Word: portering
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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...
...latter requires individuals to repay a substantial portion of their debt and prevents banks from foreclosing on their homes, Chapter 7 bankruptcy allows a debtor to wipe out his or her debts entirely and get a fresh start. "It is very fast and very deep debt restructuring," says Porter. Since 2005, Chapter 13 filings have dropped from about 35% of all personal bankruptcy filings to 25%, she says. "Systemically, that's a big change...
...long-term unemployment. "Chapter 13 was designed for regular economic times when people might lose their jobs and fall behind on their mortgage for three to four months, but having found a new job they would be able to use the Chapter 13 process to keep their homes," says Porter, noting that even during normal economic times only 1 in 3 Chapter 13 bankruptcy filings results in the individual's successful meeting of payment obligations. (See pictures of Americans in their homes...
Under current bankruptcy law, Porter says, bankruptcy courts have "no tools to reduce the principal, stretch out the payments or adjust the interest rate" - that is, since judges can't adjust mortgages to make them easier to pay, people end up ditching them instead...
...fought off attempts by Democratic Illinois Senator Dick Durbin and others in Congress to pass legislation last spring that would have allowed for mortgage modifications. But since then, it has become clear that without loan modification, many borrowers have no recourse but to accept foreclosure and walk away, says Porter. "I think one reason the economic recovery is slow is that it is taking so long to work through these delinquencies," she says...