By Simon Johnson, James Kwak
Even with its key function in developing the ruinous monetary difficulty of 2008, the yankee banking has grown larger, extra ecocnomic, and extra immune to legislation than ever. Anchored by way of six megabanks whose resources volume to greater than 60 percentage of the country’s gross family product, this oligarchy proved it may well first carry the worldwide financial system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary zone and forcefully argues that we needs to get a divorce the massive banks if we wish to keep away from destiny monetary catastrophes.
Updated, with new research of the government’s fresh try to reform the banking undefined, this can be a well timed and professional account of our bothered political economic climate.
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Additional info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
We had 23 executive jet airplanes (10 of which had been converted to freighters); hundreds of employees; a hub and World War II facilities in Memphis, TN; and no money. Frederick W. Smith, the founder, had used all of his family’s trust fund and incredible banking and leasing salesmanship to get us here, but that was all there was. Fred Smith, myself, and others had traveled to New York and had appointments with venture capitalists all around the city the next day. Fred had seen most of these venture capitalists earlier, and they had told him to come back when we were in business.
The cultural structure, so successful in other areas, was not working in this district. The numbers were being compiled every day, and the information was there, but the managers were not using the information to provide feedback and to build relevance. The district was driven by a very strong union, and managers had acquiesced to the power of the union. We had to change the culture to focus people on reducing costs while maintaining on-time delivery. We set a cost-reduction goal of moving delivery costs from 28 cents to 23 cents per package relevant to the frontline people (drivers) who had to change their actions in order to meet the goal.
This cost-reduction project was an example of a system designed to focus people on one aspect of their business. fm Page 32 Friday, May 10, 2002 11:36 AM 32 C u s t o m e r C u lt u r e together to focus people on cost-driven performance in this case. This particular approach put relevance into a system with clear goals and feedback. After these attributes of a good structure were all working well, people at every level took the actions necessary to improve performance. All too often managers see their job as training people to take the proper actions.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak