Word: czars
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Rick Tsai CHIP CZAR Don't tell Tsai, 54, the new CEO of Taiwan Semiconductor Manufacturing Co. (TSMC), that replacing a legend is daunting. Chip mogul Morris Chang, who founded TSMC in 1987 and built it into the world's largest manufacturer of custom-made chips, named Tsai, a 15-year TSMC veteran, his successor. (Chang remains chairman.) Tsai is already forecasting a gaudy 43% quarterly gross-profit margin for the $8 billion company. Tsai knows TSMC inside out, having held nearly every senior position, and has lived up to his strong nickname: Buffalo. --By Joyce Huang/Taipei...
...part of that expanded oversight, FEMA is sending some 30 auditors to the Gulf to follow the money. Not to be outdone, Congress has its own team of 24 investigators hot on the FEMA auditors' heels. But unless the President appoints an independent czar to oversee the entire reconstruction operation, Democrats and Republicans alike fear it may be as poorly managed as the initial response to the storm. FEMA's track record before Katrina isn't too encouraging: during last year's $2 billion cleanup of Hurricane Frances, millions of relief dollars ended up in the hands of residents...
...Senators in both parties push President Bush to name a "hurricane czar" to take charge of the Katrina aftermath, some Administration officials relish the notion of outsourcing their Category 5 headache. But the idea of a superpowerful hurricane guy hit a major obstacle: Vice President Dick Cheney, who--eight days after Katrina made landfall--was put in charge of assessing whether the Administration was meeting its goals in the relief effort...
G.O.P. officials say Cheney opposed a czar largely out of his affection for standard operating procedure. But a presidential adviser tells TIME that Cheney was also concerned that the new office would invite more meddling by Congress and create another power center. "If you appoint a czar and he doesn't get what he wants, like if you start to tamp down the spending, all he has to do is go to the press and create sympathy for his viewpoint and make it difficult for the President," the adviser says. Bush and his inner circle agreed, with little debate...
...being optimistic about the future of the Gulf Coast. In the meantime, Bush went before cameras to declare this Friday a National Day of Prayer and Remembrance for the victims of Katrina. And Republicans are also buzzing about the possibility that the White House will name a hurricane czar like Rudy Giuliani or Colin Powell, and announce a Marshall Plan--style recovery package, so that the nation can see the breadth of the government's overall commitment rather than have it dribble out piecemeal. Sources tell TIME that one idea being strongly considered is the creation of a body similar...