Word: keilin
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Dates: during 2009-2009
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...employees of a faltering firm buy an ownership stake to prevent plant closings or job losses. The idea of an economy of worker cooperatives may seem utopian, and the notion of using the tools of modern finance to do so absurd. But Bloom and his mentor at Lazard, Eugene Keilin, helped prove it possible—and did so with no less than the largest airline in the nation: United...
...Working as advisors to the pilots’ union, Keilin and Bloom orchestrated a buyout in which United employees, through their unions, bought a 55 percent stake in the company. The results were staggeringly positive. Worker grievances plummeted while the firm’s productivity and profit margins soared. Previous skeptics appeared to be swayed. BusinessWeek devoted a cover story to the success of worker ownership, including praise from sources as unlikely as a Merrill Lynch analyst and an executive at a rival airline...
...does Bloom’s appointment signal? His job encompasses a broad range of industries, from the steel mills he has helped organize in his position with the United Steel Workers to the Big Three automakers—Ford, General Motors, and Chrysler—in Detroit. Bloom and Keilin have already proven that worker ownership can work—since, before the United deal, they made their reputation by advising steel workers in buying out their employers...
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