Showing posts with label Former. Show all posts
Showing posts with label Former. Show all posts

Thursday, September 22, 2011

Former Goldman Sachs Employee Teaches Us How To Front-Run Goldman In 10 Easy Steps (GS)

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Allegedly, Spencer Mindlin wasn't one of those people. 

Now thanks to his alleged activities, we know how to front-run Goldman Sachs. (But of course, we'd have to be employees or otherwise know of Goldman's upcoming trades to actually do it.)

Background: the SEC recently filed insider trading charges against Mindlin for trades he made while he was an employee at Goldman Sachs.  According to the allegations, Mindlin and his father made $57,000 by taking positions in securities underlying the SPDR S&P Retail ETF (XRT) with knowledge that Goldman Sachs would later make market moving trades on those same securities.

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Saturday, September 17, 2011

Former Argentine Central Banker Says "Greece Should Default, And Default Big"

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The guy who managed Argentina's default in 2001, Mario Blejer, says Greece should follow suit.

He told Bloomberg:

“This debt is unpayable. Greece should default, and default big. A small default is worse than a big default and also worse than no default.”

“It’s totally ridiculous what is going on. If you assume that these countries do everything that is in the program, they do all these adjustments and privatizations, at the end of 2012 debt-to-GDP will be bigger than this year.”

Default and currency devaluation actually worked for Argentina in 2001. After shrinking 11% in 2002, the economy boomed for nine years thanks to rising commodity prices and regional growth.

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Thursday, September 15, 2011

How Former Campbell's Soup Company CEO Doug Conant Pulled The Brand Out From A "Circle Of Doom"

It was 2001 when Doug Conant became CEO of the Campbell Soup Company—he was just the eleventh man to hold the title in the company's 132-year history. He inherited a legendary American company, but one shadowed at the time by thick clouds of gloom; Campell's had lost half of its market value in the previous year. Even the headquarters' appearance reflected this dismal atmosphere, right down to the rusty barbed wire fencing that traced the grounds' perimeter. As Conant recalls, one employee said to him: "This place looks like a high-security prison." Conant knew he'd have to reinvent the company at nearly each level. This involved changing everything from how the V8 vegetable drink tasted to creating more functional display shelving. For eight straight years, Campbell's sales grew—until hitting a wall last year. Inc.com's Abram Brown spoke with Conant, who stepped down as CEO in July, but still regularly heats up cans of his favorite soup (chicken and sausage gumbo).

You say Campbell's was in a "circle of doom" when you arrived. What was your first step?
I had to get the culture back on track, because my observation has been, is, and always will be, that you can't have an organization that consistently delivers innovation unless you have a high level of engagement and a high level of trust. People just won't take risks. And we had an incredibly low-trust culture based on what had happened. To get there, we recognized that we had to change the leadership profile of the company, and we turned over, in the first three years, 300 of the top 350 leaders of the organization—which is to my knowledge unprecedented in the consumer-products industry. Of the 300 people we turned over, 150 people were promoted from within, and 150 were hired from outside: people who were high-character, high-quality.

So the takeaway: Don't be afraid to replace your leadership. Then what happened with the actual products?
People didn't think of soup. It was sitting in the pantry, and people weren’t thinking of having it. So what we discovered was that to restore consumer spending, and remind people that soup was a good alternative, people needed to consume more of it out of their pantry. Prior to that, they'd only think about it when there was a snowstorm. You know, "It's cold out. I'll have soup." You didn't think of it otherwise. We instituted an advertising campaign that's evolved over the decade and restored consumer spending.

Advertising gets people into the store, but what about when they're shopping?
People had a lot of trouble finding the products they wanted at retail because all the soup cans looked alike. So we created something—a special display piece—called "gravity-feed shelving" where the products were more clearly labeled and where they actually rolled down and were served to the consumer in a much more intelligent way, and so people could actually find the brands they were looking for.

