'Stanley'에 해당되는 글 3건

  1. 2008.12.28 The Biggest CEO Firings of 2008 by CEOinIRVINE
  2. 2008.12.25 'Orphan Train' carried children to new lives by CEOinIRVINE
  3. 2008.12.18 Morgan Stanley Loses Big by CEOinIRVINE

They fell from some of the most powerful positions on earth.

The bloodletting in the c-suite started in 2007. It still hasn't stopped.

Another year goes by and more chief executives get the ax--probably more than in any previous year. People shook their heads when Charles Prince III at Citigroup (nyse: C - news - people ) and Stanley O'Neal at Merrill Lynch (nyse: MER - news - people ) got the boot in 2007. Now it look like they were lucky. They got out just in time.

Martin Sullivan of American International Group (nyse: AIG - news - people ) (let go in June), Kerry Killinger at Washington Mutual (nyse: WM - news - people ) (September) and Richard Fuld of Lehman Brothers (nyse: LEHMQ - news - people ) (leaving next month) are among the biggest names to be shown the door as a result of the economic crisis.

Their distinguished company includes James Cayne of the now-deceased Bear Stearns and Richard Syron and Daniel Mudd, the former CEOs of the mortgage buyers Freddie Mac (nyse: FRE - news - people ) and Fannie Mae (nyse: FNM - news - people ).

"There are two kinds of CEO firings," says Noel Tichy, a professor at the Ross School of Business at the University of Michigan. "There are the crooks and there are the incompetents." This year the biggest departing names all fell into a gray area in between.

None was as corrupt as the executives embroiled in the infamous Enron and Tyco scandals of a decade ago, but you couldn't just say they were simply stupid either. CEOs in the financial services industry discovered that they had allowed their companies to take suicidal risks with other people's money based on bad or staggeringly incomplete information. Many of them have paid with their jobs.

In Pictures: 11 Top Bosses Who Got The Boot in 2008

Despite their prominence, these headline names compose just a small fraction of the 1,361 U.S. CEOs who left their jobs this year through November. That's up from 1,356 in all 12 months of last year. The final 2008 number may prove to be a record, beating the previous one of 1,478 set in 2006, according to data collected by the management consulting firm Challenger, Gray & Christmas.


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PUEBLO, Colorado (CNN) -- Orphan Train rider Stanley Cornell's oldest memory is of his mother's death in 1925.

Stanley Cornell, right, and his younger brother, Victor, were adopted from an "Orphan Train."

Stanley Cornell, right, and his younger brother, Victor, were adopted from an "Orphan Train."

"My first feeling was standing by my mom's bedside when she was dying. She died of tuberculosis," recalls Cornell. "I remember her crying, holding my hand, saying to 'be good to Daddy.' "

"That was the last I saw of her. I was probably four," Cornell says of his mother, Lottie Cornell, who passed away in Elmira, New York.

His father, Floyd Cornell, was still suffering the effects of nerve gas and shell shock after serving as a soldier in combat during WWI. That made it difficult for him to keep steady work or care for his two boys.

"Daddy Floyd," as Stanley Cornell calls his birth father, eventually contacted the Children's Aid Society. The society workers showed up in a big car with candy and whisked away Stanley and his brother, Victor, who was 16 months younger. Photo See the Cornell family album »

Stanley Cornell remembers his father was crying and hanging on to a post. The little boy had a feeling he would not see his father again.

The two youngsters were taken to an orphanage, the Children's Aid Society of New York, founded by social reformer Charles Loring Brace

"It was kind of rough in the orphans' home," Cornell remembers, adding that the older children preyed on the younger kids -- even though officials tried to keep them separated by chicken wire fences. He says he remembers being beaten with whips like those used on horses.

New York City in 1926 was teeming with tens of thousands of homeless and orphaned children. These so-called "street urchins" resorted to begging, stealing or forming gangs to commit violence to survive. Some children worked in factories and slept in doorways or flophouses.

The Orphan Train movement took Stanley Cornell and his brother out of the city during the last part of a mass relocation movement for children called "placing out."Watch Cornell share ups and downs of his family story

Brace's agency took destitute children, in small groups, by train to small towns and farms across the country, with many traveling to the West and Midwest. From 1854 to 1929, more than 200,000 children were placed with families across 47 states. It was the beginning of documented foster care in America.

"It's an exodus, I guess. They called it Orphan Train riders that rode the trains looking for mom and dad like my brother and I."

"We'd pull into a train station, stand outside the coaches dressed in our best clothes. People would inspect us like cattle farmers. And if they didn't choose you, you'd get back on the train and do it all over again at the next stop."

Cornell and his brother were "placed out" twice with their aunts in Pennsylvania and Coffeyville, Kansas. But their placements didn't last and they were returned to the Children's Aid Society.

"Then they made up another train. Sent us out West. A hundred-fifty kids on a train to Wellington, Texas," Cornell recalls. "That's where Dad happened to be in town that day."

Each time an Orphan Train was sent out, adoption ads were placed in local papers before the arrival of the children.

J.L. Deger, a 45-year-old farmer, knew he wanted a boy even though he already had two daughters ages 10 and 13.

"He'd just bought a Model T. Mr. Deger looked those boys over. We were the last boys holding hands in a blizzard, December 10, 1926," Cornell remembers. He says that day he and his brother stood in a hotel lobby.

"He asked us if we wanted to move out to farm with chickens, pigs and a room all to your own. He only wanted to take one of us, decided to take both of us."

