Thursday, November 29, 2007
Merrill Lynch:You don't have to be in-thain to work here,but it helps!
John Thain is starting at Merrill from Dec 1.Once a new CEO starts,especially with a specific mandate to turn around a company,the legacy senior management should be afraid.
He will be firing some of the current senior managers,partly to draw a line in the sand to mark the beginning of his reign.Also to make room for Mr Thain to hire his own people.
I've been taking bets with my friends as to who we might think would get chopped.It's fun but hard.Our opinion is that all the Merrill's current senior management is pretty so so.It could be anyone.Being smart,even-handed,sensitive and logical people we devised an almost fool proof way of predicting the first two out of the door.
We bought small effigies (about 7 inches tall) to represent each current senior manager,stood them on a table.Stepped back ten paces and then threw darts at them.
I had two hits.Well l'm short sighted.The first 'hit' was Ahmass Fakahany.Creepy.Well it was under his watch as risk manager that the balance sheet got loaded up with rubbish,and credit exposure went out of control.So if my voodoo dart throwing process is any good,he'll be shown the door.
The second 'hit' was Greg Fleming.I was slightly bemused.He is co-president with Mr Fakahany.What is lady luck trying to tell me.I have no idea.Yet still l believe the effigy-dart method to be very reliable .I think he will get chopped by Mr Thain because he's always grinning.In every picture l see of him,a Peter-Panesque grinning Mr Fleming stares out into the abyss.It's not good to exhibit so much good humour in such solemn times.Too much jollity on the shop floor is not appropriate.I trust my process,so l think he'll be gone too.
Of course the big redundancy program for everyone else will also be announced once Mr Thain gets on board and settled.Very excited,can't wait.Hope it's before Christmas.
RB
He will be firing some of the current senior managers,partly to draw a line in the sand to mark the beginning of his reign.Also to make room for Mr Thain to hire his own people.
I've been taking bets with my friends as to who we might think would get chopped.It's fun but hard.Our opinion is that all the Merrill's current senior management is pretty so so.It could be anyone.Being smart,even-handed,sensitive and logical people we devised an almost fool proof way of predicting the first two out of the door.
We bought small effigies (about 7 inches tall) to represent each current senior manager,stood them on a table.Stepped back ten paces and then threw darts at them.
I had two hits.Well l'm short sighted.The first 'hit' was Ahmass Fakahany.Creepy.Well it was under his watch as risk manager that the balance sheet got loaded up with rubbish,and credit exposure went out of control.So if my voodoo dart throwing process is any good,he'll be shown the door.
The second 'hit' was Greg Fleming.I was slightly bemused.He is co-president with Mr Fakahany.What is lady luck trying to tell me.I have no idea.Yet still l believe the effigy-dart method to be very reliable .I think he will get chopped by Mr Thain because he's always grinning.In every picture l see of him,a Peter-Panesque grinning Mr Fleming stares out into the abyss.It's not good to exhibit so much good humour in such solemn times.Too much jollity on the shop floor is not appropriate.I trust my process,so l think he'll be gone too.
Of course the big redundancy program for everyone else will also be announced once Mr Thain gets on board and settled.Very excited,can't wait.Hope it's before Christmas.
RB
