Complete & Total Mismanagement
You really have to hand it to the management at Lehman Brothers. Some of the best and brightest executives in the country, with MBA degrees from some of the world’s best business schools, managed to drive a 158-year-old bank straight into the ground. A company that withstood the Great Depression, two World Wars and countless ups and downs in the market, could not withstand the short-term greed of its own executives.
At management’s highest level, business is about having a vision and employing a long term strategy that benefits the well being of a company’s shareholders, customers and employees. In blindly chasing quarterly profits and short-term gains, the executives at Lehman Brothers completely lost sight of their primary responsibilities, resulting in one of the most abysmal failures in the history of business.
I feel horrible for the thousands of Lehman Brothers employees who lost their jobs this past weekend. The unfortunate reality, however, is that former employees have only the greed of their own executives to blame.
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