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| | The May Report: 8/6/2010: A jewel in the crown I had not heard about until tonight -- yet another resource for start-up firms no one seems to know about; Jim Orrico on Assistive Medical; The Music Producer2.0 (TMP) gets enthusiastic support at BNC -- and has Kevin Harrington of Shark Tank fame as an adviser
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| | August 6, 2010
The May Report: 8/6/2010: A jewel in the crown I had not heard about until tonight -- yet another resource for start-up firms no one seems to know about; Jim Orrico on Assistive Medical; The Music Producer2.0 (TMP) gets enthusiastic support at BNC -- and has Kevin Harrington of Shark Tank fame as an adviser
Editor and publisher: ron@themayreport.com, ronaldmay@aol.com, www.themayreport.com , 773-525-3944.
If you missed an article, go here: http://www.tmronline.com/A55951/tmrarticles.nsf/vwFullNewsletter
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TABLE OF CONTENTS
The Scoop section:
-- News about Flip's Company in 8/5/2010 May Report
-- Nicole Duhoski writes up The Chicago Social Media Club Event last week, July 29th
-- Briefly noted, by Ron May
-- Nik Rokop: Attendance at IIT July 29th
-- Martin Glotzer in "real life"
-- Information about Flyovergeeks from Ed Domain and the launch party on August 5th at Rebel
-- Who was at the TBIF summer party
-- Business Innovators Conference Announces World-Class Keynote Speakers Lineup
-- Miscellaneous notes (4 messages)
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______________________________
The Scoop section:
________________
News about Flip's Company in 8/5/2010 May Report
From: Joseph Koblich <joe@koblich.com>
Subject: News about Flip's Company in 8/5/2010 May Report
Date: Fri, 6 Aug 2010 17:32:22 -0500
To: ron@themayreport.com
Ron,
You've probably heard about this by now, but there is a cover story about Flip's company in the July 26th print edition of Crain's Chicago Business still on some newsstands. According to Crain's, the HQ is now officially in Chicago (this is also consistent with the current "About Us" page on the Interact website), although most of the staff will remain in North Carolina. Coincidentally, there is also a news story on Crain's chicagobusiness.com dated 8/6/2010 about Flip suing BDO Seidman over a tax shelter:
http://www.chicagobusiness.com/section/search?q=filipowski
http://www.chicagobusiness.com/article/20100806/NEWS04/100809907/filipowski-sues-bdo-seidman-over-tax-shelter
http://www.chicagobusiness.com/article/20100724/ISSUE01/100033710/divine-evangelist-andrew-flip-filipowski-returns-to-chicago-with
Joe Koblich
___________________________________
Nicole Duhoski writes up The Chicago Social Media Club Event last week, July 29th
From: nicole duhoski <nduhoski@gmail.com>
Subject: Re: Write up for Ron May - The Chicago Social Media Club Event last week
Date: Thu, 5 Aug 2010 15:11:38 -0500
To: ron@themayreport.com, ronaldmay@aol.com
Cc: kmcgorisk@gmail.com, willingerj@gmail.com, Melanie Adcock <melanie_adcock@msn.com>
Ron,
I'm sorry to hear you are not feeling well. Below is a summary of the July Social Media Club Chicago event. Please let me know if you have any questions.
Social Media Club Chicago's Summer Social was held on July 29, 2010 at Uncle Fatty's Rum Resort. The tropical island themed social event was sponsored by Buick. Dressed in island attire, (see @tamcdonald and @jwillie pics) attendees mingled in a laid back atmosphere while sipping on rum paradise punch and munching on delicious Domino's Pizza, courtesy of @Ramon_DeLeon. In addition to socializing and networking, several members of the club including Carla Furca (@ShesAllWrite), Amy Korin (@Interactive Amy) and Jeannie Walters (@JeannieCW) took a few moments to talk to the crowd about the impact social media has had on their lives.
Check out the Social Island pics courtesy of Barbara Rozgonyi of www.thesociallens.com for SMC Chicago - http://ht.ly/2jksV
As Buick was the sponsor of the summer social, they offered guests a ride in the Buick Remix VIP vehicle from Uncle Fatty's to the River East Art Center where their Buick Regal Remix event took place that same evening.
For more information about Social Media Club Chicago, visit smcchicago.org, join SMC Chicago on Facebook, LinkedIn and follow @smcchicago on Twitter.
