Long Time, No Post

I apologize for not posting anything for a while; our grandchildren were visiting, I was traveling, and so on.  All that means is that I've got some catching up to do.

Lammbaste, Part II

After I posted my screed on how The Wall Street Journal seems to be confusing news with its editorial policy (see "Lammbaste...", posted on August 8) I learned something else that troubles me.  Not only did the Journal wrongly imply that the SEC has jurisdiction over disclosure of labor union political contributions, but it also failed to report that labor unions are required to give extensive disclosure (albeit not in SEC filings) about their political contributions and activities.  For example, my friend Bruce Freed of the Center for Political Accountability advises that, among other things, federal rules applicable to unions "specifically require individual reporting of each disbursement of $5,000 or more including the 'full names and business address of the individual to which the disbursement was made,' the 'type of business,' the 'purpose of the disbursement,' the date, and the amount.  (I'll note parenthetically that Bruce has been excoriated as a socialist - !!! - by various people who were troubled by the views he expressed at a recent program.  So much for freedom of speech.  Also, didn't criticizing someone for being a "socialist" sort of go out of fashion with Joe McCarthy?)

Bullying in the Board Room

It's probably too late to go after Bill Ackman for ruining, or at least hastening the ruin, of J.C. Penney; so many others have already done that.  However, with all the public discussion of bullying and its adverse consequences, it does surprise me a bit that no one has accused Ackmann of being a corporate bully.  I'm not going to defend Penney or its board; the company is clearly on the ropes, and I'm sure there's more than enough blame to go around. However, it's pretty clear that Ackman forced the company into hiring the wrong CEO and then went after his fellow directors for not replacing him fast enough.  (BTW - this also supports my theory that management succession is like what Mark Twain said about the weather: everybody talks about it but nobody does anything about it.  Or at least not enough.)  But back to Ackman.  His hubris seems unlimited, and he's also guilty of the sin of drinking his own Kool-Aid and trying to force it down other people's throats.  And, like a bully, the minute someone called him out, he took (or in this case, sold) his marbles and left the playground.  If that's not bullying I'm not sure what is.  If you want to read a great piece on this mess, here it is.

Enjoy the rest of your Labor Day weekend, and a Happy New Year to those celebrating Rosh Hashanah!