Quote of the Week

"But basically, you come to us today on your bicycles after buying Girl Scout cookies and helping out Mother Teresa, telling us, 'We're sorry; we didn't mean it; we won't do it again; trust us.'

Well, I have some people in my constituency that actually robbed some of your banks, and they say the same thing. They're sorry. They didn't mean it. They won't do it again. Just let them out."

REP. MICHAEL E. CAPUANO, D-MASS, speaking to bank executives

Who is demonstrating real moral leadership in this market? Is it important?

At the last EP leadership forum this question was asked. The group were discussing the role that large companies can play in supporting the community during a time of crisis.

Facts of the week

'MBA graduates led the world into recession'

• This interesting article relays the views of Matthew Lynn, Bloomberg columnist, as to whether so called MBA factories created the conditions that helped land the economy in the current mess.
• Some notable examples referred to are: Richard Fuld former CEO of Lehman Brothers who had an MBA from New York University, and Andy Hornby, CEO of British bank HBOS- another Harvard Business School product. HBOS had to be bailed out in a merger with Lloyds Banking Group and then both had to be rescued by the UK government.
• The core argument is that the schools promoted a quasi-scientific approach to business, encouraging students to believe that running a company could be mastered by anyone.
• Yet, it is argued that management – in reality - is a skill that is acquired through experience, judgement and flair.

http://www.siliconindia.com/shownews/MBA_graduates_led_the_world_into_recession-nid-54261.html

Recession is L Shaped, says WPP's Martin Sorrell

• Sir Martin Sorrell, has characterised the current recession as 'L-shaped', after famously coining the phrase 'bath-shaped' to describe the last economic downturn.
• He said the protracted recession mirrored the downturn and recovery seen in Japan during the 90s.
• In speaking about his views of the downturn on the advertising industry and WPP's strategy for weathering the recession, he argued that the 'spending nations' would really suffer.
• However, he suggested that it was possible we would go back to where we were 200 years ago and the BRIC countries (Brazil, Russia, India and China) represented 50% of the worldwide GNP, arguing that by 2040 or 2050 they would be there again.

http://www.guardian.co.uk/media/2009/mar/17/martin-sorrell-recession-l-shaped

Galvin's Chance

Youngsters at risk of gun and knife crime on some of Britain's most violent housing estates are to be given a chance to train and work in London's finest, five-star hotels. A race around the Serpentine in Hyde Park, under Park Lane and up all 28 floors of the London Hilton will take place on June 17. Fred Sirieix, General Manager, Galvin at Windows, teenager Alex Rose and Chris Galvin, chef patron Galvin at Windows created the scheme, click on the link below to find out more:

http://mayfairparkandtowerrace.com/about-the-race.html