Nicole Duhoski
312.622.0045
Skype: Nicole Duhoski
Let's Connect LinkedinFacebookTwitter
On Wed, Aug 4, 2010 at 4:37 PM, Melanie Adcock <melanie_adcock@msn.com> wrote:
Hey friends,
You all know how ill Ron is. He wants someone to write something about the Chicago Social Media Club event last week. Can one of you or all of you send him something please? It doesn't hurt his report to have a few new people's opinions every once in awhile. It may as well be yours. Also, please feel free to forward this to any event-a-holics you know and tell them to start sending stuff to Ron (copied above). The more the merrier, right?
Thanks in advance for your help on this.
Smiles,
Melanie
Melanie Adcock
iPHONE: 312-259-0610
DROID: 312-833-1825
E-Mail: melanie_adcock@msn.com
Facebook Fan Page: http://bit.ly/MelanieAdcockFacebookFanPage
Bio: http://bit.ly/MelanieAdcockARC
LinkedIn: http://www.linkedin.com/in/melanieadcock
Twitter: http://twitter.com/melanie_adcock
Facebook Profile: http://www.facebook.com/melanie.a.adcock
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Briefly noted, by Ron May
* First, thanks to Melanie Adcock who has kindly become an emissary for TMR with the goal in mind to get more people involved in writing up what happens at various events. To that end, Nicole Duhoski has come through. She wrote up a summary of the Social Media Chicago event on July 29th. Thanks, Nicole.
* Filipowski sues BDO Seidman over tax shelter http://www.chicagobusiness.com/article/20100806/NEWS04/100809907/filipowski-sues-bdo-seidman-over-tax-shelter
* There were 60-65 people according to Len Bland at the BNC Capital Group Tuesday night and the first firm presenting wowed the place. The presenter, Whitney Belker Vauvelle (Miami), was quite attractive, I have heard from several people. OK, they all agree, she's hot.
Not all attendees choose to vote -- and the vote is on which firm you would invest in --but Whitney walked away with about 24 votes vs. 15 (I also heard 11 or 12) for Tom McCalley, CEO/CFO i-Guide Robotics (from Carmel, Indiana) and 4 votes for Liz Ackerman, President/CEO Lux Life (Chicago).
One thing Whitney has going for her firm is Kevin Harrington of Shark Tank fame as an advisor. I believe she has also run ads on M-TV.
http://en.wikipedia.org/wiki/Kevin_Harrington_%28Shark_Tank%29
http://en.wikipedia.org/wiki/Shark_Tank_%28TV_series%29
The companies were:
+++++++++++++++++++++++++
The I-Guide Robotics system http://www.i-guiderobotics.com/ is an on-board computer that automates the commercial mowing process. By the end of 2010, the i-Guide Robotics system will be integrated into the standard manufacturing process of two commercial models produced by the rapidly growing Bad Boy Mower Company with 310 dealers in 35 states.
Luxe Life http://shopluxelife.com/about-us/ offers turnkey online consignment sale services for luxury and collectible goods to Individuals and Businesses.
The Music Producer2.0 (TMP) http://www.themusicproducer.com/ is a music creation software application enabling ANYBODY to write and produce their own music and ring tones from their home PCs. With virtually no marketing, individual customers from 50 different countries have already purchased the software from the website.
++++++++++++++++++++++++
* Here is a great story and I stumbled onto it effectively by accident. I happened to notice that Jim Orrico and his firm Assistive Medical Equipment, www.assistiveme.com, got some funding through the BNC Capital Group in Len Bland's newsletter, but beyond that I got the story wrong. The funding they got came from a single investor who was in attendance at the December 2009 meeting. Len Bland reports in his newsletter that "Angels take an average of 67 days to close a deal."
I wrote yesterday that they brought in a CEO on a quid pro quo basis. That is incorrect. They have brought in a business man who is functioning in a CEO role, (not being paid, but looking toward the future) named Stu Rubin who has run a number of businesses in the past.
The unnamed angel investor is a retired man in manufacturing, who put in a small sum. My guess would be somewhere in the $50K to $100K range, but that is just a guess and Jim was not telling me, nor did I even ask -- being the polite man that I am. :-) Jim said that he has an on-going and open first round. The company, www.assistiveme.com, has been self funded until now and Jim did say that friends and family money is pretty much tapped out.
