Word: clouts
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There are Russian businessmen richer than Boris Berezovsky but few with more political clout. More than anyone else in Russia today, Berezovsky personifies the way two dark spheres--the often violent world of Big Business and the secretive nature of Kremlin politics--intersect. Confidants of President Boris Yeltsin have come and gone, but Berezovsky's influence has not waned...
...unions with which the company must deal, none carries anywhere near the clout of the flyboys and -girls, a highly trained, highly paid and highly agitated bunch who have always seen themselves on a par with management, with one exception: pilots cannot be replaced quickly or easily. The pilots' union badly bloodied United Airlines in a strike in 1985, and pilots hammered the final nail in Eastern Airlines' corporate coffin in a strike in 1989. The majority of American's pilots served in the military, and many seem to relish the notion of a dogfight with their famously pugnacious boss...
...company.) They also gave up their right to strike. Yet United's pilots, embittered by what they feel was harsh and callous treatment of them by their management during labor talks, can in some sense create even more trouble. "We are owners, and we have serious clout," says Captain Kevin Dohm, a 737 pilot from Chicago. "If need be, we will force the issue and start getting rid of management." That would include Gerald Greenwald, the man the union picked to run the company...
...nation's largest pension fund with a mountainous $108 billion under management, each year flaunts a list of losers it owns to try to embarrass CEOs into remedial action. CalPERS and other managers--be they of mutual funds or public or private pension funds--have generally wielded their clout for the good of all. The money, after all, is largely ours. We should cheer as they ferret out clueless CEOs and demand solutions. Indeed, the average CalPERS laggard stock begins outperforming the market once it hits the list. Can't argue with that...
...suddenly the retail business looks good to Morgan, a stunning epiphany. The firm posted a record profit of more than $1 billion last year. Clearly, it's in no trouble. Its newfound interest in little people is unmistakable evidence that individuals wield more clout on Wall Street than ever. There may not be any immediate benefits, but long-term this is very good news. Capital and clout go hand in hand, and the popularity of mutual funds and 401(k)s means regular Joes and Janes are amassing pools of money faster than institutions. Morgan sees that and is doing...