Human Capital: Page 179

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    The Value of Trust

    American stockmarkets fell at the start of this week, even as the economic outlook grew brighter. The Dow Jones Industrial Average and the technology-heavy Nasdaq touched their lowest levels for months. Investors have had their confidence bashed by a series of revelations of corporate malpractice...

    By Economist Staff • June 7, 2002
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    The Kindest Cuts

    Kforce Inc. CFO Bill Sanders had a $350,000 salary coming to him this year under a three-year employment contract, no questions asked. But after the Tampa-based specialty staffing company suffered a $12.1 million net loss, a 23 percent revenue plunge, and persistent stock-price weakness in 2001, ...

    By Alix Stuart • June 7, 2002
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    A Separate PwC

    >> PwC Consulting tapped D&B veteran Frank Sowinski as chief financial and administrative officer. Sowinski brought in to lead firm through separation from parent PricewaterhouseCoopers… Sowinski in charge of establishing and managing firm’s global financial activities… Appointment come...

    By Lisa Yoon • June 6, 2002
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    Schmear Campaign

    >> Smell toast burning?Could be fortunes of bagel retailer New World Restaurant Group Inc…. Of late, New World’s problems—from Securities and Exchange Commission investigations to staggering debt load—have been mounting… This may be reason operator of Einstein Bros. and Noah’s New York Bage...

    By Lisa Yoon • June 5, 2002
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    It’s Good to Be King

    The view from the top can sometimes be distorting.A CFO glancing at the bright pay and job prospects of top chief information officers, for instance, would get nary a hint that the dot-com bubble had burst.To look at the burgeoning compensation packages of CIOs and chief technology officers, you’...

    By David Katz • June 5, 2002
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    Sprint’s Clear Alternative

    >> It’s official: Phone giant Sprint Corp. has dialed up Robert J. Dellinger to be new CFO, executive VP…As expected, succeeds Arthur B. Krause…Dellinger, 42, hired in March as executive VP of finance…Krause, 60, retiring this year after 31 years with company, becoming finance chief in 1988...

    By Lisa Yoon • June 4, 2002
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    Family Trusts as Cookie Jars?

    >> Tyco International CEO L. Dennis Kozlowski resigned this morning… According to Tyco, Kozlowski left top job, plus seat on company’s board, for “personal reasons…”Tyco management didn’t elaborate on what those reasons were, but legal problems seem likely to be at the top of the list… Kozl...

    By Lisa Yoon • June 3, 2002
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    Prudent Man with a Plan

    Thanks to the enormous losses of retirement savings suffered by Enron employees, the 401(k) plan faces its most significant overhaul since its creation in 1980. Dozens of proposals have been made in Congress to amend the Employee Retirement Income Security Act of 1974 (ERISA) as it relates to pla...

    By Kris Frieswick • June 1, 2002
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    401(k) Administration

    This fall, the Department of Labor is likely to finalize regulations that will make it more expensive to dispose of small-balance ($1,000 to $5,000) 401(k) plans of ex-employees. But before the rules go into effect, many employers are busy cleaning out the small accounts while they still can do s...

    By Joseph McCafferty • June 1, 2002
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    Edmund Jenkins, FASB

    Whoever follows Edmund Jenkins as Financial Accounting Standards Board chairman faces a daunting task. With some blame for Enron’s failure being laid at FASB’s door, calls are coming for a severe restructuring of the board — or even its replacement.For now, the 66-year-old Jenkins, scheduled to r...

    By Ronald Fink • May 31, 2002
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    Nitro at Netro, Take II

    >> The saga continues at Netro Corp., which denied charges leveled by dissident shareholder C. Robert Coates that company has been “lying” to shareholders about Netro’s performance… Latest bone of contention? San Jose, Calif. wireless company’s Project Angel technology, which it acquired fr...

    By Lisa Yoon • May 30, 2002
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    It Hurts When I Do This

    In an attempt to control spiraling costs, companies are increasingly requiring their workers to take on more responsibility for their health-care needs.That finding comes from a newly released survey of 292 large corporations conducted by Watson Wyatt and the Washington Business Group on Health. ...

    By Stephen Taub • May 30, 2002
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    Where are Boss’s U.S. Bosses?

