Word: talented
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...Curse of the Mogul, Jonathan Knee, Bruce Greenwald and Ava Seave say the biggest problem with media companies is the moguls, who have been seduced into believing that content is king, bigger is always better and talent - especially their own - is irreplaceable. So blinded are they, they have mismanaged their companies and shareholders have suffered. Co-author Knee, director of the media program at Columbia University and an investment banker with Evercore Partners, weighs in on the next big media deal, the treachery of the Internet and why the movie business sucks. (See the top 10 financial collapses...
...needs to be done? The movie business has for a long time been a troubled business. Content has never been king. The reality is that, wonderful as it is, the value of it doesn't go to the shareholders. Movie moguls need to be smart about how to manage talent. The reason [longtime Universal Studios owner] Lew Wasserman was able to make more money than anyone was that he set the culture of the industry. In his day there was an unspoken understanding of how you did business, a culture of co-operation. Somewhere along the way it became cool...
...culture of management at these companies needs to be rethought. They've got to stop catching the car with their teeth and overpaying for talent...
...unlikely to be a shrewd business move. Competitors exploit that. But an alternative is quietly saying no and making sure to let your competitors know you are saying no so they can pile onto the policy of fiscal discipline. There are lots of other things you can give talent besides money. For years Goldman Sachs convinced people that their highest value was their connection to Goldman Sachs. And people hardly ever left the firm...
...that the market can get things very, very wrong. So paying more people mostly in stock may result not in his stated goal of pay for performance but in pay for randomness. Feinberg is probably correct that his compensation structure won't hurt these firms' ability to retain top talent. Wall Streeters love to let it ride. The question is whether more people hell-bent on boosting their stock price will produce a better outcome for the economy as a whole. What Feinberg is likely to find after five months of studying executive comp is that there is no great...