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Lowenstein is terrific at walking the reader through complex economic events, and he artfully traces the development of the subprime-mortgage disaster. It sounds like a lofty ideal when Angelo Mozilo, a co-founder of Countrywide, says in a speech in 2003, "Expanding the American dream of homeownership must continue to be our mission, not solely for the purpose of benefiting corporate America, but more importantly, to make our country a better place." Countrywide and others made mortgages available to anyone with a pulse, aided and abetted by Wall Street, which created the market for exotic mortgage derivatives...
Kiechel, a former managing editor of FORTUNE, hails the rise of strategy, saying it has eclipsed "any other change worked in the intellectual landscape of business over the past 50 years." The "lords" are Bruce Henderson of BCG, Bill Bain of Bain & Co., Fred Gluck of McKinsey and Michael Porter of Harvard Business School. He traces their quest to understand how companies gain competitive advantage. The strategy revolution, Kiechel writes, "features a rowdy parade of ideas and analytical techniques jostling each other down the historical road...
Motorola's dire straits required a dramatic reinvention. So over the course of 2008, it slashed costs, replaced nearly 70% of its senior executives, transformed its corporate culture and hired Sanjay Jha, Brown's co-CEO, to resurrect its handset segment. Then it took the turnaround one step further, announcing plans in February to split the corporation into two independent entities...
Greg Brown, Co-CEO of Motorola, likes to compare his company's recent performance to the Dickens classic A Tale of Two Cities. Yes, that's got to be the most clichéd literary reference in Western history, but Brown is not a wordsmith. He runs a gadget company. And that's the problem: Motorola was once renowned for manufacturing ultra-chic mobile phones. Yet since 2006, that business has been in free fall, and the company's overall revenue has dropped by half. The recession didn't help much. Keeping the $22 billion firm afloat were its less glamorous...
...Crowd Science survey found that iPhone users account for 1 in 3 smart-phone owners. Among non-iPhone users, nearly 40% say they would switch to an iPhone for their next purchase. "Much of Droid's success has resulted from Verizon pushing it as its lead product," says Jefferies & Co. analyst William Choi. "What happens when Verizon can sell the iPhone?" (See 10 ways Twitter will change American business...