Wednesday, November 12, 2008

Wealth and Talent Decoupled at Wall Street?

Each time I see Treasury Secretary Henry Paulson, my reaction is the same, "That guy's got over $700 million?" It's clear enough that Paulson has no clue about what to do and his inflated opinion of himself won't allow him to make the quick adjustments his incompetence requires. It's also clear that CEO jobs on Wall Street have more to do with one's connections than with one's talent. This guy ran Goldman Sachs? He should be thriving in an environment like this. I've always said US management was lacking in many ways. Unlike other countries, the US places excessive value on ego, height, and social skills at cocktail parties over talent. Henry Paulson, more confirmation that an image of competence is often not reality.

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