Life on the farm was hard work.

"I did have to work and I expected it, because they fed me, clothed me, loved me. We had a good home. I'm very grateful. Always have been, always will be."

Taking care of a family wasn't always easy.

"In 1931, the Dust Bowl days started. The wind never quit. Sixty, 70 miles an hour, all that dust. It was a mess. Sometimes, Dad wouldn't raise a crop in two years."

A good crop came in 1940. With his profit in hand, "first thing Dad did was he took that money and said, 'we're going to repay the banker for trusting us,' " Cornell says.

When World War II began, Cornell joined the U.S. Army Signal Corps. He shipped out to Africa and landed near Casablanca, Morocco, where he laid telephone and teletype lines. Later he served in Egypt and northern Sicily. While in Italy, he witnessed Mount Vesuvius erupting.

It was on a telephone line-laying mission between Naples and Rome that Cornell suffered his first of three wounds.

"Our jeep was hit by a bomb. I thought I was in the middle of the ocean. It was the middle of January and I was in a sea of mud."

With their jeep destroyed and Cornell bleeding from a head wound, his driver asked a French soldier to use his vehicle to transport them. The Frenchman refused to drive Cornell the five miles to the medical unit.

"So, the driver pulled out his pistol, put the gun to the French soldier's head and yelled, 'tout suite!' or 'move it!' " Cornell recalls.

Once he was treated, Cornell remembers the doctor saying, "You've got 30 stitches in your scalp. An eighth of an inch deeper and you'd be dead."

Cornell always refused to accept his commendations for a Purple Heart even though he'd been wounded three times, twice severely enough to be hospitalized for weeks. He felt the medals were handed out too often to troops who suffered the equivalent of a scratch.

His younger brother served during the war in the Air Force at a base in Nebraska, where he ran a film projector at the officers' club.

As WWII was drawing to a close, Stanley Cornell headed up the teletype section at Allied headquarters in Reims, France. "I saw [Gen. Dwight] Eisenhower every day," he recalls.

On May 7, 1945, the Nazis surrendered. "I sent the first teletype message from Eisenhower saying the war was over with Germany," Cornell says.

In 1946, the 25-year-old Stanley Cornell met with his 53-year-old birth father, Daddy Floyd. It was the last time they would see each other.

Cornell eventually got married and he and his wife, Earleen, adopted two boys, Dana and Dennis, when each was just four weeks old.

"I knew what it was like to grow up without parents," Cornell says. "We were married seven years and couldn't have kids, so I asked my wife, 'how about adoption?' She'd heard my story before and said, 'OK.' "

After they adopted their two boys, Earleen gave birth to a girl, Denyse.

Dana Cornell understands what his father and uncle went through.

"I don't think [Uncle] Vic and Stan could have been better parents. I can relate, you know, because Dad adopted Dennis and me. He has taught me an awful lot over the years," Dana Cornell says.

Dana Cornell says his adoptive parents have always said that if the boys wanted to find their birth parents, they would help. But he decided not to because of how he feels about the couple who adopted him. "They are my parents and that's the way it's gonna be."

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Morgan Stanley Loses Big

Business 2008. 12. 18. 01:16

Morgan Stanley seems to be the No. 2 Wall Street firm in more ways than just size. While Goldman Sachs generally pleased investors with earnings that could be read as not too far from expectations, Morgan Stanley on Wednesday posted a far-greater-than-projected loss of $2.4 billion for its fiscal fourth quarter.

The newly christened bank holding company said sliding asset values had driven losses and pledged $2.0 billion in cost-cutting in the coming year.


The New York-based firm lost $2.34 per share for the quarter ended Nov. 30 and posted a full-year deficit of $3.6 billion, or $3.61 per share. Analysts had forecast a loss of only 34 cents per share. Total assets under management fell by 28.0% ,to $546.0 billion year over year and the bank's leverage was reduced significantly to 11.4 from 32.6 according to TradeTheNews.com.

On Tuesday, Goldman Sachs (nyse: GS - news - people ) also announced a larger-than-consensus quarterly loss, though it fell within the range of Wall Street's worst forecasts and Wall Street seemed happier with the company's prospects than it did on Wednesday with Morgan's.

Investors pushed Morgan Stanley down 3.9%, or 63 cents, to $15.50, in premarket trading. On Monday, the shares had closed at $13.64, so that’s still a good two-day gain, but the stock traded over $55 less than a year ago. Goldman, by contrast was down only 1.4% Wednesday morning, to $74.95, a $1.05 loss.

Morgan Stanley's dissapointing performance came during a quarter reversals of fortune for once hubris-filled financial industry. The bankruptcy of Lehman Brothers (nyse: LEHMQ - news - people ) and the sale of Merrill Lynch (nyse: MER - news - people ) to Bank of America (nyse: BAC - news - people ) revealed the weakness of these highly leveraged businesses. The wild swings in markets left only Goldman and Morgan as independent bulge-bracket brokerage houses.

In October, Morgan Stanley spent $23.0 billion to buy securities from money-market and similar funds it manages to cover $46.0 billion in outflows. (See "Morgan Stanley Forked Out $23B To Float Funds") Earlier in the the beleaugered firm received a $9.0 billion investment from Mitsubishi UFJ Financial Group in exchange for a 21.0% stake. (See "Morgan Stanley Can't Please Everyone.") That amount of money would now buy a little more than half of Morgan Stanley.


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