They have just inked a partnership with a firm called COMPURAY which provides a more holistic approach and provides evaluations and testing. Actually, they appear to be a medical staffing firm so some synergies in the channels could be developed. http://compuraymedical.net/
So, Jim's product, EZRock (TM) which has been selling now since May of this year, can be dovetailed into the sales efforts of COMPURAY.
Jim can be reached at 312-848-0198.
Now, here is the nugget and the "scoop" of the day. There is a space of 410,000 square feet at 2010 W. Fulton, at the corner of Fulton and Damen which is called the Industrial Council of Nearwest Chicago, sometimes called ICNC. http://www.industrialcouncil.com/Background.html
ICNC houses 90 firms and Jim's is one of them with 1,000 square feet. Space arrangements are flexible. Computer lines are good, but the main purpose of the facility which is tied directly into the SBDC (Small Business Development Center) is to help small start-up manufacturing firms.
Go ahead, take a guess. Jim pays between $6 and $7 per square foot for the space.
Here is the ICNC building staff. Jim mentioned Andrew to me.
http://www.industrialcouncil.com/ICNC-STAFF.html
All ye great purveyors of information for entrepreneurs, shame on you. Shame on you, Layton Olson. Shame on you, Chris Bloom and the Economic Development Council and its Technology Commercialization Task Force (TCTF). Shame on you, Bruce Montgomery. Shame on you, Jerry Mitchell. Shame on you, Jim Charney. Shame on you, Jerry Field (is that the right name?) from UIC. How come I am just finding out about this at 5pm on a beautiful Friday August afternoon for the first time?? This is a hidden jewel in the crown.
Jim Orrico said he "heard about it from somebody." Gee, ain't that great?! We are so feckless that we can't even publicize our own resources to the entrepreneurs who need them. Is it territoriality or fiefdoms that account for this disconnect? What then?
Nik Rokop can come up with very liberal definitions of incubators and even include Cleveland, but what about our own back yard? And Nik, while we're talking incubators where was Tim Lavengood at your event on the 28th of July?
Everyone knows my bias with respect to the so-called merger of the ITDA with the ITA, so I was tepid in asking Jim about it. I told him he should be completely honest with me and not slant what he says to please the interviewer and he is too honest to have shaded it anyway.
Jim told me that he found the ITDA to be very helpful to him in putting together a business plan and when I asked him whom specifically he was working with it was LeAnne Tourtellotte (who is at the ITA) and Keith Brumbaugh (who was not brought over when the merger took place).
Jim's comment on the ITA was first that it is not clear to him where he stands with the ITA, and he added that they seem to be more focused on the internet world. He did say he still wants to attend their meetings to learn and interact with entrepreneurs. To paraphrase the bard with a twist, he neither praised nor buried the ITA. The jury would appear to be still out.
Jim has two sales guys on commission and they are focusing on nursing homes and hospitals. In fact, they are meeting with the radiology department at St. Alexis Hospital. That seems to be the right approach, start with small pilot projects and work from there.
Three key takeaways here.
1. www.assistiveme.com is making slow but sure progress.
2. Founder Jim Orrico has stuck with it through thick and thin.
3. We have a new jewel in the crown: The Industrial Council of Nearwest Chicago.
Here are the people tied to Assistive Medical based on the website. Stu Rubin has not been added yet.
+++++++++++++++++++++
http://www.assistiveme.com/our-people/
Our People
Assistive Medical Equipment has a talented team of professionals, passionate about achieving our mission. In partnership with our suppliers, we are dedicated to providing the highest quality solutions to major challenges facing the elderly and disabled, and their caregivers.
Our Management Team
Jim Orrico
Jim earned his mechanical engineering degree from Marquette University and has over ten years technology transfer and commercialization experience for medium and large size companies. Responsibilities have included managing the product development process, tracking profitability, developing manufacturing supply chains in the U.S., Mexico and Asia, and leading core multinational program development teams.
Mario Orrico
Mario has over thirty years of product development and commercialization experience in the consumer electronics market and he has been awarded 51 patents in his career so far. Mario’s expanding list of new product ideas for the durable medical equipment (DME) industry continues to feed the AME product pipeline. Mario has a degree in mechanical engineering from the University of Illinois at Chicago.
Coo Nguyen
Coo has over ten years of economic research, financial analysis, commercial banking, and public accounting experience, and is a degreed accountant from Tulane University. Coo was an analyst with BNP Paribas where he was responsible for corporate lending relationships with several multinational medical equipment companies.