Hard to believe that soup cans have looked the same for decades. Few companies go that long without some product update.
It's amazing to think that the microwave was invented in 1947, and it took us over 50 years for us to figure out that we can have microwavable soups. So we created an entire microwave platform with a "soup-at-hand" platform and microwaveable bowls, which began to make soup more approachable for the millennial and Gen-X generations, who weren't into counter-top cooking.

So with fresh leaders and newly redesigned products, did you move toward new markets?
We made V8 the No. 1 vegetable-juice brand in the world, and the big innovation there was recognizing that over half the population didn't like the taste of V8. So we innovated with a fruit and vegetable combination called V8 V-Fusion.

How did you try and make the culture of innovation permanent?
We created a balanced-scorecard mechanism for the entire organization to work off that was linked to their performance-evaluation plan and their bonus plan, which made sure the organization was aligned and focused on the appropriate organizational activities. So we reinvented our score-carding in the organization.

There was a lot of management turnover and a lot of downsizing, and the work environment had become a little dysfunctional and chaotic. We just had to come back in and bring some structure to it, get the right people in place, and get it back on its feet. It wasn’t’ rocket science. It was just a response to a difficult period in the company’s period.

Any new training initiatives?
Training changed in that we started to develop a circulum that focused on what I would call: functional excellence, and that is we have specific training in it, in manufacturing, in advertising—in every area of the company to help them become more functional. We also have leadership training. In the early days, we built a Campbell's leadership model. And we knew made those leadership [ideas] crystal clear. We evaluated the staff every year on the what and how. The what might be delivering Campbell microwavable soup on time and on budget. The how would be, Did you deliver in the spirit of the Campell Leadership Modell.

With Campbell's now experiencing a decline, what should new CEO Denise Morrison focus on?
I don't want to speak for her.  … [But] she has presented to the analyst community and said we need more spirited innovations. She's put more resources targeted to innovation. But she hasn’t necessarily identified the [exact] areas [she'll put the resources toward.]

Granted you can always crack open a can of chicken-and-sausage-gumbo if you get too nostalgic, but do you wish you were still there to help with these recent troubles?
I loved the whole time I was there, but it's somebody else's turn now. I'll move on to new adventures.

This post originally appeared at Inc.

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Former Samsung Manager Details How He Leaked iPad Info

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A former Samsung manager testified yesterday that he leaked information about iPad shipments to a hedge fund manager four months before Apple launched the tablet.

Samsung's Suk-Hoo Hwang was granted immunity to testify in the insider trading trial of James Fleishman, a former vice president at expert-network firm Primary Global. Fleishman was charged as part of the FBI's investigation that also implicated Raj Rajaratnam -- he was caught on tape saying "Oh crap" after Raj was arrested.

According to Bloomberg, Hwang testified that he met Fleishman and a hedge fund manager named "Greg" for lunch in Mountain View in December 2009 and explained that Samsung was supplying screens for the upcoming Apple tablet, which hadn't been announced yet.

The hedge fund manager didn't know about the iPad, although journalists had been reporting that Apple was working on a tablet since August 2009. Hwang describes him as being "very excited."

During their conversation, Hwang saw a man at a nearby tablet staring at them and thought it might be an Apple employee. He turned his Samsung badge around so the man wouldn't be able to identify him.

Shortly after that, Samsung lost a supply contact with Apple for a different product.

“I thought, ‘Oh that guy was an Apple guy and they found out," Hwang testified.

FBI agents later approached Hwang, and Samsung fired him in June 2011. He has not been charged with any crime.

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Thursday, August 25, 2011

DOUBLE YOUR PLEASURE: These Former Models Made It In Hollywood

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Next year, supermodel Marisa Miller will spend a little less time rolling around on a beach and a little more time running lines on a set.

She just booked a role in "R.I.P.D.," a drama that will also star Jeff Bridges, Mary Louise-Parker and Ryan Reynolds.

And the Victoria's Secret mainstay is far from the first catwalk queen to cross into Hollywood.

Models have been booking movie and TV roles for years -- and the career move is particularly hot right now.

Don't believe us?

All of these actors used to get paid to look pretty -- no dialogue required.

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