Word: crediteers
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...economy is not the only reason people are drawn to McDonald's. The company's management also deserves credit for its success. Back in 2003, America's obesity epidemic was a hot topic, and McDonald's suffered from the backlash. For the first time in its 47-year history, the company saw a quarterly loss. Its stock was down to $12 a share. You couldn't just blame bad p.r. for the company's woes. Stale food and tired stores also kept people away. "McDonald's was actively dissuading customers from coming back," says John Glass, a Morgan Stanley analyst...
...raging debate about the largest American banks is whether their stock market values should be zero. Economist Nouriel Roubini, the most highly paid pessimist in the world, recently said that U.S. banks are "insolvent" and credit crisis write-downs will total $3.6 trillion. That is a great deal more than has been taken as losses by financial firms to date...
...Americans can also look at the choices made by the U.K. to salvage its credit system. Large banks there are being effectively bought out by the government as the U.K. attempts to put a firewall around huge losses from toxic assets. The Royal Bank of Scotland (RBS) is already 70% owned by the government and management's kilts have been repossessed. (See pictures of the financial crisis in London...
...large asset: their names. Marketers used to call this brand equity. It was a nonsensical way of saying that having a company's name on hundreds of buildings and sports stadiums made customers more comfortable being customers. Decades of advertising did that for Citi and B of A. The credit crisis has not entirely ruined those reputations. Citi retail customers in Italy probably don't worry about the hundred dollars they have in the big bank. It is simply very difficult to see how the "body of the brand" can be exhumed...
Obama insiders credit the new chief of staff for many of the transition team's more agile moves. Take the agonizing choice of a Secretary of the Treasury. Obama's personal inclination was to tap New York Federal Reserve chief Timothy Geithner, who had been intricately involved in devising last year's $700 billion financial-bailout package. But he also wanted the expertise of the ferociously brainy Larry Summers, who had held the Treasury job and wanted it again. So Obama and Emanuel worked out a deal to get both by convincing Summers to take a post inside the White...