Joel Byots
Joel has over twenty years of management and marketing experience. He has developed market entry strategies for companies interested in entering the medical device industry as well as the biologics industry.
Bill Bryce
Bill has over 30 years experience in the healthcare industry. At his recent position as Vice President of Praxair Healthcare Services, Bill introduced several new products nationally that are currently being used in the hospital, long-term care, and homecare markets. Bill holds several medical device patents and an award from the Medical Device Association for Innovation.
++++++++++++++++++++++++++++++++++++
* I notice that the ITA has a replacement on board for Margaret Plett, whom Fred Hoch fired soon after the merger. Let's not mince words here. Margaret wasn't happy with Fred, nor he with her. They papered it over, but she was fired. Ask Tim Krauskopf. The new person's name is Dorothy Radke, Marketing & Communications
Direct: (312) 924-1044, dradke@illinoistech.org
I have noticed a pattern. The lawyer who runs Marcus Stephen Harris LLC http://www.mshtechlaw.com/professionals.php told me that his small firm had been an ITA member for a year but found "Fred to be non-responsive." He repeated that point several times, knowing full well that it was on the record, stressing that they got little out of it. They're a law firm and Terry Howerton told me in our four hour sit down in June that they would have no interest in cultivating relationships with law firms per se. Returning their calls would not be on the top of the list. Terry told me that service providers are needed but the ITA won't go out of its way. Marcus Harris did not see the bang for the buck and walked away after one year of membership, and besides, some other firm had started a lawyer's roundtable. Marcus Harris held an event at TechNexus and advertised it in TMR which is how I happened to talk to them. That conversation took place months ago.
One thing Marcus Harris said resonated with what so many others have said. "You get out of it what you put into it."
It is just one man's opinion, but what LeAnne and Keith did for and with Jim Orrico was not just a case of "you get out what you put in."
They reached out to him and he to them.
________________________________________
Nik Rokop: Attendance at IIT July 29th
Subject: Attendance at IIT July 29th
Date: 8/5/2010 5:19:21 P.M. Central Daylight Time
From: nrokop@stuart.iit.edu
To: ronaldmay@aol.com, ron@themayreport.com
Hey Ron,
In your last newsletter you wrote:
5. At the Knapp Center last Thursday July 29th down at IIT, attendance was sparse (under 30 people I hear) but my sources say there were some interesting people in attendance.
Definitely some very interesting people in attendance - around120!! Check out these pictures:
http://knappcenter.iit.edu/event-photos/?picasaViewAlbumId=MidVenturesIncubatorPanel,0
...and check your sources ;-)!
Be well!
Nik
--
Nik Rokop
Managing Director
IIT Entrepreneurship Academy
IIT Knapp Entrepreneurship Center
Stuart School of Business
Illinois Institute of Technology
3424 S. State Street
Chicago, IL 60616
Phone: 312-567-3030
Cell: 312-404-4454
www.knappcenter.iit.edu
nrokop@iit.edu
___________________________________________
May here. I did get some clarifications from Nik. I don't know how my numbers were so far off -- I could have misunderstood a source, or that source could have been intermixing two separate events. Either way, I am usually not off by a factor of four in counting heads -- even when I'm not there.
The CEC was not there because they are not an incubator, Nik explained. Sandbox is sort of an incubator. The place in Cleveland is an incubator. The tech park in Evanston is somewhat of an incubator. TechNexus has some components that one might call an incubator, although they shunned that term from the get-go (they were a clubhouse). IMD is not an incubator, but it is a tech park. Rokop says that Excelerate is also in some sense an incubator, really it is a mentorship program. As you can see, the term is thrown around a lot with very liberal definition parameters. It was out of fashion for a while and may be coming back. But it has to be more than just space. There must be more of a full service operation.
Nik says that Knapp has a tech park, but they are building out an incubator for student firms, and other early start-ups. But he stressed that there are no bright lines drawn between the incubator part and the tech park part.
______________________________________
Martin Glotzer in "real life"
From: MGlotz@aol.com
Subject: Re: The May Report: 8/5/2010: Eric Wasowicz's deal of the day UWantSavings.co...
