/or interested in dealing with honorable people, now have something concrete they can do (besides sending 88 cent fundraiser checks to Duke) <BR/>They can remove their money from Wachovia, and take it elsewhere.<BR/>It is often hard for one person to have an impact, often difficult to know what you can do, but this is pretty clear. Remove money from Wachovia and keep Steel from being successful there.<BR/>His speech (I caught just a bit of it) was to stay in touch with the everyday people, the people in the trenches, they know what the needs of the bank are. If only he had taken the time to take care of the people at Duke, LIKE the STUDENTS. <BR/>The reason that Duke exists! (students = university) Maybe if he had tuned into his true responsibility, he would be looking like a hero, rather than a _________! (feel free to fill in the blank how you see fit.)<BR/>Too bad, he is now moving back to NC, but at least he will be close to make discovery convenient.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32542246.post-56330794465153093422008-07-12T13:52:00.000-04:002008-07-12T13:52:00.000-04:00To the 7/10/08 2:58 PMMonths ago, the Diva opined ...To the <BR/>7/10/08 2:58 PM<BR/><BR/>Months ago, the Diva opined that in order to be elected, and then subsequently govern, Obama would move right--to the center.<BR/><BR/>Iowahawk agrees with you!!<BR/><BR/>http://iowahawk.typepad.com/iowahawk/2008/07/a-clarification.htmlAnonymousnoreply@blogger.com