Summary
JANUARY has been the month of very public falls from grace in the business world. Last week, Thomas Krens, 61, resigned as director of Manhattan's prestigious Solomon R Guggenheim Foundation. Earlier came the news that investor Eddie Lampert had lost a ton of money at his hedge fund, ESL Investments. A year or two ago he seemed untouchable, the first Wall Street financier to earn more than $1 billion in a year. Then there's Barry Diller, normally venerated in media circles, who has seen the worth of his interactive commerce company, IAC, tank, and is now locked in battle with co-owner John Malone.
Krens's fall I could have predicted. A man with undeniable flair, he didn't have the capacity to listen or stick to budgets, convinced he was right with his plans for museum expansion. This worked as long as he was right. But when the strategy never took off, the money was in the red and the board was fed up well, then it was time to say goodbye..See the full content of this document
Extract
Big in Business? Beware the Icarus Complex
I was thinking about Krens when I saw that Donald Trump is struggling to get...
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