    >> Remember when accounting was boring? Not anymore. These days, accounting scandals — and the CFOs blamed for them — even rate a mention in gossip columns. In yesterday’s “Page Six,” New York Post’s tattler section, that paper had plenty to say about finance chief at tony German clothing m...

    By Lisa Yoon • May 29, 2002
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    Out Out Damned Plan

    Does outsourcing really save money?Possibly.According to a new survey, nine out of ten CFOs say outsourcing non-core functions increases shareholder value.An impressive number, to say the least. There’s just one hitch: most of those surveyed finance chiefs seem to have based their assumptions on ...

    By Joan Urdang • May 29, 2002
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    Help Wanted? No, Say CFOs

    The job market for accounting and finance professionals is not expected to improve in the near future. This, according to a recent survey of chief financial officers.Third quarter hiring plans will remain little changed from the second quarter of this year, according to the Robert Half Internatio...

    By Stephen Taub • May 29, 2002
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    Blue-Chip Dip

    >> Xerox hired former IBM executive Lawrence A. Zimmerman to be its new CFO… Zimmerman, who retired from IBM in 1998, succeeds Barry D. Romeril, who retired from the troubled copier maker in December… Romeril one of five former Xerox execs who may be sued in connection with Securities and E...

    By Lisa Yoon • May 28, 2002
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    High-Tech High-Wire Artist

    Regina Sommer, CFO of security-software provider Netegrity, made her career leap into high tech during the industry’s dark ages. That would be around 1995, when “the Internet was something very few people knew about,” she recalls.But after nine years at PricewaterhouseCoopers and a stint as vice ...

    By Jennifer Caplan • May 24, 2002
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    Introduction: Capitalism and Its Troubles

    Capitalism has had a rotten time lately. Not as rotten as in 1917, when those revolutionary shots in St Petersburg launched a form of anti-capitalism that ended (except in Cuba and North Korea) only just over a decade ago. Nor, with luck, as rotten as in 1929, when a stockmarket crash on Wall Str...

    By Matthew Bishop • May 24, 2002
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    Crisis? What Crisis?

    A huge, unexpected decline in profits. A sharp and equally unexpected rise in corporate bankruptcies. A sudden nationwide plunge in personal wealth. These are the classic early signs of a banking crisis, of the sort that has happened roughly every decade in America and has also become increasingl...

    By Matthew Bishop • May 24, 2002
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    New Dangers

    Banks are putting their eggs into more than one basket, and even selling some eggs to investors with baskets of their own. But are they as skilled at diversifying and transferring risk as they like to think? Are those to whom they are transferring the risk capable of managing it? Do these new hol...

    By Matthew Bishop • May 24, 2002
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    Unexploded Bombs

    Banks may be busy trying to get rid of risk, but two huge American institutions cannot get enough of it. The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, known affectionately as Fannie Mae and Freddie Mac, have become arguably the two most worrying concent...

    By Matthew Bishop • May 24, 2002
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    The Regulator Who Isn’t There

    Who regulates Citigroup, the world’s largest and most diverse financial institution? With its operations in over 100 countries, selling just about every financial product that has ever been invented, probably every financial regulator in the world feels that Citi is, to some degree, his problem. ...

    By Matthew Bishop • May 24, 2002
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    Bubble Trouble

    Mr Greenspan has allowed the creation of a potentially disastrous financial bubble, say Andrew Smithers and Stephen Wright, two British economists. In a recent article, they argue that the Fed’s chairman, having chided the markets for their irrational exuberance in December 1996, should have rais...

    By Matthew Bishop • May 24, 2002
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    Think of a Number

    All through the long equity bull market, it was considered bad form to say anything nasty about General Electric. The stockmarket suspended its usual dislike of conglomerates to make this one of the world’s most valuable firms, cheek-by-jowl with Microsoft. Jack Welch, its combative chief executi...

    By Matthew Bishop • May 24, 2002
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    Better Than the Alternatives

    Judged by international trade and capital flows and by the integration of markets, the world’s economies were almost as globalised 100 years ago as they are now. Arguably, it was only during the past decade that globalisation got back to where it was at its previous peak, on the eve of the first ...

    By Matthew Bishop • May 24, 2002