Word: jetted
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Gates' first showdown looms with a $350 million--a--pop fighter jet. He has to decide by March 1 whether to add more F-22 Raptor fighters to the 183 purchased by the Bush Administration. For years, the Air Force has wanted to double the fleet, while Gates has made clear that he thinks 183 is sufficient. A month ago, some Air Force officials were saying privately that maybe 60 more F-22s would suffice. The Pentagon's acquisition boss, John Young, recently detailed why more F-22s might be a poor investment. The F-22s that exist are ready...
...strong workforce. A government-appointed board of directors is looking to sell the company. "Our top priority is to protect the jobs of the software professionals," announced Y.S. Rajasekhara Reddy, chief minister of the state of Andhra Pradesh, where Satyam is based. In October, Indian airline Jet Airways reversed a decision to lay off 1,900 staff after some weeping victims melted Chairman Naresh Goyal's heart. "I could not sleep at night," he confessed at a press conference. "I was mentally disturbed when I saw tears in their eyes." (Although he said he changed his own mind, Goyal might...
...trading almost 70% below where they were twelve months ago, why is the company still a conglomerate? The only answer to that is that the board and senior management have decided to keep it that way. It has become harder and harder to defend having entertainment, medical products, and jet aircraft manufacturing under the same roof with several risky financial services units. While the company's CEO has defended that point of view, it is hard to imagine why the board has supported the strategy. The former head of JPMorgan sits on the GE board along with the former CEOs...
...effort to carve some of the excess behavior out of the system, companies that take TARP will be required to create an internal panel on "luxury" purchases, the definition of luxury - a jet, fancy office or glitzy sales conference? - being left vague under the "you know it when you see it" rule. It also allows employees to "name and shame" abusers. There's a dose of shareholder democracy too. Companies will have to subject their compensation packages to a nonbinding shareholder vote, popularly known as "say on pay." (See the top 10 scandals...
...book The Audacity of Hope, Barack Obama offered a paean to the glories of flying on private jets. He lovingly described his first trip on a Citation X: "The plane took off, its Rolls-Royce engines gripping the air the way a well-made sports car grips the road ... I could see how people might get used to this." The punch line of the story was that Obama's staff asked him to give up the practice, which was legal, because he was the Democrats' Senate point man on ethics reform. "It was the right thing...