Date: Thu, 5 Aug 2010 20:44:22 EDT
To: ron@themayreport.com
Martin Glotzer in "REAL LIFE" has been the President of the Cincinnati Union Stock Yard Company since 1965 and has been a Director since 1960. He started as a Director and Officer of Pahang Rubber Company Ltd Honolulu its only asset a rubber estate in Malaya that he visited in 1960 in 1959 his group got control of Selama-Dindings Plantations ltd. Honolulu he has been a Director and officer of the Cleveland Union Stock Yard Co Cleveland Ohio from 1970 to 1990 he was a Director of Metropolitan Brick Canton Ohio the bricks are in the Indianapolis Speedway in the 1960s he was a Director of Vi Jon Labratories St. Loius and in the 1980s and 90s President of PC Distributors Mt. Prospect Atlanta Kansas City Toledo a Novell Distributor and Novell Training Schools did $60 million in sales Ill Lic Real estate Broker for over 50 years so he thinks faster than he writes. Have a GOOD DAY
In a message dated 8/5/2010 5:07:44 P.M. Central Daylight Time, ron@themayreport.com writes:
____________________________________________
Information about Flyovergeeks from Ed Domain and the launch party on August 5th at Rebel
Subject: Re: Information about Flyovergeeks
Date: 8/6/2010 2:54:21 P.M. Central Daylight Time
From: edward.domain@gmail.com
To: melanie_adcock@msn.com
CC: ronaldmay@aol.com
Hi Ron,
I would love an opportunity to meet you- I have heard your name mentioned many times as I have been re-integrating into Chicago and I think interviewing you is a GREAT idea- if you are open to it. I'd also be happy to share what I am doing with Flyover Geeks and its mission here in Chicago.
I am pretty booked through next week but could do an evening one one of the nights from 15th - 17th. We could grab a bite, I could interview you and you can share your insights with me.
Melanie, thank you for the introduction, I appreciate it- you are very generous with your time.
best,
Edward
On Fri, Aug 6, 2010 at 2:47 PM, Melanie Adcock <melanie_adcock@msn.com> wrote:
Ron,
Here is what I have:
http://www.flyovergeeks.com/
http://www.facebook.com/pages/Flyover-Geeks/137898679572742?ref=ts&v=wall
Founder Ed Domain edward.domain@gmail.com
415-320-3932
I say give him a call and ask him all about what he's up to. There is no doubt that you can ask him some insightful questions about his endeavors.
Ed,
Any chance you could arrange a time to speak to Ron May about Flyovergeeks? Take him out to eat or something. Someplace fun. :) Just watch out for the restaurant in his neighborhood that issues parking tickets for wheelchairs, LOL! Truly, it would give you a great opportunity to hear about all that he's seen in the tech world as it pertains to what you're doing. Take some pictures of Ron and put it on your web site, or do a YouTube video. It will be great.
Smiles,
Melanie
Melanie Adcock
iPHONE: 312-259-0610
DROID: 312-833-1825
E-Mail: melanie_adcock@msn.com
Facebook Fan Page: http://bit.ly/MelanieAdcockFacebookFanPage
Bio: http://bit.ly/MelanieAdcockARC
LinkedIn: http://www.linkedin.com/in/melanieadcock
Twitter: http://twitter.com/melanie_adcock
Facebook Profile: http://www.facebook.com/melanie.a.adcock
____________________________________
Who was at the TBIF summer party
Subject: Re: Jason, how many people were at the TBIF party and who were some of them?
Date: 8/6/2010 11:32:10 A.M. Central Daylight Time
From: jason@jacobsohn.com
To: RONALDMAY@aol.com
We had about 20 people. Here are some of the attendees:
Jed Abernethy
Monica Metzler
Warrent Bent
Jason Jacobsohn
Nik Rokop
Mil Ovan
Peter Tapling
Dan Ehrmann
Brett Holland
Ted Greene
Jim Orrico
Bill McHenry, Entrepreneur Sales & Marketing
Dave Culver
Bob Frumkin, Cadreas
Jason Jacobsohn
773-368-0229
jason@jacobsohn.com
www.jacobsohn.com
Follow Me: LinkedIn | Twitter | Blog
--------------------------------------------------------------------------------
From: "RONALDMAY@aol.com" <RONALDMAY@aol.com>
To: jason@jacobsohn.com
Sent: Fri, August 6, 2010 10:23:12 AM
Subject: Jason, how many people were at the TBIF party and who were some of them?
