Just before 8 this September evening, the guests are herded into a ballroom with onyx-lined walls, where they’re welcomed by wavy-haired Thomas Pritzker, the billionaire executive chairman of the Chicago-based Hyatt Hotels chain. He invites everybody to join him in a toast to his new inn. “We think we have created the finest product in New York,” Pritzker says.
Can you imagine going to work thinking you will be named the new CEO of Yahoo! that day, only to be shown the door? This is a tough love type story.
Wow, business can be harsh. Tim Armstrong of AOL can apparently be a little bit harsher.
A month after ace programmer Sergey Aleynikov left Goldman Sachs, he was arrested. Exactly what he’d done neither the F.B.I., which interrogated him, nor the jury, which convicted him a year later, seemed to understand. But Goldman had accused him of stealing computer code, and the 41-year-old father of three was sentenced to eight years in federal prison. Investigating Aleynikov’s case, Michael Lewis holds a second trial.
UPDATED: SEPT 29TH, 2014 - Thanks to a buoyant stock market, the richest people in the U.S. just keep getting richer. That has made it harder than ever to join the ranks of the 400 wealthiest Americans. The price of entry to The Forbes 400 this year is $1.55 billion, the highest it’s been since Forbes started tracking American wealth in 1982.
A few years ago a friend advised me that if I wanted to know what was going on in the real world, I should read the business pages. Although my lifelong interest has been in the study of religion, I am always willing to expand my horizons; so I took the advice, vaguely fearful that I would have to cope with a new and baffling vocabulary
If you wanted to pick the moment when the American news business went on suicide watch, it was almost exactly three years ago. That’s when Stephen Colbert, appearing at the annual White House Correspondents’ Association dinner, delivered a monologue accusing his hosts of being stenographers who had, in essence, let the Bush White House get away with murder (or at least the war in Iraq).
At 9:03 a.m. on September 11, 2001, Britt Newhouse stood in the lobby on the 52nd floor of the south tower of the World Trade Center. After United Airlines Flight 175 banked above the harbor behind him, it was pointed at the 50th floor. If not trimmed correctly, an airplane will rise as it accelerates, and the man who had killed and replaced the airplane’s pilot added power until he hit the south tower 24 floors above Newhouse. He doesn’t remember the sound of the impact.