Word: ceos
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...weekend before Lehman Brothers' collapse, Merrill Lynch CEO John Thain turned to Lewis for help. Thain called Lewis to offer him 10% of his firm. Lewis said he wanted it all. By the end of the weekend, the deal was done. Lewis was hailed as a hero for saving Merrill on the same morning that Lehman was forced to file for bankruptcy. (See the top 10 bankruptcies...
...black-tie industry gala in New York City's famed Plaza Hotel, Ken Lewis strode past other top financial executives to the podium to accept the award for Banker of the Year. The financial industry was crashing, but Lewis looked to be at the top of his game. The CEO told the crowd, "It is incumbent upon all of us, especially those of us whose performance has left us in a strengthened leadership position, to help our industry find a new balance between our desire for economic growth and our need for market stability...
...Another risk: GM CEO Fritz Henderson is under pressure from GM's new board of directors to turn around the company's fortunes quickly, and he has indicated the automaker is prepared to drop Hummer if it can't finish the deal relatively soon. "If it doesn't get sold, we'll close it," says a GM official. (See the best cars from the 2009 Detroit auto show...
...addition to his crimes, there were rumors of parties with strippers at Detroit's official mayoral residence - leaders of the region's business community began drafting potential candidates, with Bing's name at the top of the list. This time, out of civic pride, he assented. Doug Rothwell, CEO of Business Leaders for Michigan, says his peers see Bing as "someone who brings instant credibility back to Detroit. Right now that's really important. There needs to be adult supervision...
...business community there is clear support for a closer relationship. Claude Bébéar, who heads the Institut Montaigne, is a former CEO of insurance giant Axa and a formidable corporate power broker. At a recent panel discussion in Paris, Léo Apotheker, the CEO of German software firm SAP, endorsed many of the institute's ideas and lamented that the recent financial crisis "showed the nonexistence of Europe." He also advocated merging the French employers' association Medef with its German counterpart, the Federation of German Industries...