____________________________________________
Business Innovators Conference Announces World-Class Keynote Speakers Lineup
Top-tier Innovation Thought Leaders Come from Business, Government and Academe to Address Attendees of October 4-6, 2010 Event
Lisle, IL August 6, 2010 – Praveen Gupta, Lead Organizer for the 3rd annual Business Innovators Conference being held at Illinois Institute of Technology’s Rice Campus in Wheaton, IL October 4-6, 2010, announced today the world-class lineup of keynote speakers for this event:
· Hardik Bhatt, CIO, City of Chicago
· Chris Galvin, CEO, Harrison Street (former Chairman/CEO Motorola)
· Gerald "Solutionman" Haman, Founder, The Thinkubator Innovation Center
· Jean Holley, CIO, Tellabs
· Steve Shapiro, former Worldwide Partner for Accenture’s Global Process Excellence Practice, and author of 24/7 Innovation: A Blueprint for Surviving and Thriving in an Age of Change
The 3rd annual Business Innovation Conference is a premier educational and networking event bringing together leading innovation experts and practitioners from business, academe and government to exchange experiences and explore and learn the science of innovation. The conference focuses on the tools we now have to master innovation so that we become continual thinkers, capable of innovating on demand, and managing innovation teams to predictable outcomes.
Attendees of the 3-day event will have the opportunity to attend 6 high-impact workshops, 18 outstanding speaker presentations, and 5 compelling keynote addresses from a diverse range of industries and domains – but all focused on delivering practical tools and methods to dramatically enhance your ability to generate and manage innovation. In addition, attendees will also make invaluable new professional connections and have opportunities to share ideas and experiences with other accomplished innovators from around the US and the world.
For more information, including registration instructions and sponsorship opportunities, please visit http://www.businessinnovationconference.com
________________________________________
Miscellaneous notes (5 messages)
___________________________
#1: From: "Sarah Evans" <sarah@sevansstrategy.com>
Subject: Off to CNN and then NBC...
Date: 5 Aug 2010 15:01:28 -0700
To: "The May Report" <ron@themayreport.com>
Thank you for your email. I am out of the office from Thursday, August 5 through Tuesday, August 10.
On Thursday I'll be hanging out at CNN in Atlanta and on Monday I'll be doing a live web show at NBC's "30 Rock." You're welcome to join in the fun via Twitter with me @PRsarahevans.
If your request is urgent, please email amanda@sevansstrategy.com and she will get back to you immediately. I will do my best to check email in the evenings.
I will return your email when I return.
Best,
Sarah
_______________________________________
#2: From: MGlotz@aol.com
Subject: Re: The May Report: 7/30/2010: Part TWO of three tonight: McCall and New Worl...
Date: Tue, 3 Aug 2010 08:09:00 EDT
To: ron@themayreport.com
wonder have you heard of THE CITY OF HOPE???? Duarte Calif/ one of the top cancer clinics in America I toured the place several years ago they have a fund rasing office in Skokie look them up on google. Martin Glotzer
In a message dated 7/30/2010 9:38:32 P.M. Central Daylight Time, ron@themayreport.com writes:
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#3: From: Mark Williams <williams@email.unc.edu>
Subject: question
Date: Wed, 04 Aug 2010 11:51:29 -0400
To: The May Report <ron@themayreport.com>
Dear Ron,
How is the hemoglobin now and the lesion on the liver? Please provide an update.
Best wishes,
Mark
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#4: Subject: RE: Bob, do you agree or disagree with this?
Date: 6/25/2010 5:06:38 P.M. Central Daylight Time
From: rdrefs@hotmail.com
To: ronaldmay@aol.com
Yes, it's how things worked in this country until 80 years ago and the rate of bank failures (ex the Great depression was lower). In much of the world similar systems are in place. The change in the risk seeking behavior of the investment banks is amazing. Twenty five years ago before they all went public the partners were wary of any risk compared to today. When I (or most anyone else) screw up I pay. I'm no fan of the asymmetry for Goldman et al where it's heads I win, tails you lose.
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From: RONALDMAY@aol.com
Date: Fri, 25 Jun 2010 11:23:48 -0400
Subject: Bob, do you agree or disagree with this?
To: rdrefs@hotmail.com
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/22/AR2010042204208.html
The best financial reform? Let the bankers fail
COMMENT
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By James Grant
Friday, April 23, 2010
The trouble with Wall Street isn't that too many bankers get rich in the booms. The trouble, rather, is that too few get poor -- really, suitably poor -- in the busts. To the titans of finance go the upside. To we, the people, nowadays, goes the downside. How much better it would be if the bankers took the losses just as they do the profits.
