Trump and Fiorina’s Snake Oil Sales – Joe Nocera, The New York Times

“Business wonk that I am, my favorite moment in last week’s Republican debate came when Carly Fiorina and Donald Trump got into a spat over which of them had the lousier track record as business leaders. “The company is a disaster,” scoffed Trump, referring to Hewlett-Packard, the iconic technology company Fiorina ran from 1999 to 2005. Trump continued: “When Carly says the revenues went up that’s because she bought Compaq. It was a terrible deal, and it really led to the destruction of the company.” Fiorina responded by focusing on how Trump ran his three Atlantic City casinos into the ground. “You ran up mountains of debt, as well as losses,” she said, “using other people’s money, and you were forced to file for bankruptcy not once, not twice [but] four times, a record four times.” They’re both right. Fiorina’s tenure at HP was indeed a disaster, and Trump’s casino interests did indeed file for bankruptcy multiple times. Now that Trump and Fiorina are number one and number two in a recent poll — oy! — it’s worth taking a closer look at their business records.”

Source: Trump and Fiorina’s Snake Oil Sales – The New York Times

1 thought on “Trump and Fiorina’s Snake Oil Sales – Joe Nocera, The New York Times

  1. Lead comment at the NYT, see link to Krugman article.
    R. Law is a trusted commenter Texas 7 hours ago

    When considering a CEO’s claim they are exactly what the country needs, it is always wise to keep in mind Paul Krugman’s 1996 essay in the Harvard Business Review ” A Country Is Not A Company ” discussing how CEOs don’t have the economic skill-set to be POTUS:

    https://hbr.org/1996/01/a-country-is-not-a-company&cm_sp=Article-_-L

    Likewise, Timothy Egan updated things in 2012 for us, showing the abysmal track record in the U.S. of former CEO’s who actually became POTUS, compared to those who had no CEO experience in his piece ” The Wrong Resume ” :

    http://opinionator.blogs.nytimes.com/2012/05/31/the-wrong-resume/

    Both pieces fit well with what Nocera has wisely laid out for us, but there’s something else about the CEO-class today which is concerning, and that is the way CEO’s pack their boards of directors with buddies, then pretend that because that group lets them do what they want, that shareholder interests are being served and represented well, and that this means a captive board is some kind of diversity group.

    There are myriad(!) examples littering the U.S. business landscape showing this pretense not to be true, which is especially worrisome when people from autocratic environments like CEOs (or surgeons) who have apparently never held office – never made campaign promises then had to deliver what they promised to a constituency – see the high office of POTUS as an entry-level aspirational bauble.

    CEOs have the wrong resumes.

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