Good luck to the search committee of General Motors in finding a new chief executive.
The abrupt departure of Fritz Henderson from the job this afternoon under pressure from Ed Whitacre, GM’s chairman (and temporary replacement as chief executive) leaves the company looking for someone to take his place. Read more
Bethany McLean’s long article about Goldman Sachs in Vanity Fair does not produce a smoking gun against her former employer but it is worth reading for its dissection of the gap between what Goldman thinks about itself and what others do.
That conflict is most concrete in the feelings of hedge fund managers whom she interviewed, who resent the bank while feeling compelled to do business with it. Read more
For those who misssed it, I recommend Henny Sender’s story in the FT today about a Kuwaiti conglomerate taking legal action against Carlyle Group, the US private equity group.
The dispute is over the collapse of Carlyle Capital Corp, a publicly-listed fund which imploded after investing in triple-A rated mortgage-backed securities. It follows an acrimonious meeting between David Rubenstein, a co-founder of Carlyle, and Saad Al Saad, the head of National Industries Group. Read more
The global financial crisis seems to have taken the place of hurricanes for the reinsurance industry.
Despite fears that Hurricane Katrina, the most disastrous storm of the 2005 US hurricane season, would usher in further disasters on the Gulf Coast of the US, it has been calm at sea this year. Read more