This Story
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How Goldman fell to earth
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Seize the yachts
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SEC was split on Goldman evidence
Happily, there's a ready-made and time-tested solution. Let the senior financiers keep their salaries and bonuses, and let them do with their banks what they will. If, however, their bank fails, let the bankers themselves fail. Let the value of their houses, cars, yachts, paintings, etc. be assigned to the firm's creditors.
Of course, there are only so many mansions, Bugattis and Matisses to go around. And many, many such treasures would be needed to make the taxpayers whole for the serial failures of 2007-09. Then again, under my proposed reform not more than a few high-end sheriff's auctions would probably ever take place. The plausible threat of personal bankruptcy would suffice to focus the minds of American financiers on safety and soundness as they have not been focused for years.
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"The fear of God," replied George Gilbert Williams, president of the Chemical Bank of New York around the turn of the 20th century, when asked the secret of his success. "Old Bullion," they called Chemical for its ability to pay out gold to its depositors even at the height of a financial panic. Safety was Chemical's stock in trade. Nowadays, safety is nobody's franchise except Washington's. Gradually and by degree, starting in the 1930s -- and then, in a great rush, in 2008 -- the government has nationalized it.
No surprise, then, the perversity of Wall Street's incentives. For rolling the dice, the payoff is potentially immense. For failure, the personal cost -- while regrettable -- is manageable. Senior executives at Lehman Brothers, Citi, AIG and Merrill Lynch, among other stricken institutions, did indeed lose their savings. What they did not necessarily lose is the rest of their net worth. In Brazil -- which learned a thing or two about frenzied finance during its many bouts with hyperinflation -- bank directors, senior bank officers and controlling bank stockholders know that they are personally responsible for the solvency of the institution with which they are associated. Let it fail, and their net worths are frozen for the duration of often-lengthy court proceedings. If worse comes to worse, the responsible and accountable parties can lose their all.
The substitution of collective responsibility for individual responsibility is the fatal story line of modern American finance. Bank shareholders used to bear the cost of failure, even as they enjoyed the fruits of success. If the bank in which shareholders invested went broke, a court-appointed receiver dunned them for money with which to compensate the depositors, among other creditors. This system was in place for 75 years, until the Federal Deposit Insurance Corp. pushed it aside in the early 1930s. One can imagine just how welcome was a receiver's demand for a check from a shareholder who by then ardently wished that he or she had never heard of the bank in which it was his or her misfortune to invest.
Nevertheless, conclude a pair of academics who gave the "double liability system" serious study (Jonathan R. Macey, now of Yale Law School and its School of Management, and Geoffrey P. Miller, now of the New York University School of Law), the system worked reasonably well. "The sums recovered from shareholders under the double-liability system," they wrote in a 1992 Wake Forest Law Review essay, "significantly benefited depositors and other bank creditors, and undoubtedly did much to enhance public confidence in the banking system despite the fact that almost all bank deposits were uninsured."
Like one of those notorious exploding collateralized debt obligations, the American financial system is built as if to break down. The combination of socialized risk and privatized profit all but guarantees it. And when the inevitable happens? Congress and the regulators dream up yet more ways to try to outsmart the people who have made it their business in life not to be outsmarted. And so it is again in today's debate over financial reform. From the administration and from both sides of the congressional aisle come proposals to micromanage the business of lending, borrowing and market-making: new accounting rules (foolproof this time, they say), higher capital standards, more onerous taxes. If piling on new federal rules was the answer, we'd long ago have been in the promised land.
Until 1999, Goldman Sachs was a partnership, with the general partners bearing general and unlimited liability for the firm's debts. Today, Goldman -- like the vast majority of American financial institutions -- is a corporation. Its stockholders are liable only for what they invested, no more. And while there are plenty of sleepless nights, the constructive fear of financial oblivion is, for the senior executives, an all-too-distant nightmare.
The job before Congress is to bring the fear of God back to Wall Street. Not to stifle enterprise but quite the opposite: to restore real capitalism. By all means, let the bankers savor the sweets of their success. But let them, and their stockholders, pay dearly for their failures. Fair's fair.
James Grant is editor of Grant's Interest Rate Observer.
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