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Is change really coming to Wall Street and politics?
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Words fail me as I try to fully explain my weariness with hearing about "change." Make no mistake, though this goes beyond President Obama, everyone else (other politicians, the media, etc.) has boarded "the change train."
My simple question is; what exactly does this mean?
- We learned today that John Thain, former CEO of Merrill Lynch (Bank America) spent $1.2 million dollars to redecorate his office. In the same report, we also learned that Michael Smith, Mr. Thain's decorator, was chosen by the Obama's to redecorate the White House. Are there dots to connect here? Maybe, maybe not, Thain was reportedly a McCain backer. Nonetheless, appearances matter.
- Wall Street employees donated $5.7 million dollars to our new President's inauguration. Have any of the firms that these employees work for received TARP money?
- ABC cuts advertising costs for the OSCAR (Academy) Awards, and the event reportedly still costs millions upon millions of dollars to produce. Good for the ego filled stars I guess, but what about those suffering on the job-wanted line and businesses who come closer to failure every day?
The point of my rant is simple. With all of this "change" talk, what is really changing?
- Why didn't the "Hollywood Elite" say; we're going to significantly downsize the Academy Awards, and instead donate the production and security money to small businesses who are dying, and unemployed people who are hurting?
- With all of this new "transparency" and "change" rhetoric, why did the Obama inaugural committee accept one dime of Wall Street derived money?, Here too, they could have scaled down the inauguration and pushed for donations to workers who are out of work, and businesses who are struggling.
I pray, and hope that President Obama's tag line ("Change has Come to America") turns out to be more than a marketing tool.
As my grandmother always said; actions speak louder than words.
For more info: Using extensive market research capabilities, Scott Gingold has been helping clients turn their red ink into black ink for over three decades, as well as assisting clients in their quest to grow their businesses. For a free analysis of your business as well as an action-oriented report, drop Scott a line.
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